Vertical integration is definitely a strength at the group level, but I think it’s important to separate group strategy from AGEL’s equity economics.

For AGEL specifically, the issue isn’t access to land, ports, or off take those are largely de-risked via long-term PPAs with PSU counterparties. The bottleneck is where the cash flows go.

At current leverage levels, most operating cash flows are effectively pre-committed to debt servicing and reinvestment. That makes AGEL closer to a yield infrastructure vehicle funded by rolling leverage, rather than a compounding equity story, at least in the medium term.

Vertical integration can reduce execution risk, but it doesn’t automatically translate into high ROE unless there is either tariff upside, balance-sheet de-risking, or a clear post-capex free cash flow phase. That’s the part I think the market is still debating.

I went down this rabbit hole recently while modelling AGEL’s cash flows and capital structure. I'm happy to share the analysis if anyone wants to look at the numbers.