National Grid's leverage will increase to significantly to fund dividend and capital expenditures.
We reiterate our fair value estimate of GBXÂ 780 per share ($54 per ADR) for National Grid, along with our no-moat, stable trend ratings, after the company reported 2017-18 adjusted earnings of GBX 60.4, roughly in line with our GBX 59 estimate. The group targets medium-term asset growth at the top of the 5%-7% range and at least 7% in the short term. The group will hold an investor day on Sept. 21 focused on discussions with Ofgem on next price control for U.K. transmission assets, RIIO-2, start...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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