National Grid released a set of H1 results which were broadly in line with our expectations. The underlying operating profit fell 6% but NG was able to post 6% growth in underlying EPS – broadly in line with our estimates – as the tax rate declined to 19.3% from 22.9% (US-driven) while the Electricity Transmission business in the UK performed well. The group confirmed its dividend policy. We stick to our Buy recommendation.

08 Nov 2018
Lower taxes and headcount offset higher storm costs

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Lower taxes and headcount offset higher storm costs
National Grid plc (NG:LON) | 1,056 -5.3 (0.0%) | Mkt Cap: 38,840m
- Published:
08 Nov 2018 -
Author:
Edouard Enault -
Pages:
3 -
National Grid released a set of H1 results which were broadly in line with our expectations. The underlying operating profit fell 6% but NG was able to post 6% growth in underlying EPS – broadly in line with our estimates – as the tax rate declined to 19.3% from 22.9% (US-driven) while the Electricity Transmission business in the UK performed well. The group confirmed its dividend policy. We stick to our Buy recommendation.