Utilities equity research

Explore the most viewed and latest equity research and media content for companies within the Utilities sector. Companies within this sector provide services including electricity generation, water, gas and multiservice utilities.

Utilities equity research

Explore the most viewed and latest equity research and media content for companies within the Utilities sector. Companies within this sector provide services including electricity generation, water, gas and multiservice utilities.

  • 18 Jul 16

Machinations

Could Brexit be a positive for the UK Industrials sector? While the EU and UK are important to each other in terms of trade, the level of that importance is asymmetric: 44% of UK exports go to the EU and a further 10% go to countries with free trade agreements with the EU; only 15% of EU exports go to the UK. As a result, we feel that UK bargaining power is relatively weak and we need to accept the possibility that the UK drops out of the single market and trades under WTO terms with Europe. The extent to which this is a positive or negative for UK Industrials depends entirely on the value of Sterling versus the Euro or US Dollar. We analyse this and conclude that with a 7% (or greater) depreciation of Sterling (versus pre-Brexit levels), all the costs associated with WTO trade are more than compensated for. Big exporters become strategic winners and big foreign FX earners become financial winners. Largely domestic players are at risk. Export or die!

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  • 04 Dec 17

Support Group

Topic of the quarter: It’s alive! Infrastructure and assets in general have traditionally been built to provide a fixed service and are maintained and renovated to a fixed schedule – dead and dumb. Technology will completely change this. Sensors and wireless networks have the potential to allow assets to ‘talk’ to us. These living, smart assets will be able to tell us when they need maintenance, how efficient they are being and provide the data that will directly influence their construction, availability and use. The implications for construction costs through to operating costs and the ability to service changing user needs are very significant. The Support Services, Construction and Technology sectors need to work together to maximise this potential, recognise and harness the power of data, and invest in and embrace change. These are daunting challenges in highly competitive markets where politics play a role, different skill sets (that are currently in short supply) are needed and shareholders are looking over management's shoulders. However, the prize for those companies who get it right is significant, and the risk from not changing much greater. There are positive early signs with Crossrail providing tangible examples of Smart Infrastructure using innovative sensors.

Companies: FOUR DSCV BOOT CLL CNCT FCRM LOK PPH RNWH STAF UTW WATR VANL WYG

  • 02 Jul 18

H1 Review

Best Ideas - 2018 H1 Review

Companies: SAA VP/ GLE AMO IOM HSP CVSG EKF PGIT VRP RLM AVG SOG DNLM SFR YU/ CBP

  • 04 Jul 18

Initiation and FY results

AMP is rapidly developing a unique portfolio of diverse operations across the distributed power market where market forces and regulation are positive drivers for growth. We resume coverage of AMP on the publication of its FY results, confirming a significant year of change for the group with trading seeing a strong step forward. Strategically, it has cemented its market position in the supply of wood fuels. In biomass project developments, the link with AMPIL provides annual development fees and a progressively rising carried interest. The recent investment in IncubEx is also exciting with other new opportunities being evaluated in a rapidly changing market sector. We introduce a price target of 135p with 28% upside providing a strong potential investment return.

Companies: Aggregated Micro Power
  • 24 Sep 18

Cenkos: OPG Power Ventures Plc - Resetting & Refocusing on Maximum Value

OPG has announced its Mar-18A results with LFL revenue increasing 3% YoY to £140.1m, and profitability affected by the well-covered high coal prices. Following the sale of 5% in OPG Gujarat (now BVP), and subsequently selling its control (46% remaining), the company has deconsolidated the BVP business. OPG's financials are restated for the deconsolidation, providing heightened transparency into the profitable Chennai operations. It was initially expected that the initiated Resolution Plan would conclude in August 2018, however, the process continues. No further funding from OPG is intended to flow to BVP. We release new forecasts for FY19E and FY20E. We assess OPG's FY19E P/B of c0.4x (post-deconsolidation) as too deep a discount to the Global Electric Utilities Index's P/B of c1.3x (FactSet) and India Electric Utilities Index's P/B of c1.1x. As such, we upgrade our recommendation to Buy based on the valuation of continuing operations.

Companies: OPG Power Ventures
  • 15 Oct 18

Placing, conversion of loan notes and trading update

The group has announced two transactions that will improve the group’s liquidity and simplify the group’s financial structure. It has raised £8.5m via an equity placing and the conversion of its outstanding loan notes. The result is moderate EPS accretion in its first full year with the group moving from net debt of £12.0m to FY19 net cash of £5.6m. We believe investors should take these actions positively, being financially prudent but also enabling the group to pursue and accelerate additional investment opportunities over the medium term in the renewable energy sector.

Companies: Aggregated Micro Power
  • 07 Nov 18

Surge in Renewables profits help offset lower thermal generation spreads, FX headwinds

Enel reported a strong set of 9M results. The lower thermal generation margins and the €330m negative FX movements were more than offset by the strong performance of Renewables (+27% EBITDA growth at constant currency) and sustained margins in the retail business despite an overall increase in cost of supply. The group confirmed its financial objectives and announced a €0.14 interim dividend, in line with the minimum €0.28 dividend previously guided for 2018.

Companies: Enel
  • 07 Nov 18

Solid organic EBITDA growth despite €300m Belgian drag

Engie reported a good set of 9M results. EBITDA grew 5% organically, driven by networks, renewables and energy management services which, combined, more than offset the well-anticipated €300m drag coming from the Belgian nuclear activities. We stick to our positive recommendation as the upside stemming from higher power prices, increased renewables capacity and higher load factors in Belgium from Q1 19 advocate for a stronger 2019 performance.

Companies: Engie
  • 07 Nov 18

Dry weather during Q3 cuts 30% of Verbund's EBITDA

Verbund released a weak set of 9M results. During the third quarter, an exceptionally low water supply resulted in a c.30% decline in both hydro power generation and EBITDA, forcing management to cut its FY18 EBITDA and net profit targets by 8-9%. However, the group was able to improve its hedging profile further while reducing its net debt, ahead of a likely strong 2019.

Companies: VERBUND
  • 08 Nov 18

Lower taxes and headcount offset higher storm costs

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.

Companies: National Grid
  • 12 Jan 17

Capital Network's Stacey: 2017 is the year Mytrah Energy will unlock value

capital-network-s-stacey-2017-is-the-year-mytrah-energy-will-unlock-value-12-01-2017
  • 23 Nov 16

Armadale Capital - Full assay results confirm exceptional high-grade graphite deposit

armadale-capital-full-assay-results-confirm-exceptional-high-grade-graphite-deposit-23-11-2016
  • 27 May 15

Executive Interview - KTG Energie (German version)

executive-interview-ktg-energie-german-version-27-05-2015
  • 12 Jul 16

finnCap - Initiation of coverage, Fulcrum

Premium

finncap-initiation-of-coverage-fulcrum-12-07-2016
  • 08 Jun 15

Armadale Capital - Agreement to fund and develop the Mpokoto Gold Project

armadale-capital-agreement-to-fund-and-develop-the-mpokoto-gold-project-08-06-2015
  • 15 Feb 16

Armadale Capital - Update at 121 Mining Investment

armadale-capital-update-at-121-mining-investment-15-02-2016
  • 09 Nov 18

Executive interview - ERM Power

executive-interview-erm-power-09-11-2018
  • 25 Nov 15

Armadale Capital - Update on the development and expansion of the Mpokoto Gold Project

armadale-capital-update-on-the-development-and-expansion-of-the-mpokoto-gold-project-25-11-2015
  • 26 Oct 16

Armadale Capital - 85% strike rate from drilling Tanzania

armadale-capital-85-strike-rate-from-drilling-tanzania-26-10-2016
  • 10 Sep 15

Armadale Capital - Interim Results

armadale-capital-interim-results-10-09-2015
  • 10 Oct 16

Armadale Capital - Project Update

armadale-capital-project-update-10-10-2016
  • 03 Aug 15

Developed process route for gold recovery

developed-process-route-for-gold-recovery-03-08-2015
  • 24 Sep 15

Armadale Capital - Remains on track for commercial production in H1 2016

armadale-capital-remains-on-track-for-commercial-production-in-h1-2016-24-09-2015
  • 09 Jul 15

Armadale Capital - Landmark agreement

armadale-capital-landmark-agreement-09-07-2015
  • 07 Jul 15

Armadale Capital - Andrew Tunks: Key to a successful gold operation

armadale-capital-andrew-tunks-key-to-a-successful-gold-operation-07-07-2015

Latest Content

Electricite de France

Robust 9M trading, supported by organic growth in all divisions

EDF released a robust set of Q3 trading figures, fully in line with our forecasts. The group’s top line increased by 5.3% organically, driven by higher output in both the historical French division and in the renewables segment. The group confirmed all its 2018 financial objectives.

 View

  • 14 Nov 18
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ERM Power

Executive interview - ERM Power

 View

executive-interview-erm-power-09-11-2018
  • 09 Nov 18

EDP - Energias de Portugal

Currency, regulatory drags not over yet

EDP released a rather weak set of 9M18 figures. Q3 recurring EBITDA fell 12% as regulatory changes in Portugal and currency movements in Brazil kept weighing on the group’s reported performance.

 View

  • 09 Nov 18
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National Grid

Lower taxes and headcount offset higher storm costs

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.

 View

  • 08 Nov 18
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HERA

A robust mix of underlying growth and M&A

Hera reported a good set of 9M results as the strong performance of the gas division (10% EBITDA growth, 22% increase in volumes) more than offset a drop in electricity production during the first half of the year. We stick to our Buy recommendation.

 View

  • 08 Nov 18
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Enel

Surge in Renewables profits help offset lower thermal generation spreads, FX headwinds

Enel reported a strong set of 9M results. The lower thermal generation margins and the €330m negative FX movements were more than offset by the strong performance of Renewables (+27% EBITDA growth at constant currency) and sustained margins in the retail business despite an overall increase in cost of supply. The group confirmed its financial objectives and announced a €0.14 interim dividend, in line with the minimum €0.28 dividend previously guided for 2018.

 View

  • 07 Nov 18
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Veolia Environnement

Nine months results: supportive

Revenues over nine months reached €18,761m (+4.3%, +6.6% at CER and +4.7% lfl at CER), EBITDA €2,418.1m (+5.1% and +6.9% at CER), current EBIT €1,099.8m (+7.4%, +9.8% at CER) and net result €438.8m (+14.7%, +18.1% at CER excluding capital gains on Industrial Services in the US). Net debt at 30 September reached €10.5bn (vs €10.6 in June, €9.7bn in March €7.7bn at year-end 2017 and €8.43bn a year ago). The group maintains its FY18 target (sustained revenue growth, a higher EBITDA than in FY17, cost savings over €300m) as well as FY19 prospects (EBITDA €3.5-3.7bn including IFRIC12).

 View

  • 07 Nov 18
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Engie

Solid organic EBITDA growth despite €300m Belgian drag

Engie reported a good set of 9M results. EBITDA grew 5% organically, driven by networks, renewables and energy management services which, combined, more than offset the well-anticipated €300m drag coming from the Belgian nuclear activities. We stick to our positive recommendation as the upside stemming from higher power prices, increased renewables capacity and higher load factors in Belgium from Q1 19 advocate for a stronger 2019 performance.

 View

  • 07 Nov 18
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Snam

Robust 9M results, revised 2022 outlook

Snam released a robust set of 9M results, driven by favourable scope effects and growing regulated revenues. The group gave an update of its 2022 objective and now expects annual EPS growth above 5%. We stick to our Add recommendation.

 View

  • 07 Nov 18
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VERBUND

Dry weather during Q3 cuts 30% of Verbund's EBITDA

Verbund released a weak set of 9M results. During the third quarter, an exceptionally low water supply resulted in a c.30% decline in both hydro power generation and EBITDA, forcing management to cut its FY18 EBITDA and net profit targets by 8-9%. However, the group was able to improve its hedging profile further while reducing its net debt, ahead of a likely strong 2019.

 View

  • 07 Nov 18
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