National Grid PLC

NG.: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 432.00	Tntp	Mrdrkfqs

National Grid Posts Good First-Half Results; Raises Full-Year and Medium-Term Guidance

Tancrede Fulop

Nov 11, 2022

We maintain our GBX 1,040 fair value estimate after no-moat National Grid released first-half results slightly above consensus it polled, upped its fiscal 2023 guidance, and its medium-term earnings guidance along with investments. The group confirmed its policy to grow the dividend in line with inflation. The shares look fairly valued.

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