Morningstar

National Grid PLC NG.

Morningstar Rating
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Stock XLON Rating as of
GBX 997.00 −16.00 (1.58%)
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As of Delayed Price Closed

Company Report

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European Utilities Rallied in Q3 on Falling Interest Rates; We See Further Upside Potential

Tancrede Fulop

While wholesale power prices stabilized, government bonds’ yields fell on weak economic indicators and lower inflation in the US and Europe. Second-quarter results were boosted by very favorable hydro conditions that led to some guidance upgrades. This goldilocks scenario bolstered a rally in European utilities, enabling them to massively outperform the market and recover much of their earlier underperformance.

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Price vs Fair Value

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NG. is trading at a 722% premium.
Price
GBX 1,013.00
Fair Value
GBX 747.00
Uncertainty
Low
1-Star Price
GBX 7,696.60
5-Star Price
GBX 359.00
Economic Moat
Hwrc
Capital Allocation
Sthhjgkcs

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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News

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Trading Information

Previous Close Price
GBX 1,013.00
Day Range
GBX 987.80–1,013.50
52-Week Range
GBX 645.00–1,062.00
Bid/Ask
GBX 951.00 / GBX 1,050.00
Market Cap
GBX 4.87 Tril
Volume/Avg
10.1 Mil / 11.4 Mil

Key Statistics

Price/Earnings (Normalized)
12.06
Price/Sales
2.06
Dividend Yield (Trailing)
5.62%
Dividend Yield (Forward)
5.62%
Total Yield
5.62%

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 Core
Total Number of Employees
31,425
Website
https://www.nationalgrid.com

Competitors

Valuation

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Metric
NG.
PPL
IBE
Price/Earnings (Normalized)
 12.0618.7114.59
Price/Book Value
 1.371.721.60
Price/Sales
 2.062.931.88
Price/Cash Flow
 7.4511.658.55
Price/Earnings
NG.
PPL
IBE

Financial Strength

Metric
NG.
PPL
IBE
Quick Ratio
 0.640.810.60
Current Ratio
 0.911.280.77
Interest Coverage
 2.632.354.98
Quick Ratio
NG.
PPL
IBE

Profitability

Metric
NG.
PPL
IBE
Return on Assets (Normalized)
 3.03%3.32%4.79%
Return on Equity (Normalized)
 9.72%9.28%14.40%
Return on Invested Capital (Normalized)
 5.36%6.23%7.51%
Return on Assets
NG.
PPL
IBE

Utilities - Regulated Electric Industry Comparables

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1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
NextEra Energy Inc
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 Southern Co
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KgrsxzhgnFysgbb$99.3 Bil
 Duke Energy Corp
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ChgqrcbwVxgqwl$89.4 Bil
 National Grid PLC ADR
NGG
GxydggypGjj$65.7 Bil
 American Electric Power Co Inc
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QttxjjyNnlrpf$53.9 Bil
 PG&E Corp
PCG
HqsdlmgqYzsf$51.0 Bil
 Dominion Energy Inc
D
BzgsqqlpDsfnjk$48.7 Bil
 Public Service Enterprise Group Inc
PEG
XwfnmvjMxlmcc$45.6 Bil
 Exelon Corp
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ByrhmtmqsYqkmmtv$40.8 Bil
 Consolidated Edison Inc
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VzljknvbTqhw$36.0 Bil

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