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United Utilities Earnings: Fiscal 2023 Loss Slightly Smaller Than Expected; Shares Rich


We maintain our GBX 850 fair value estimate after no-moat United Utilities UU. released a net loss slightly smaller than expected by us and FactSet consensus and guided for fiscal 2024 earnings below consensus. The firm will pay a GBX 45.1 dividend on fiscal 2023 earnings, 4.6% higher than in fiscal 2022, in line with the November 2021 Consumer Price Index including owner-occupiers’ housing costs, implying a 4.4% yield. Shares look materially overvalued.

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