Centrica Confirms Its 2018 Targets After a Good Start to the Year; Shares Slightly Undervalued
We reiterate our fair value estimate of GBX 160 per share, along with our no-moat, narrow trend ratings, after Centrica released its trading statement and reiterated its 2018 targets. We will not change our earnings forecasts following this publication. Our fair value estimate implies a 7.5% dividend yield. The premium to the sector average is justified by regulatory uncertainty in the United Kingdom, in our view. Shares look slightly undervalued.ÂChurn in the U.K. energy supply business slowed...
Centrica is an energy and services company. Co.'s segment are: Energy Supply and Services, which supplies gas and electricity in the U.K. and North America; Connected Home, which supplies energy solutions and technologies to residential customers; Distributed Energy and Power, which supplies energy solutions, generation and technologies to commercial and industrial customers; Energy Marketing and Trading, which trades and optimizes energy; Exploration and Production, which produces and processes gas and oil and develops new fields; Central Power Generation, which generates power from combined cycle gas turbines, wind and nuclear assets; and Centrica Storage, gas storage in the U.K.
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