National Grid PLC

NG.: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 6,127.00	Gvhq	Ththzvbw

National Grid Shares in Buy Territory for the First Time Since 2018

Tancrede Fulop

Oct 7, 2022

Because of the market downturn and brutal selloff of United Kingdom gilts since August, shares of no-moat National Grid are down by 14% year to date, in line with the median of our sector average. Therefore, shares are now in 4-star territory for the first time since 2018. Our fair value estimate of GBX 1,040 involves a price/fair value of 0.89.

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