We unpack AGL's future - and why it's one of our top picks on the ASX

AGL has had a tough few years.

Since peaking in 2017, its share price has slipped 67% - and that’s after a recent rally lifted AGL shares 27% since March.

AGL has been through a period of disruption, is it over?

Environmental, social and governance issues have plagued AGL in recent years, from political pressure to extend the life of its Liddell power plant, to activist investors derailing its demerger plans, driving a board shakeup and calling for a faster transition away from coal – led by Atlassian (TEAM) co-founder and billionaire Mike Cannon-Brookes.

But Atkins says stability appears to have returned to the company.

“It was a really awful time for AGL, there was a lot of disruption, a lot of new members to the board. There was also a lot of fairly senior staff leaving the firm,” he says.

“But that has all calmed down now and the business, from all I can tell, is getting back to building itself up again and steadying the ship.

“There's been a lot of questions about whether these extra board members are really looking after shareholders, and the feedback I get back from investor relations is that definitely their main goal is to look after shareholders, but they just do it with a bit of a different lens.”