reports
- Andrew Bischof
- CFA
- CPA
SSE to Merge Retail Unit With npower; Half-Year Results Highlights Dif...
We are reaffirming our GBX 1,580 per share fair value estimate ($20 per ADR share), narrow economic moat, and stable moat trend ratings after SSE reported adjusted first-half operating results of GBP 586 million, down 8% from the same year-ago period. The interim dividend increased 3.6% to 28.4 pence. SSE announced that it will spin-off its SSE Retail unit with Innogy's npower to create a separate publicly traded U.K. energy company. SSE shareholders would hold 65.6% of the new entity. Innogy ha...
- Andrew Bischof
- CFA
- CPA
Regulatory environment still constructive despite Brexit uncertainty.
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 ...
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