National Grid (NG.)

Down
Share Price:
1,193.50p
Market Cap:
£59,995m
Change Today:
-7.00p
Sector:
Utilities

RBC Capital downgrades National Grid, sees more limited upside

By Michele Maatouk

Date: Wednesday 28 May 2025

LONDON (ShareCast) - (Sharecast News) - RBC Capital Markets downgraded National Grid on Wednesday to 'sector perform' from 'outperform' as it said that despite a strong investment proposition, it sees more limited upside at the current share price.
RBC said National Grid retains an attractive mix of growth and yield, with a guided circa 10% asset growth compound annual growth rate for FY25-29 well underpinned by strong visibility in the regulated business and a 6-8% EPS CAGR for FY25-29, which may be conservative following the finalisation of RIIO-T3.

"However, we believe that much of this strong performance is acknowledged and incorporated into the current share price," it said, adding that it does not see an imminent catalyst with any revision in the EPS profile unlikely prior to FY26 year-end.

The bank said it was updating for FY25 results with a revised price target of 1,175p, up from 1,150p.

RBC said it continues to see National grid as a strong compounder in the space and believes the business will deliver on its current £60bn capex plan FY25-29.

"However, we struggle for upside at the current share price given an implied circa 35% premium to FY26E RAB in the UK business, whilst our valuation of the US business sits at circa 17x FY26E price-to-earnings."

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

National Grid Market Data

Currency UK Pounds
Price 1,193.50p
Change Today -7.00p
52 Week High 1,400.00p
52 Week Low 1,010.50p
Volume 8,693,878
Shares Issued 5,027m
Market Cap £59,995m

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