National Grid Faces an Unfavorable Political Backdrop
We reiterate our GBX 780 fair value estimate and no-moat, stable trend ratings after National Grid released fiscal 2019 underlying results in line with consensus expectations, though slightly above ours. The regulatory backdrop in the United Kingdom remains highly uncertain with the upcoming returns cut in RIIO-2 and nationalisation threat from the Labour Party. The shares look overvalued.ÂUnderlying EBIT decreased 2% to EUR 3.4 billion, in line with expectations but above our EUR 3.26 billion ...
National Grid is a holding company. Through its subsidiaries, Co. owns and operates regulated electricity and gas infrastructure networks in the U.K. and the U.S. Co. operates through five business segments: U.K. Electricity Transmission, U.K. Gas Transmission, U.K. Gas Distribution, U.S. Regulated, and Other Activities, primarily relating to non-regulated businesses and other commercial operations not included within the above segments, including: the Great Britain-France electricity interconnector; U.K. based gas metering activities; U.K. property management; a U.K. LNG import terminal; U.S. LNG operations; and U.S. unregulated transmission pipelines, together with corporate activities.
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