falling falling, page-3

Good comments Petunia. I hope the following helps, can't say who published it though or they would have to kill me.
24 February 2011
DUE
24/02/2011
Duet Group
Last Traded: $1.62 Market Cap: $1,469m Sector: Utilities
Summary of
report dated
18/02/2011
BUY Price target: $2.00
Rebound overdue
DUE reported proportionate asset level EBITDA of $320m, which was up 6.7% pcp.
Overall, the result was slightly softer than our expectations, with proportionate revenue and
proportionate EBITDA lower by 4% and 2.1%, respectively versus forecasts.
We have made downgrades to our proportionate earnings forecasts, mainly due to the higher
senior debt levels in UED. This has more than offset the reduced SOLA interest payments. Our
price target is reduced slightly to $2.00/security and remains, based on a 10% discount to our
asset DCF.
Retain Buy. DUE has taken substantial steps to simplify its corporate structure with the divestment
of Duquesne, gradual de-leverage of the assets and more recently, re-capitalisation of UED.
We remain confident that DUE can adequately fund the equity capex requirements of the assets
and maintain current distributions. The acquisition of minority stakes in DBP and Multinet Gas
would be viewed positively if it were to occur.