Category

Utilities Sector

Jun 03
0

Daily Brief Utilities: Naturgy Energy Group SA and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Naturgy’s Share Repurchase: Potential €200+ Gain with Spanish Odd-Lot Tender Offer Priority Rule

Naturgy’s Share Repurchase: Potential €200+ Gain with Spanish Odd-Lot Tender Offer Priority Rule

By Special Situation Investments

  • Naturgy’s tender offer allows repurchase of 9% shares at €26.5/share, with a priority for small accounts.
  • Spanish regulators approved the tender; odd-lot priority rule may set threshold around 400 shares for priority.
  • Linear distribution allocates 25% of shares equally; excess distributed proportionally, affecting shareholder participation outcomes.

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Jun 01
0

Daily Brief Utilities: Naturgy Energy Group SA, Nrg Energy Inc and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Naturgy Self-Tender: Arbitrage with Strategic Upside and Free-Float Catalyst
  • NRG Energy: Is Its Strategic Expansion in Smart Home & Energy Retail A Potential Game Changer?

Naturgy Self-Tender: Arbitrage with Strategic Upside and Free-Float Catalyst

By Jesus Rodriguez Aguilar

  • Shareholder-Backed self-OPA at €26.50 targets 9.08% of capital with high proration likely.
  • Offers a structured arbitrage setup with limited downside and defined exit timeline.
  • Post-Deal float expansion to >21% boosts liquidity, index prospects, and dividend appeal.

NRG Energy: Is Its Strategic Expansion in Smart Home & Energy Retail A Potential Game Changer?

By Baptista Research

  • NRG Energy, Inc.’s first quarter results for 2025 outlined several strategic and financial developments.
  • Most notably, NRG announced a significant acquisition of assets from LS Power, including 13 gigawatts of natural gas generation and a 6-gigawatt commercial and industrial virtual power plant platform.
  • This move is aimed at expanding NRG’s generation capacity, enhancing their competitive stance, and positioning the company to better capitalize on demand growth in U.S. power markets.

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May 30
0

Daily Brief Utilities: Adani Green Energy, Nisource Inc and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Lucror Analytics – Morning Views Asia
  • NiSource: Regulatory Flexibility & Load Management to Enhance Customer Service Flexibility & Speed To Market!

Lucror Analytics – Morning Views Asia

By Tanvi Arora

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy
  • Treasury yields ended slightly higher yesterday, as a larger increase earlier in the day was pared following a robust auction for 5Y notes. The yield on the 2Y UST rose 1 bp to 3.99%, while the yield on the 10Y UST was up 3 bps at 4.48%.
  • Equities retreated, following news that the Trump administration is moving to restrict the sale of chip design software to China. The S&P 500 and Nasdaq Composite fell 0.6% and 0.5%, respectively, to 5,889 and 19,101.

NiSource: Regulatory Flexibility & Load Management to Enhance Customer Service Flexibility & Speed To Market!

By Baptista Research

  • The first quarter 2025 earnings for NiSource Inc. provided an insight into the company’s performance, strategic plans, and future outlook.
  • NiSource reported adjusted earnings per share (EPS) of $0.98, a 15% increase from the $0.85 in the same period last year, signaling robust growth driven by regulated revenue growth and recovering capital investments.
  • The company reaffirmed its full-year 2025 adjusted EPS guidance of $1.85 to $1.89, maintaining a growth projection of 6-8% annually through 2029.

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May 26
0

Daily Brief Utilities: Guangdong Investment and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Guangdong Investment (270): Stable Diversifier and USD 1.3 Bn FCF

Guangdong Investment (270): Stable Diversifier and USD 1.3 Bn FCF

By Henry Soediarko

  • Guangdong Investment (270 HK) exposure in water distribution provides the much-needed stability (low volatility). While its Real Estate exposure could provide some growth.
  • With low valuation and healthy dividend yield, owning GDI during the tumultuous period will provide healthy diversification for your portfolio and a hedge during Trump’ tariff period.
  • The water sector is undervalued, mainly due to the characteristically low growth, but free cash flow is generally quite strong yet undervalued. GDI generated USD 1.3 bn Free cash flow.

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May 25
0

Daily Brief Utilities: Idacorp Inc, Pinnacle West Capital and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • IdaCorp Launches Mega Transmission Projects—Is This the Future of Western Energy?
  • Pinnacle West Capital: Strategic Transmission & Generation Expansion To Up Their Game!

IdaCorp Launches Mega Transmission Projects—Is This the Future of Western Energy?

By Baptista Research

  • IDACORP, Inc.’s first-quarter 2025 earnings results reveal a mixed picture of operations reflecting both strengths and areas that require attention.
  • The company reported an increase in diluted earnings per share, reaching $1.10 compared to $0.95 in the previous year’s first quarter.
  • This increase was driven by higher retail revenues from Idaho Power’s rate base increase, customer growth, and the amortization of tax credits.

Pinnacle West Capital: Strategic Transmission & Generation Expansion To Up Their Game!

By Baptista Research

  • Pinnacle West Capital Corporation recently reported its first quarter 2025 financial results, showcasing a mix of strategic growth initiatives amidst challenges linked to historical investments.
  • The company, operating largely through its subsidiary Arizona Public Service (APS), has shown a clear path toward addressing regulatory lag and future growth, albeit grappling with short-term financial headwinds.
  • Firstly, the positive aspects: Pinnacle West’s ongoing commitment to the growth of Arizona’s economy is evident, driven by robust industrial investments and a strong influx of high-load factor customers such as Taiwan Semiconductor Manufacturing Company (TSMC).

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May 24
0

Daily Brief Utilities: Exelon Corp and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Exelon Corporation: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!

Exelon Corporation: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!

By Baptista Research

  • Exelon Corporation reported a decent result with strong operating earnings of $0.92 per share, a significant increase from $0.68 in the same quarter of the previous year, driven by higher distribution and transmission rates as well as favorable weather conditions.
  • This performance is in line with Exelon’s 2025 guidance, underpinned by its robust investment strategy and operational prowess.
  • On the positive side, Exelon demonstrated efficient regulatory navigation, with improvements in Maryland’s legislative framework offering new opportunities for growth, particularly in battery storage and distribution upgrades.

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May 23
0

Daily Brief Utilities: JSW Energy Ltd and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • JSW Energy Q4 FY25 & FY25 Update: Powering Ahead with Landmark Capacity Expansion

JSW Energy Q4 FY25 & FY25 Update: Powering Ahead with Landmark Capacity Expansion

By Sudarshan Bhandari

  • FY25 was a landmark year for JSW Energy Ltd (JSW IN), crossing 10 GW operational capacity, driven by record wind additions and strategic acquisitions of KSK Mahanadi and O2 Power.
  • The aggressive inorganic and organic expansion, coupled with a strong focus on energy storage, positions JSW Energy as a diversified player in India’s evolving power landscape, balancing baseload and renewables.  
  • The disciplined capital allocation, robust project pipeline, and strong execution capabilities, despite high leverage, reinforce confidence in achieving the ambitious ’30 by 30′ target and long-term value creation.

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May 20
0

Daily Brief Utilities: JSW Energy Ltd and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • JSW Energy: Balancing Strong Growth Aspirations with Elevated Leverage Add Ticke

JSW Energy: Balancing Strong Growth Aspirations with Elevated Leverage Add Ticke

By Rahul Jain

  • Unveiled a Rs1.3 lakh crore capex program is planned over FY26–FY30 to reach 30 GW total capacity and 40 GWh energy storage by FY30.
  • Reported a 16% year-on-year increase in Q4 FY25 net profit to ₹408 crore, with revenue rising 16% to ₹3,189 crore.
  •   Trades at ~46x P/E—above Adani Power (~17x) and Tata Power (~33x).

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May 17
0

Daily Brief Utilities: Kontrol Technologies and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • KNR: Light Q1 Financials; 15% Discount to Net Cash

KNR: Light Q1 Financials; 15% Discount to Net Cash

By Atrium Research

  • Kontrol Technologies reported Q1 financial results that were below our expectations.
  • Revenue came in at $1.5M vs. our estimate of $1.9M and adjusted EBITDA was ($0.2M) vs. our estimate of $0.2M.
  • KNR ended the quarter with $11.2M in cash & equivalents with minimal debt ($0.20/share in net cash), compared to its market cap of $9.1M.

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May 16
0

Daily Brief Utilities: Spruce Power Holding and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Spruce Power Holding Corporation: 1Q25 Results; Operating EBITDA Up 15% Y/Y with SP5

Spruce Power Holding Corporation: 1Q25 Results; Operating EBITDA Up 15% Y/Y with SP5

By Water Tower Research

  • CEO Chris Hayes hosted SPRU’s 1Q25 results call. Spruce Power is a leading owner-operator of residential solar power purchase agreements (PPAs) and solar lease agreements (SLAs).
  • Spruce grows through the acquisition of mature portfolios.
  • Spruce now owns the cash flows from ~85,000 home solar assets and contracts, up from 21k in 2018. 

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