Yes, I've been doing so, but not with Braveheart-grade ferocity and fervour.
I think it's merely an OK investment proposition; inflation-beating, yes, but not something that is going to return multiples of CPI.
Because while, at its current 6.7% DY, it might look very attractive in the context of the past 10 year history, the bulk of that period coincided with very low interest rates and bond-yields (for which APA is a proxy).
So looking at the DY spreads over bond-yields (forget about the hatched, lighter-shaded 2020 and 2021 columns; they are greatly distorted by Covid monetary conditions), it appears to this little pilgrim that the stock is appropriately priced, maybe a tad cheap.
Of course, if one is able to form a firm view that inflation is dead, which means that bond yields are going to pare back meaningfully (I am unable to pick a dog in the inflation fight), then, yeah, the stock is a strong buy... in other words, a reversal of the 2022 and early 2023 situation, when the share price was at record highs before yields started soaring.
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Last
$8.34 |
Change
-0.050(0.60%) |
Mkt cap ! $10.70B |
Open | High | Low | Value | Volume |
$8.40 | $8.43 | $8.30 | $19.80M | 2.375M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 43870 | $8.33 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$8.34 | 7610 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 5800 | 8.320 |
3 | 5700 | 8.310 |
17 | 58501 | 8.300 |
11 | 35064 | 8.290 |
8 | 20987 | 8.280 |
Price($) | Vol. | No. |
---|---|---|
8.340 | 6610 | 1 |
8.350 | 11142 | 3 |
8.360 | 14102 | 1 |
8.370 | 5249 | 3 |
8.380 | 5352 | 1 |
Last trade - 16.10pm 25/06/2024 (20 minute delay) ? |
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APA (ASX) Chart |