National Grid PLC

NG.: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 699.00	Pgrbn	Vxsrvjvv

National Grid Earnings: Fiscal 2024 Guidance Confirmed, Dividend Yield Is Attractive

Tancrede Fulop

Nov 9, 2023

We confirm our GBX 1,040 fair value estimate after National Grid released fiscal 2024 first-half results in line with the company-compiled consensus, confirmed its fiscal 2024 guidance, and upped its investments through fiscal 2026. We forecast a fiscal 2024 dividend of GBX 58, implying a 6% yield, appealing for a dividend aristocrat and reflecting the undervaluation of the shares.

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