Forecast updates
We have updated our forecasts to reflect recent announcements from Utilitywise (UTW), including those related to consumption volumes in ‘nominated contracts’, implementation of IFRS 15 and the trading update. While our changes have resulted in lower projections for revenues, profits and dividends, changes to revenue recognition will result in lower levels of accrued revenue and a stronger link between profits and cash flow. Following recent falls, the rating of the shares appears undemanding for a company that we expect to generate profits and cash in FY18.Utilitywise is engaged in gas, electricity and water procurement, and in energy management and compliance services for businesses. Co. negotiates rates with a portfolio of energy and water suppliers on behalf of business customers, provides an account care service and provides a range of products and services designed to assist customers in managing their energy consumption and energy compliance needs. Co. is organized into two divisions, Enterprise and Corporate. The Enterprise Division services Micro market, SME and mid-market customers. The Corporate Division serves larger clients, sometimes referred to as l&C customers in the market.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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