United Utilities Group PLC Class A

UU.: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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United Utilities: Allowed Returns and Expenses Improve in Ofwat's Final Determination

Tancrede Fulop

Dec 19, 2024

On Dec. 19, Ofwat issued its final determination regarding the features of the AMP8 five-year regulatory period starting in April 2025 for UK water utilities. Regarding United Utilities, allowed returns and expenses are higher than the draft determination released last July and close to our estimates. We confirm our fair value estimate of GBX 1,000 for United Utilities and view the shares as overvalued.

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United Utilities Group PLC Class A

United Utilities: Allowed Returns and Expenses Improve in Ofwat's Final Determination

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