reports
- Andrew Bischof
- CFA
SSE's Adjusted EPS to Decline in 2018; High Political Risk to Continue...
We reaffirm our fair value estimate of GBP 1,550 per share ($20 per ADR), along with our narrow economic moat and stable moat trend ratings, after SSE beat its 2016-17 guidance and issued 2017-18 guidance involving a decline in adjusted EPS. Adjusted EPS came in at GBP 1.25, above the GBP 1.20 guided by the group. Full-year results were boosted by a rebound in the wholesale division's operating profit. A steep increase in profitability for power generation, owing to a jump in production from ...
- Andrew Bischof
- CFA
Regulatory environment still constructive despite Brexit uncertainty.
We are reaffirming our fair value estimate of GBX 1,550 per share ($20 per ADR share) along with our narrow economic moat and stable moat trend ratings after SSE disclosed its third-quarter trading report. Management reaffirmed that target fiscal 2016-17 adjusted earnings will be at least GBX 120 per share, in line with our estimates. We forecast a 70% dividend payout in 2016-17, consistent with our long-term expectations. Our long-term expectations for 2.5% dividend growth is above the recent ...
- Andrew Bischof
- CFA
SSE's 3Q Trading Statement In Line With Our Full-Year Expectations
We are reaffirming our fair value estimate of GBX 1,550 per share ($20 per ADR share) along with our narrow economic moat and stable moat trend ratings after SSE disclosed its third-quarter trading report. Management reaffirmed that target fiscal 2016-17 adjusted earnings will be at least GBX 120 per share, in line with our estimates. We forecast a 70% dividend payout in 2016-17, consistent with our long-term expectations. Our long-term expectations for 2.5% dividend growth is above the recent ...
- Andrew Bischof
- CFA
Weak Wholesale and Retail Results Weigh on SSE's Earnings
We are reaffirming our GBX 1,550 per share fair value estimate ($20 per ADR share), narrow economic moat, and stable moat trend ratings after SSE reported first-half operating results of GBX 34.2 per share, down 25% from the same year-ago period. Management reaffirmed its GBX 120 adjusted EPS target for fiscal 2016-17, in line with our estimates. SSE targets annual dividend increases of at least RPI inflation in 2016-17 and beyond. SSE's interim dividend increased 1.9% to GBX 27.4 per share. We...
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