SSE Is Well Positioned to Navigate Through a Challenging Backdrop
We reiterate our GBX 1,380Â fair value estimate and narrow moat, stable trend rating after SSE released its trading statement for the third quarter of its 2019 fiscal year. We view the shares as materially undervalued.SSE lowered its 2018-19 earnings per share guidance from GBX 70-75 to GBX 64-69 versus our GBX 72 estimate. This adjustment is fully due to the suspension of the U.K. capacity payments, ruled by the European Court of Justice in November, whose impact amounts to GBP 60 million. We w...
SSE is engaged in producing, generating, distributing and supplying electricity and gas, as well as other energy-related services, across the U.K. and Ireland. Co. has three principal business areas: Wholesale, which uses turbines to convert energy from gas, oil, coal, water and wind to generate electricity, trading in wholesale energy markets, and managing energy contracts; Networks, which transmits and distributes electricity and gas to homes and workplaces; and Retail, which supplies electricity and gas and related services to households and organizations.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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