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NGG.N

ISIN: US6362743006
SEDOL: B0FP8V6

Rating:

HOLD

Target Price:

38.18 USD

Investment Horizon:

6 to 12 months
14th May 2009 View Report   Download

FY 2009 News Alert

National Grid PLC (National Grid) reported strong top-line growth in FY 2009, that was above our forecast. However, margins were significantly below our estimates, reflecting higher-than-anticipated operating expenses during the period. In view of this, we do not anticipate a change in our current HOLD rating for the common stock and will reassess the common stock rating for National Grid in our next update report. We expect to move to a 24 month investment horizon to value…

20th Mar 2009 View Report   Download

Company News Alert

National Grid PLC’s (National Grid) common stock price has declined 20.1% since our last update report, reflecting a fall in energy demand in the UK and the US. Although the target price does not support a HOLD rating at current price levels, we do not anticipate a change in our HOLD rating for the common stock as we expect a further decline in energy demand given the prolonged downturn in US and UK. We will reassess the common…

5th Feb 2009 View Report   Download

Company News Alert

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On 05 February 2009, National Grid PLC (National Grid) announced its Interim Management Statement, noting a steady performance during the last quarter. However, given that we anticipate a fall in electricity demand in the US and UK, due to the economic downturn, our outlook is cautious going forward. Therefore, we maintain our HOLD rating at current price levels and will reassess the common stock rating and target price for…

16th Dec 2008 View Report   Download

1H 09 Update Report

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National Grid Plc (National Grid) reported strong revenue growth in 1H 09, marginally below our estimate, driven by the Keyspan Corporation (Keyspan) acquisition. However, adjusted3 operating income and net income declined, below our estimates due to higher-thananticipated operating expenses. Going forward, we expect flat revenue growth in FY 2010, reflecting declining demand for electricity as a result of the economic…

20th Nov 2008 View Report   Download

1H 09 News Alert

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National Grid PLC (National Grid) reported strong top-line growth in 1H 09, slightly below our expectation. However, margins were significantly below our estimates, reflecting higher-thananticipated operating expenses during the period. In view of this, we maintain our HOLD rating at current levels. We expect to introduce a 6-12 month investment horizon to value the company in our next…