Tariff cap to hit structural profitability of SSE's retail business.
SSE warned on its fiscal 2019 profit, owing to adverse weather conditions and high gas prices. It maintains its GBX 97.5 dividend, along with the five-year dividend plan. We will cut our 2019 earnings estimates by a double-digit percentage and will likely reduce the long-term profitability of the retail business due to the price cap, which will reduce our fair value estimate by a mid-single-digit percentage. For the moment, we reiterate our fair value estimate of GBX 1,470 per share, along with ...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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