Research Alert: CFRA Maintains Buy Opinion On Adss Of National Grid Plc
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CFRA maintains a Buy opinion on National Grid Plc (NGG), revising the 12-month target price to USD101 from USD100, based on a FY 27 P/E of 16.9x. The FY 27 EPADS is revised to GBP4.45, with FY 28 EPADS introduced at GBP4.80. FY 26 underlying operating profit grew 6% to GBP5.7 billion, with EPS rising 8% at constant currency. National Grid targets 10% asset growth CAGR and 8%-10% underlying EPS CAGR, supported by a GBP70 billion investment commitment through FY 31. The RIIO-T3 approval is seen as crucial for earnings transparency.
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