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 ...
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