National Grid

National Grid is a holding company. Through its subsidiaries, Co. owns and operates regulated electricity and gas infrastructure networks in the U.K. and the U.S. Co. operates through five business segments: U.K. Electricity Transmission, U.K. Gas Transmission, U.K. Gas Distribution, U.S. Regulated, and Other Activities, primarily relating to non-regulated businesses and other commercial operations not included within the above segments, including: the Great Britain-France electricity interconnector; U.K. based gas metering activities; U.K. property management; a U.K. LNG import terminal; U.S. LNG operations; and U.S. unregulated transmission pipelines, together with corporate activities.
  • TickerNG.
  • ISINGB00BDR05C01
  • ExchangeLondon Stock Exchange
  • SectorGas, Water & Multi-utilities
  • CountryUnited States

Analysts

Philip Morrish

Value Indicator - UK Main Market 16092019

Currently '(TM)Value Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Utilities 16092019

Currently '(TM)Value Indicator - UK utilities' is a value analysis of the Telecoms and Utilities sectors of quoted companies on the London Stock Exchange's main market that provide the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Utilities 09092019

Currently '(TM)Value Indicator - UK utilties' is a value analysis of the Telecoms and Utilities sectors of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 09092019

Currently '(TM)Value Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target providers

NATIONAL GRID PLC. is slightly downgraded to Slightly Positive due to an increasingly adverse environment

The independent financial analyst theScreener just slightly lowered the general evaluation of NATIONAL GRID PLC. (GB), active in the Multiutilities industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains unchanged and can be qualified as defensive. However, a marginally less favourable environment forces theScreener to downgrade slightly the title, which now shows an overall rating of Slightly Positive. As of the analysis date September 3, 2019, the closing price was GBp 869.10 and its potential was estimated at GBp 9...

Tancrede Fulop

Morningstar | National Grid Faces an Unfavorable Political Backdrop

Natioanl Grid owns and operates energy networks in the U.S. and in the U.K.In the U.K., long-term U.K. rate structures have offered transparent earnings and dividend growth at least in line with inflation. The dividend grew 10% annually on average between 2005 and 2012, but dividend growth has slowed dramatically as financing needs required management to target inflation-linked growth. We expect tepid dividend growth to persist in the medium term, as organic cash flow will be much too low to fund dividends and high investments. In the 2013-21 RIIO regulatory framework, National Grid can earn a...

Tancrede Fulop

National Grid Faces an Unfavorable Political Backdrop

We reiterate our GBX 780 fair value estimate and no-moat, stable trend ratings after National Grid released fiscal 2019 underlying results in line with consensus expectations, though slightly above ours. The regulatory backdrop in the United Kingdom remains highly uncertain with the upcoming returns cut in RIIO-2 and nationalisation threat from the Labour Party. The shares look overvalued.  Underlying EBIT decreased 2% to EUR 3.4 billion, in line with expectations but above our EUR 3.26 billion ...

Tancrede Fulop

Morningstar | National Grid Releases 2019 Results in Line With Estimates; Shares Overvalued

We reiterate our GBX 780 fair value estimate and no-moat, stable trend ratings after National Grid released fiscal 2019 underlying results in line with consensus expectations, though slightly above ours. The regulatory backdrop in the United Kingdom remains highly uncertain with the upcoming returns cut in RIIO-2 and nationalisation threat from the Labour Party. The shares look overvalued. Underlying EBIT decreased 2% to EUR 3.4 billion, in line with expectations but above our EUR 3.26 billion forecast. Underlying earnings per share grew 5% to GBX 58.9, slightly above consensus' GBX 57.8 and ...

Tancrede Fulop

National Grid Releases 2019 Results in Line With Estimates; Shares Overvalued

We reiterate our GBX 780 fair value estimate and no-moat, stable trend ratings after National Grid released fiscal 2019 underlying results in line with consensus expectations, though slightly above ours. The regulatory backdrop in the United Kingdom remains highly uncertain with the upcoming returns cut in RIIO-2 and nationalisation threat from the Labour Party. The shares look overvalued.  Underlying EBIT decreased 2% to EUR 3.4 billion, in line with expectations but above our EUR 3.26 billion ...

Tancrede Fulop

Morningstar | New Morningstar Analyst Report for National Grid PLC

National Grid has grown into one of the largest utilities in the world since U.K. regulators unbundled energy distribution, transmission, and supply in the 1980s. National Grid began acquiring Northeastern U.S. utilities in 2000 and made its biggest move buying New York-based Keyspan for $11.8 billion in August 2007.National Grid's long-term U.K. rate structures offer transparent earnings and dividend growth at least in line with inflation. The dividend grew 10% annually on average between 2005 and 2012, but dividend growth has slowed dramatically as financing needs required management to targ...

2 directors bought/maiden bought

Two Directors at National Grid bought/maiden bought 11,000 shares at 8.072USD. The significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The ...

Philip Morrish

Value Indicator - UK Main Market 16092019

Currently '(TM)Value Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Utilities 16092019

Currently '(TM)Value Indicator - UK utilities' is a value analysis of the Telecoms and Utilities sectors of quoted companies on the London Stock Exchange's main market that provide the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Utilities 09092019

Currently '(TM)Value Indicator - UK utilties' is a value analysis of the Telecoms and Utilities sectors of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 09092019

Currently '(TM)Value Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target providers

NATIONAL GRID PLC. is slightly downgraded to Slightly Positive due to an increasingly adverse environment

The independent financial analyst theScreener just slightly lowered the general evaluation of NATIONAL GRID PLC. (GB), active in the Multiutilities industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains unchanged and can be qualified as defensive. However, a marginally less favourable environment forces theScreener to downgrade slightly the title, which now shows an overall rating of Slightly Positive. As of the analysis date September 3, 2019, the closing price was GBp 869.10 and its potential was estimated at GBp 9...

ING
Nadège Tillier

European utilities/Dry 2019 to be followed by a flood of supply

2019 will be one of the lowest years of bond supply in Euro for the IG utilities sector. As of today, there is almost nothing left to refinance this year. We would expect EUR bond issuance from Utilities to reach c.€29bn in 2019 (excluding potential US names) vs €34bn in 2018 and €44bn in 2017. The coming years offer a different picture though. From 2020 onwards, higher redemptions and capital expenditure should result in an abundance of bond supply. Redemptions will steadily pick up in the next three years. On top of this, a large number of utilities have announced ambitious capital expenditu...

MarketLine Department

Centrica plc - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Centrica plc Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Centrica plc since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlight...

MarketLine Department

Fortum Corporation - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Fortum Corporation Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Fortum Corporation since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. K...

MarketLine Department

National Grid plc - Strategy, SWOT and Corporate Finance Report

Summary National Grid plc - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Findings - Detailed information on National Grid plc required for business and competitor intelligence needs - A study of the major internal and external factors affecting National Grid plc in the form of a SWOT analysis - An in-depth view of the business model of National Grid plc including a breakdow...

Expert Corporate Governance Service (ECGS)

National Grid, 29 July 2019

National Grid locked out over 1,200 United Steelworkers (USW) workers in Massachusetts, USA on June 25, 2018 after their contracts expired and an agreement on issues such as pensions, healthcare and contracted work was not reached. The workers went without pay, and many without healthcare as well, until re - instated in January 2019. The dispute at large was over the change of pension from defined benefit plans to defined contribution and 401(k) plans. The lockout cost the Company £1 million a day. Please see the attached report for further details. The Company is also facing litigation regard...

National Grid – Proxinvest Corporate Governance Rating ® : A

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

National Grid - Proxy report - 30/07/2018

Leadership changes On July 29, 2018, Andrew Bonfield, Finance Director, resigned. Item 15: Approve the Remuneration Report The structure is weighted more towards rewarding long-term performance. Thoughslightly mitigated by the salary rate, actual and potential incentive pay is excessive, accelerated vesting in the event of a change of control is possible and there are overlapping performance metrics. Both the STI and LTI use ROE as a performance metric. Additionally, the Value Growth metric used to determine half of the LTI may incentivize acquisitions as it includes goodwill.

Expert Corporate Governance Service (ECGS)

Etude l' AG du 31/07/2017

 Item 14: Appoint the auditors. Following the audit tender process undertaken last year, Deloitte is proposed as the new external auditor.Item 17:  Approve the Remuneration Report. The structure is weighted more towards rewarding long-term performance, but accelerated vesting in the event of a change of control is possible and the quantum is excessive. Both the STI and LTI use ROE as a performance metric. Furthermore, the Company paid excessive benefits to the new CEO for his relocation to London and made a recruitment award to a new executive director.    

Jérôme VINERIER

Short term view - NATIONAL GRID : The background trend is clearly bullish.

The background trend is clearly bullish. Prices are still making progress. The following targets are at 836.50 p and 878.00 p. The trend would be invalidated below the support at 707.50 p.

Jérôme VINERIER

Analyse court terme - NATIONAL GRID : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. Les cours progressent toujours. Les objectifs suivants sont à 836,50 p et 878,00 p. La tendance serait invalidée sous le support à 707,50 p.

Jérôme VINERIER

Analyse court terme - NATIONAL GRID : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. Les cours progressent toujours. Les objectifs suivants sont à 836,50 p et 878,00 p. La tendance serait invalidée sous le support à 707,50 p.

Jérôme VINERIER

Short term view - NATIONAL GRID : The background trend is clearly bullish.

The background trend is clearly bullish. Prices are still making progress. The following targets are at 836.50 p and 878.00 p. The trend would be invalidated below the support at 707.50 p.

Jérôme VINERIER

Analyse moyen terme - NATIONAL GRID : La tendance est baissière.

La tendance est baissière. Le rebond gagne en vigueur. Il est probable que cette reprise s'achève sur la résistance à 879,00 p et que les prix baissent à nouveau vers 770,00 p. La tendance de fond serait remise en cause en cas de franchissement de 879,00 p.

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