SSE Starts Its Fiscal Year Poorly; Shares Undervalued
SSE has released the trading statement for the first quarter of its fiscal year, which was affected by unfavourable weather conditions and high gas prices. At this stage, we are not changing our full-year forecasts, which are already significantly below consensus expectations. SSE also reaffirmed its GBX 97.5 full-year dividend per share. We reiterate our fair value estimate of GBX 1,470 per SSE share, along with our narrow moat, stable trend ratings. Shares look slightly undervalued.ÂUnfavoura...
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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