Centrica Reiterates Its FY Targets Despite a Persistingly Challenging Backdrop; Shares Undervalued
We reiterate our fair value estimate of GBX 140 per share along with our no-moat, stable trend ratings after Centrica released its trading statement for the first four months of 2019, in which it reaffirmed its 2019 targets and announced it will present a strategy update at its half-year results on 30 July 2019. After the credit rating downgrade in April by S&P from BBB+ to BBB, we think the largely factored-in dividend cut is highly likely. In addition, against a backdrop of declining inter...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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