Asset-base growth and shareholder returns remain the two lynchpins of National Grid’s equity story. The investor teach-in may have focused on National Grid’s ‘other’ businesses segment, but we update our forecasts for the whole group and find the mixture of growth, returns and optionality attractive. Additional value from the disposal of National Grid’s UK gas distribution business offers upside to our fair value range of $55-69/ADR (800p-1,050p).
31 Oct 2016
Strategy confirmed: Growth and returns
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Strategy confirmed: Growth and returns
National Grid plc (NG:LON) | 1,066 48 0.4% | Mkt Cap: 39,662m
- Published:
31 Oct 2016 -
Author:
Jamie Aitkenhead -
Pages:
8
Asset-base growth and shareholder returns remain the two lynchpins of National Grid’s equity story. The investor teach-in may have focused on National Grid’s ‘other’ businesses segment, but we update our forecasts for the whole group and find the mixture of growth, returns and optionality attractive. Additional value from the disposal of National Grid’s UK gas distribution business offers upside to our fair value range of $55-69/ADR (800p-1,050p).