SSE PLC

SSE: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 8,357.00	Dvvl	Hgsxymdh

SSE Earnings: Exceeds Expectations Thanks to Thermal Plants; Confirms Guidance; Shares Cheap

Tancrede Fulop

Nov 15, 2023

We confirm our GBX 2,200 fair value estimate after no-moat SSE released first-half results above guidance, and it confirmed its fiscal 2024 and 2027 earnings guidance while increasing its transmission networks' investments, in line with National Grid. Shares are materially undervalued with a fiscal 2024 P/E of 11.3.

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