November 07, 2024 12:40 GMT
UTILITIES: National Grid (Baa2/BBB+/BBB-): 1H25 Results
UTILITIES
Not much new here from a credit perspective. Execution of the sizeable investment plan remain the driver.
- Adj. EBIT up 14% LfL. Growth in all divisions excluding NG Ventures due to a prior one off.
- Capex up 17% YoY with the £60bn investment plan underway.
- Net debt is around £5bn lower HoH due to rights issue and asset sales contributing £7.5bn. FCF was -£1.5bn; capex up 17% YoY with the £60bn investment plan underway.
- Regulatory gearing is seen in the low 60% range at FY25, trending towards high 60%s from there. Credit metrics are expected to remain consistent with current ratings.
Webcast replay https://stream.brrmedia.co.uk/broadcast/66faa5eb93baf50dfe9f106a
Keep reading...Show less
101 words