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

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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.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.

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About the Author

Tancrede Fulop

Senior Equity Analyst
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Tancrede Fulop, CFA, is a senior equity analyst for Morningstar Holland BV, a wholly owned subsidiary of Morningstar, Inc. He covers European utilities.

Before joining Morningstar in early 2017, Fulop worked for Schlumberger Business Consulting as a financial and economist analyst. Previously, he was a senior research associate covering European utilities for Raymond James from 2011 to 2015.

Fulop holds a master’s degree in finance from the University Paris II Pantheon-Assas. He also holds the Chartered Financial Analyst® designation.

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