Edison Investment Research - Utilitywise (UTW) Utilitywise - Termination of coverage

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Edison Investment Research

Utilitywise - Termination of coverage

Edison Investment Research is terminating coverage on Utilitywise (UTW). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

14/12/2017 1 EN

Underlying

Utilitywise

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.

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GB00B6WVD707 United Kingdom

Provider

Edison Investment Research

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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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.

August 2, 2017 August 2, 2017 6 EN

Edison Investment Research

On course for FY17

Utilitywise’s (UTW) trading statement indicates that it continues to grow. Consultant headcount rose in H117 after a flat performance in FY16 and, despite the seasonal impact on cash flow, we expect UTW to be in a net cash position by year-end FY17. The rating of the shares remains modest for a company that continues to grow and offers an attractive yield.

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Utilitywise - Termination of coverage

Forecast updates

On course for FY17

discoverIE Group - FY24 EPS in line; good margin progress

Ultimovacs - Steadfast commitment to UV1 progression

OSE Immunotherapeutics - AbbVie deal clears antitrust hurdle

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