National Grid PLC

NG.: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 8,597.00	Cgzhs	Bqttztfl

National Grid to Buy PPL's U.K. Assets, Plans To Sell U.K. Gas Transmission, Rationale Is Sound

Tancrede Fulop

Mar 18, 2021

We maintain our fair value estimate of GBX 800 and no moat, stable ratings after National Grid announced it will buy PPL's U.K. electricity distribution assets, WPD, for an enterprise value of GBP 14.2 billion. National Grid will fund the acquisition by selling its Rhode Island networks to PPL and by putting its majority stake in U.K. gas transmission assets up for sale. Shares appear fairly valued.

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