Centrica's 2017 Results Are Above Our Expectations; Dividend Maintained
We reiterate our fair value estimate of GBX 150 per share after no-moat Centrica delivered 2017 results above our expectations, maintained its dividend at GBX 12 for 2018, and increased its cost-cutting plan by GBP 500 million, of which GBP 200 million will be in 2018. The bottom-line impact of the previous GBP 750 million cost-cutting plan was fully offset by a deterioration in business conditions, so the net impact of the new plan is uncertain. Still, assuming no further deterioration of the b...
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