U.K. gas distribution sale and constructive regulatory activity boosts U.S. earnings share.
We are reaffirming our GBX 1,020 per share and $63 per ADR share fair value estimates for National Grid after the company reported 2016-17 fiscal-year adjusted earnings of GBX 73 per share, in line with our estimate. Pro forma earnings on a go-forward basis were closer to GBX 59.20 per share.Grid's GBP 3.2 billion special dividend (GBX 84.375 per share) that goes ex-dividend on Monday won't have a material impact on our GBX 1,020 fair value estimate because of a concurrent 11-for-12 share conso...
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