Category

Utilities Sector

Aug 31
0

Daily Brief Utilities: ENN Energy and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Weekly Deals Digest (31 Aug) – ENN Energy, Shengjing, Ashimori, Carenet, Shibaura, Mayne, Aux

Weekly Deals Digest (31 Aug) – ENN Energy, Shengjing, Ashimori, Carenet, Shibaura, Mayne, Aux

By Arun George

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Aug 30
0

Daily Brief Utilities: Evergy and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Evergy Sparks Economic Growth in Kansas & Missouri With New Projects; What’s Next?

Evergy Sparks Economic Growth in Kansas & Missouri With New Projects; What’s Next?

By Baptista Research

  • Evergy, Inc. reported strong performance in the second quarter of 2025, with adjusted earnings per share (EPS) of $0.82, surpassing its internal forecasts despite unfavorable weather impacts.
  • The company’s full-year guidance for adjusted EPS remains intact at $3.92 to $4.12, with expectations to meet the midpoint of this range.
  • Notably, Evergy emphasized robust operational reliability and regulatory achievements across Kansas and Missouri, highlighting successful agreements on several key projects including new natural gas plants and solar farms.

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Aug 29
0

Daily Brief Utilities: Alliant Energy, Aegis Logistics, China Oil And Gas, Sempra Energy and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Alliant Energy’s Data Center Push: What $10 Billion Means for Growth!
  • Increased Tariffs -> Decline in Indian Equity Market -> Increased Promoter Activity in August 2025
  • Lucror Analytics – Morning Views Asia
  • Sempra: Strategic Equity Sale & Financial Maneuvering to Ensure Sustained Financial Stability While Optimizing Its Capital Structure!

Alliant Energy’s Data Center Push: What $10 Billion Means for Growth!

By Baptista Research

  • Alliant Energy has reported its second quarter financial results for 2025, showcasing a notable performance amidst ambitious growth objectives and strategic investments.
  • The company announced ongoing earnings of $0.68 per share, a healthier position than the $0.57 per share reported in the same quarter last year, driven by successful capital investment programs and improved electric and gas sales.
  • The company reaffirms its full-year 2025 earnings guidance range of $3.15 to $3.25 per share and maintains a long-term annual earnings growth target of 5% to 7%.

Increased Tariffs -> Decline in Indian Equity Market -> Increased Promoter Activity in August 2025

By Sreemant Dudhoria,CFA

  • In this insight, we detail about insider buying activity in Indian Equities for the month of August 2025.
  • Driven by pressure of increased tariffs, Indian equity market have been underperforming. But as seen in past during such times promoter buying activity increases.
  • This insight details about companies with notable insider buying (large and small caps), sectors which witnessed buying and stocks which trade above and below the insider purchase price.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: China Oil & Gas
  • UST yields fell yesterday, led by the front end, despite a soft auction of 5Y notes (which tailed by 0.7 bps). The UST curve bullsteepened, with the yield on the 2Y UST falling 7 bps to 3.61%, while the yield on the 10Y UST declined 3 bps to 4.24%. Equities ended higher, ahead of Nvidia’s Q2/25 results release (out after the market closed). The S&P 500 and Nasdaq were both up 0.2% at 6,481 and 21,590, respectively.
  • New York Fed President John Williams said that the current rates are “modestly restrictive”, which means the US central bank could “reduce interest rates and still be somewhat restrictive going forward, but again, we’re going to have to figure out exactly what’s happening in the economy”.

Sempra: Strategic Equity Sale & Financial Maneuvering to Ensure Sustained Financial Stability While Optimizing Its Capital Structure!

By Baptista Research

  • Sempra Energy’s latest earnings results present a complex picture of both strategic progress and operational challenges.
  • The company reported second-quarter 2025 adjusted earnings per share (EPS) of $0.89, mirroring last year’s results.
  • This aligns with Sempra’s guidance range for the full year of $4.30 to $4.70 and supports its forward-looking 2026 EPS guidance of $4.80 to $5.30.

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Aug 27
0

Daily Brief Utilities: Constellation Energy , Ugi Corp, Vistra and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Constellation Energy: Strategic Acquisitions & Growth in Data Center Energy Consumption To Build A Long-Term Growth Trajectory!
  • UGI Corporation Taps Into Pennsylvania’s Energy Boom for Midstream & Utility Expansion!
  • Vistra Corp.: What’s Behind Its $36 Billion Growth Blueprint in Energy Generation!

Constellation Energy: Strategic Acquisitions & Growth in Data Center Energy Consumption To Build A Long-Term Growth Trajectory!

By Baptista Research

  • Constellation Energy Corporation (CEG) reported strong operational and financial results in its second quarter, reflecting the effectiveness of its strategic initiatives and robust market demand for its offerings.
  • The company posted GAAP earnings of $2.67 per share and adjusted operating earnings of $1.91 per share, both of which surpassed the same period last year.
  • The improvement was underpinned by the energy producer’s solid operational performance, strategic customer agreements, and effective cost management.

UGI Corporation Taps Into Pennsylvania’s Energy Boom for Midstream & Utility Expansion!

By Baptista Research

  • UGI Corporation, through its recent fiscal performance and strategic maneuvers, presents a mixed investment case characterized by both robust growth in certain areas and ongoing challenges in others.
  • The company reported a record year-to-date adjusted diluted earnings per share (EPS) of $3.55, reflecting a $0.33 increase over the previous year.
  • This milestone demonstrates UGI’s capacity to leverage its diverse asset base effectively and emphasizes its dedication to operational excellence and strategic investments, particularly in natural gas infrastructure.

Vistra Corp.: What’s Behind Its $36 Billion Growth Blueprint in Energy Generation!

By Baptista Research

  • Vistra Corporation reported its second quarter 2025 financial results, revealing a robust performance aligned with its strategic goals and market conditions.
  • The company’s adjusted EBITDA for the quarter stood at $1.349 billion, bolstered by strong execution across its generation, commercial, and retail arms.
  • Despite challenges from unplanned outages, Vistra’s diverse portfolio and comprehensive hedging strategies played a significant role in mitigating risks and capitalizing on favorable realized wholesale prices and increased capacity revenues.

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Aug 25
0

Daily Brief Utilities: ENN Energy, Nisource Inc and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • ENN Energy (2688 HK): Chipping Away at the Precondition
  • NiSource Wins Big in Rate Cases With Massive Revenue Uplifts—Will Shareholders Reap the Rewards?

ENN Energy (2688 HK): Chipping Away at the Precondition

By Arun George

  • ENN Natural Gas (600803 CH) has made steady progress in satisfying the precondition for its ENN Energy (2688 HK) offer. On 22 August, NDRC approval was obtained. 
  • The appraised offer HK$80.00 value is the key debating point. Based on several methodologies, I estimate a realistic offer value of HK$74.44 (range of HK$67.84 to HK$83.64). 
  • The protest votes for director re-elections at the 23 May AGM are a risk. On balance, the scheme vote should pass as the offer is reasonable and strategically sensible.   

NiSource Wins Big in Rate Cases With Massive Revenue Uplifts—Will Shareholders Reap the Rewards?

By Baptista Research

  • NiSource, a diversified energy company engaged primarily in regulated utility operations across six states, reported its financial results for the second quarter of 2025.
  • The company posted an adjusted earnings per share (EPS) of $0.22 for the quarter, bringing the year-to-date total to $1.19.
  • This performance positions NiSource to achieve the higher end of its annual adjusted EPS guidance range of $1.85 to $1.89, reflecting effective operational management and strategic focus.

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Aug 24
0

Daily Brief Utilities: Atmos Energy, Nrg Energy Inc and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Atmos Energy: An Analysis of its Recent Strategic Planning & Major Growth Drivers!
  • NRG Energy: Will The LS Power Acquisition Be A Game Changer?

Atmos Energy: An Analysis of its Recent Strategic Planning & Major Growth Drivers!

By Baptista Research

  • Atmos Energy Corporation, a prominent player in the U.S. natural gas sector, recently shared its fiscal 2025 thirdquarter results, presenting a mixed picture of both positive strides and challenges.
  • The company reported a yearto-date net income of $1 billion, translating to $6.40 per diluted share and adjusted their annual earnings per share guidance to a range of $7.35 to $7.45, reflecting operational achievements and forward-looking adjustments.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

NRG Energy: Will The LS Power Acquisition Be A Game Changer?

By Baptista Research

  • NRG Energy’s latest earnings conveyed a balanced outlook reflecting its recent performance and future strategic directions.
  • In the second quarter of 2025, NRG Energy reported solid financial performance, with an adjusted earnings per share of $1.73, marking an 8% growth year-over-year once normalized for asset sales and retirements.
  • The adjusted earnings per share for the first half stood at $4.42, a 48% increase on the same basis from the previous year.

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Aug 21
0

Daily Brief Utilities: Public Service Enterprise Group Inc and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Public Service Enterprise Group (PSEG): Data Center & Large Load Integration to Impact Energy Demand Forecasts & Infrastructure Planning!

Public Service Enterprise Group (PSEG): Data Center & Large Load Integration to Impact Energy Demand Forecasts & Infrastructure Planning!

By Baptista Research

  • Public Service Enterprise Group delivered solid financial and operational performance in the second quarter of 2025, reporting net income of $1.17 per share compared to $0.87 per share in the second quarter of 2024.
  • NonGAAP operating earnings were $0.77 per share, marking a 22% increase from the previous year’s second quarter.
  • This increase was attributed to the implementation of new electric and gas base distribution rates and higher nuclear generating volumes.

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Aug 20
0

Daily Brief Utilities: Duke Energy and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Duke Energy: Optimizing Resource Allocation to Maximize Operational Efficiency & Financial Performance Through Targeted Capital Investments!

Duke Energy: Optimizing Resource Allocation to Maximize Operational Efficiency & Financial Performance Through Targeted Capital Investments!

By Baptista Research

  • Duke Energy’s second-quarter 2025 earnings report demonstrates a blend of strategic growth initiatives and financial recalibrations.
  • The company announced significant transactions including Brookfield Infrastructure’s $6 billion minority investment in its Florida business and the $2.5 billion sale of its Tennessee LDC business to Spire.
  • These moves are designed to enhance Duke Energy’s credit profile, aiming to increase its FFO to debt target to 15%, a 100 basis point increase.

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Aug 16
0

Daily Brief Utilities: Rezil and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Rezil (176A JP): Full-year FY06/25 flash update

Rezil (176A JP): Full-year FY06/25 flash update

By Shared Research

  • FY06/23 revenue was JPY46.6bn (+20.5% YoY); EBITDA was JPY4.4bn (+17.6% YoY); operating profit was JPY3.2bn (+15.1% YoY).
  • FY06/25 revenue forecast is JPY57.3bn (+22.9% YoY); operating profit forecast is JPY3.8bn (+18.8% YoY).
  • Rezil Inc. supports Bain Capital’s tender offer; shares are scheduled for delisting; dividend forecast undecided.

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Aug 15
0

Daily Brief Utilities: Rezil, Fortis /Canada, Kontrol Technologies , Idacorp Inc, Essential Utilities , Aes Corp and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • [Japan M&A] Founder, KEPCO, Try ¥2,750 Bain-Led MBO on Rezil (176A). Light Given Growth – Bumpity?
  • Rezil (176A JP): Bain’s Tender Offer Is a Done Deal
  • Fortis Inc’s Strategic Moves – What’s Driving Its Market Position In Clean Energy?
  • KNR: Expecting Stronger Results in H2
  • IDACORP: What’s Driving Its Bold Shift Into Gas-Fired Energy & Beyond!
  • Essential Utilities, Inc: Growth in Texas & Legislative Support Driving Our Optimism!
  • AES Corporation: Transition from Coal & Asset Performance To Up The Ante In Clean Energy Sectors!

[Japan M&A] Founder, KEPCO, Try ¥2,750 Bain-Led MBO on Rezil (176A). Light Given Growth – Bumpity?

By Travis Lundy

  • To my knowledge, this may be the first Tender Offer takeout proposal on a “new ticker.” Rezil (176A JP) was listed just 16mos ago. 
  • This takeout is done on a highish-growth stock at 11.7x 1yr forward EV/EBITDA. It’s not expensive, but they have ~60%. BUT… there’s another Potential Player who may have Big Thoughts.
  • Slightly long-dated, small-cap, likely to be illiquid. Watch how it trades early for hints.

Rezil (176A JP): Bain’s Tender Offer Is a Done Deal

By Arun George

  • Rezil (176A JP) has recommended a tender offer from Bain Capital at JPY2,750, a 57.1% premium to the undisturbed price of JPY1,750.
  • The offer is attractive as it aligns with the midpoint of the target IFA DCF valuation range, represents an all-time high and is 129.2% above the IPO price of JPY1,200. 
  • This is a done deal as Hikari Tsushin, a cross-holder, tendering is sufficient to meet the minimum tendering condition. At the last close, the gross spread was 6.8%.

Fortis Inc’s Strategic Moves – What’s Driving Its Market Position In Clean Energy?

By Baptista Research

  • Fortis Inc.’s second-quarter 2025 performance showcased a mix of significant achievements and challenges, characteristic of a large utility company’s complex operating environment.
  • The firm reported an increase in its earnings, with a notable rate of $0.76 per share, up from $0.67 in the same period the previous year.
  • This improvement was attributed mainly to enhanced rate base investments and favorable outcomes in regulatory matters.

KNR: Expecting Stronger Results in H2

By Atrium Research

  • What you need to know: • Kontrol reported Q2 financial results that were below our expectations due to tariff related uncertainty.
  • Revenue came in at $1.3M vs. our estimate of $1.8M and adjusted EBITDA of ($0.3M) vs. our estimate of $0.2M.
  • • KNR highlighted that it expects stronger organic growth in H2 as its clients look to increase capex spending.

IDACORP: What’s Driving Its Bold Shift Into Gas-Fired Energy & Beyond!

By Baptista Research

  • IDACORP’s second-quarter results of 2025 indicate modest growth and operational strength, evidenced by the rise in diluted earnings per share to $1.76 compared to $1.71 in the previous year’s second quarter.
  • The company has benefited from an increase in tax credit amortization under the Idaho regulatory mechanism, increasing from $7.5 million to $17.2 million year-over-year in the same quarter.
  • This additional amortization, when coupled with strong operational performance, has prompted the company to elevate its full-year earnings per share guidance to between $5.70 and $5.85.

Essential Utilities, Inc: Growth in Texas & Legislative Support Driving Our Optimism!

By Baptista Research

  • Essential Utilities, Inc. delivered robust financial performance in the second quarter of 2025, showcasing significant growth in both its Water and Natural Gas segments.
  • One of the standout figures was the company’s GAAP earnings per share, which increased by 35% year-over-year to $0.38.
  • A primary driver of this growth was favorable rate case outcomes in Pennsylvania, which enhanced revenues by 18.5% and were also bolstered by higher gas consumption and increased purchased gas costs.

AES Corporation: Transition from Coal & Asset Performance To Up The Ante In Clean Energy Sectors!

By Baptista Research

  • AES Corporation’s second quarter 2025 financial results reflect a balanced mix of strengths and challenges across its operations.
  • Overall, the company has managed to maintain resilience in the face of changing market conditions and policy landscapes, directed by a strategy that emphasizes flexibility and a diversified energy portfolio.
  • On the positive side, AES reaffirmed its 2025 guidance and long-term growth targets, reporting adjusted EBITDA of $681 million and an adjusted EPS of $0.51 for the quarter.

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