National Grid's Half-Year Results in Line With Our Full-Year Expectations; Shares Overvalued
We reiterate our fair value estimate of GBX 780 per share after National Grid published half-year EPS results in line with consensus and our full-year expectations. We maintain our no-moat and stable trend ratings. The shares appear overvalued.Underlying operating profit decreased 6% in the first half to GBP 1,285 million, slightly below consensus expectations though roughly in line with the 6.7% decline that we expect for the full year. Underlying profit before tax decreased 4% to GBP 0.8 bill...
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