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 Utilities 07012019

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 provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 07012019

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.

Philip Morrish

Value Indicator - UK Main Market 31122018

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 24122018

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 24122018

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

Tancrede Fulop

Morningstar | Market Too Lenient on National Grid's Regulatory Risk; Shares Roughly Fairly Valued After Free-Fall

U.K. regulator Ofgem has proposed to reduce real baseline return for gas and electricity transmission networks from 7%-8% currently to 4% in the next regulatory period, RIOO-2, due to start in April 2021. This is below our expectation of a cut to 5% and at the bottom of the 4%-6% range laid out by Ofgem in March 2018. Ofgem also proposed to keep the adjusted cost of debt unchanged, in line with our assumptions. These proposals are part of a wide consultation process on the features of RIIO-2 that will continue until the second quarter of 2019. National Grid, whose U.K. gas and electricity tran...

Tancrede Fulop

Market Too Lenient on National Grid's Regulatory Risk; Shares Roughly Fairly Valued After Free-Fall

U.K. regulator Ofgem has proposed to reduce real baseline return for gas and electricity transmission networks from 7%-8% currently to 4% in the next regulatory period, RIOO-2, due to start in April 2021. This is below our expectation of a cut to 5% and at the bottom of the 4%-6% range laid out by Ofgem in March 2018. Ofgem also proposed to keep the adjusted cost of debt unchanged, in line with our assumptions. These proposals are part of a wide consultation process on the features of RIIO-2 tha...

Tancrede Fulop

Morningstar | National Grid's Half-Year Results in Line With Our Full-Year Expectations; Shares Overvalued

We reiterate our fair value estimate of GBX 780 per share after National Grid published half-year EPS results in line with consensus and our full-year expectations. We maintain our no-moat and stable trend ratings. The shares appear overvalued. Underlying operating profit decreased 6% in the first half to GBP 1,285 million, slightly below consensus expectations though roughly in line with the 6.7% decline that we expect for the full year. Underlying profit before tax decreased 4% to GBP 0.8 billion, 5% below consensus. Underlying EPS grew 6% to GBX 19.70, in line with consensus expectations t...

Tancrede Fulop

National Grid's Half-Year Results in Line With Our Full-Year Expectations; Shares Overvalued

We reiterate our fair value estimate of GBX 780 per share after National Grid published half-year EPS results in line with consensus and our full-year expectations. We maintain our no-moat and stable trend ratings. The shares appear overvalued. Underlying operating profit decreased 6% in the first half to GBP 1,285 million, slightly below consensus expectations though roughly in line with the 6.7% decline that we expect for the full year. Underlying profit before tax decreased 4% to GBP 0.8 bill...

Tancrede Fulop

Morningstar | National Grid's leverage will increase to significantly to fund dividend and capital expenditures.

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...

A director bought 43,128 shares at 805p and

A director at National Grid bought 43,128 shares at 805p and the significance rating of the trade was 94/100. 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 names of board mem...

Philip Morrish

Value Indicator - UK Utilities 07012019

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 provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 07012019

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.

Philip Morrish

Value Indicator - UK Main Market 31122018

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 24122018

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 24122018

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

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 - 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

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 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

Medium term view - NATIONAL GRID : The trend is bearish.

The trend is bearish. The bounce is gaining strength. The bounce might end at the resistance at 879.00 p and prices would fall again toward 770.00 p. The background trend would be questioned should prices rise above 879.00 p.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch