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National Grid PLC NG.

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Stock XLON Rating as of
GBX 928.00 +5.40 (0.59%)
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As of Delayed Price Closed
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Company Report

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European Utilities Edged Up in Q2 on Soaring Power Prices, High Interest Rates Still a Drag

Tancrede Fulop

Utilities have reversed part of their first quarter’s fall, thanks to a strong rebound in power prices. Moreover, the deep undervaluation of renewables developers has driven takeovers by big investment firms at very high multiples. Neoen’s main shareholders accepted an offer at 18 times the EBITDA. The sector is still significantly lagging the market in 2024 because of high interest rates. Should they fall, it would boost the sector.

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Price vs Fair Value

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NG. is trading at a 211% premium.
Price
GBX 922.60
Fair Value
GBX 335.00
Uncertainty
Low
1-Star Price
GBX 3,876.40
5-Star Price
GBX 158.00
Economic Moat
Pxjr
Capital Allocation
Bpcldqsq

Bulls Say, Bears Say

Bulls

The sale of Grain LNG, renewables assets, and ESO should command high multiples.

Bears

The highly dilutive rights issue reflects poor capital allocation.

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Trading Information

Previous Close Price
GBX 922.60
Day Range
GBX 917.00–930.40
52-Week Range
GBX 645.00–1,052.85
Bid/Ask
GBX 917.00 / GBX 950.00
Market Cap
GBX 4.47 Tril
Volume/Avg
12.6 Mil / 16.3 Mil

Key Statistics

Price/Earnings (Normalized)
10.98
Price/Sales
1.88
Dividend Yield (Trailing)
6.17%
Dividend Yield (Forward)
6.17%
Total Yield
6.17%

Company Profile

National Grid owns and operates the electric transmission system in England and Wales. It sold the bulk of its UK gas transmission business in fiscal 2023 to fund the acquisition of PPL's UK power distribution assets. In the Northeastern United States, it serves electricity and gas customers combined in three states. It also owns regulated transmission and electricity generation in the United States, metering services, merchant transmission lines in the UK, and the Grain (UK) liquefied natural gas facility.
Sector
Utilities
Industry
Utilities - Regulated Electric
Stock Style Box
Large Value
Total Number of Employees
31,425
Website
https://www.nationalgrid.com

Competitors

Valuation

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Metric
NG.
ED
IBE
Price/Earnings (Normalized)
 10.9818.2212.72
Price/Book Value
 1.251.421.40
Price/Sales
 1.882.121.64
Price/Cash Flow
 6.797.187.46
Price/Earnings
NG.
ED
IBE

Financial Strength

Metric
NG.
ED
IBE
Quick Ratio
 0.640.660.60
Current Ratio
 0.910.990.77
Interest Coverage
 2.633.134.98
Quick Ratio
NG.
ED
IBE

Profitability

Metric
NG.
ED
IBE
Return on Assets (Normalized)
 3.03%2.78%4.79%
Return on Equity (Normalized)
 9.72%8.52%14.40%
Return on Invested Capital (Normalized)
 5.36%5.87%7.51%
Return on Assets
NG.
ED
IBE
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Utilities - Regulated Electric Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
NextEra Energy Inc
NEE
XhxnpscxkJqcrbrt$147.6 Bil
 Southern Co
SO
DrwqyfyfvSywzgs$85.0 Bil
 Duke Energy Corp
DUK
PvpgpgxdZdvjbj$77.1 Bil
 National Grid PLC ADR
NGG
TtwcyvkCdhgl$56.6 Bil
 American Electric Power Co Inc
AEP
YhvqhwnbcHdplfs$46.2 Bil
 PG&E Corp
PCG
WypwnwqDwrg$45.0 Bil
 Dominion Energy Inc
D
ZyydlbpLbbtz$41.2 Bil
 Public Service Enterprise Group Inc
PEG
ZrgxqtjQjwkhf$36.9 Bil
 Exelon Corp
EXC
CylqyczZlphgfv$34.7 Bil
 Consolidated Edison Inc
ED
SldnsnrYwv$30.7 Bil

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