National Grid's Stock-Repurchase Plan On Track at Attractive Prices
We are reaffirming our GBX 1,050 per share and $68 per ADR share fair value estimates for National Grid after the company released an update regarding its share-repurchase plan that aims to return at least GBP 800 million to shareholders.National Grid's most recent regulatory filing suggests the company has repurchased about GBP 280 million, or about two thirds of its minimum plan for 2017. The company has an agreement to spend GBP 425 million on repurchases by the end of December, but manageme...
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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