National Grid's GBP 4 Billion Return to Shareholders a Sign of Good Stewardship
We are reaffirming our GBX 950 and $63 fair value estimates for National Grid after management announced that it sold a 61% interest in its gas distribution business and will return GBP 4 billion to shareholders. We think management's decision to return all of the proceeds plus additional capital to shareholders represents very good stewardship.One of our biggest concerns about National Grid is its pedestrian inflation-level dividend growth target. Management's proposed 1% dividend increase in...
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