SSE Sets Full-Year EPS Guidance in Line With Our Estimates; Shares Undervalued
We reiterate our fair value estimate of GBX 1,380 per share for SSE along with our narrow moat and stable trend ratings after the group released half-year results and set full-year EPS guidance in line with our and consensus expectations. We believe the uncertainty from new hurdles to the energy services spin-off is offset by undervaluation of the shares, offering an attractive reward/risk profile.Adjusted operating profit in 2018-19's first half fell 24% to GBP 448 million. This is less bad th...
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.
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