United Utilities Released Half-Year Results Above Our Expectations; Shares Overvalued
We are reaffirming our GBX 700 fair value estimate along with our no-moat and stable trend ratings after United Utilities released half-year results in line with consensus expectations, albeit above our full-year net income growth forecast. Shares are overvalued.Underlying operating profit increased by 7% to GBP 368 million, above our 3.9% full-year estimate. The key driver was increased regulatory revenue partly offset by an GBP 11 million increase in infrastructure renewal expenditure. Report...
United Utilities Group is a water company. Through its subsidiary, United Utilities Water Limited, Co. provides water and wastewater services to peoples in the North West of England.
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