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    AX1   AU000000AX19

ACCENT GROUP LIMITED

(AX1)
  Report
Delayed Australian Stock Exchange  -  01:10 2022-10-04 am EDT
1.350 AUD   +6.30%
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California unveils water strategy, planning for greater scarcity

08/11/2022 | 05:54pm EDT
FILE PHOTO: Ongoing drought in California

(Reuters) - California Governor Gavin Newsom unveiled a new water strategy on Thursday that plans for a future with 10% less water and shifts the emphasis from conservation to capturing more water that otherwise flows out to sea.

Climate change has contributed to more severe drought but has also set the stage for more intense flooding when rain does fall, as was demonstrated last week in California's Death Valley, one of the hottest, driest parts of the United States.

"The hots are getting a lot hotter, the dries are getting a lot drier and ... the wets are getting wetter," Newsom said in announcing the plan at a desalination plant under construction in Antioch, 45 miles (72 km) inland from San Francisco, that will turn brackish water into drinking water.

The state has budgeted more than $8 billion in the past three years to modernize water infrastructure that Newsom said would generate enough water for 8.4 million households in a state of 40 million people.

His plan calls for creating storage for 4 million acre-feet of water and recycling or reusing 800,000 acre-feet per year by 2030 in addition to more stormwater capture and desalination projects.

An acre-foot (1,233 cubic meters) of water is generally considered enough to supply two urban households per year.

California and the West have experienced a megadrought since the turn of the century that some scientists have measured as the driest 22-year period in 1,200 years , with many of the conditions attributed to human-influenced climate change.

State officials estimate hotter and drier weather will reduce existing water supplies by 10% by 2040. In addition, the state's allotment of water from the Colorado River is expected to be cut next year, U.S. Bureau of Reclamation officials have told Congress.

Many consumers have ramped up conservation with the increased public awareness of recent years, Newsom said, leaving less room for additional cutbacks.

(Reporting by Daniel Trotta in Carlsbad, Calif.; Editing by Donna Bryson and Josie Kao)

By Daniel Trotta


© Reuters 2022
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Analyst Recommendations on ACCENT GROUP LIMITED
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Financials
Sales 2023 1 258 M 820 M 820 M
Net income 2023 63,9 M 41,6 M 41,6 M
Net Debt 2023 462 M 301 M 301 M
P/E ratio 2023 10,9x
Yield 2023 7,19%
Capitalization 688 M 448 M 448 M
EV / Sales 2023 0,91x
EV / Sales 2024 0,85x
Nbr of Employees -
Free-Float 61,1%
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Number of Analysts 10
Last Close Price 1,27 AUD
Average target price 1,91 AUD
Spread / Average Target 50,2%
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Managers and Directors
Daniel Agostinelli Group Chief Executive Officer & Executive Director
Matthew Durbin Group Chief Financial & Operating Officer
David L. Gordon Non-Executive Chairman
Tim Greenstein Head-Information Technology & Supply Chain
Stephen Thomas Goddard Independent Non-Executive Director
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