National Grid PLC

NG.: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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National Grid Earnings: Full-Year Guidance Confirmed; Shares Fairly Valued

Tancrede Fulop

Nov 7, 2024

No-moat National Grid posted fiscal 2025 first-half results mostly in line with the company-compiled consensus. Management confirmed its full-year guidance EPS guidance, specifying that it now expects a 10% growth in operating profit. With no changes to our estimates, we confirm our fair value estimate of GBX 970 per share and see shares as fairly valued.

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National Grid PLC

National Grid Earnings: Full-Year Guidance Confirmed; Shares Fairly Valued

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