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【Jefferies-2025研报】联合公用事业公司（UU）：初步观点财年最新情况- 2025 26财年指引高于市场普遍预期10%.pdf

发布：2025-05-17约4.18万字共7页下载文档

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UK|UtilitiesCleanEnergy

EquityResearch

UnitedUtilitiesMay15,2025

FirstView:FYUpdate-FY25/26GuidanceFIRSTVIEW

+10%vsConsRATINGHOLD

PRICE1,070.50p^

Conclusion

UUreportedFY24/25revenueof£2.1bn,+10%yoyinlinewithcons.PRICETARGET|%TOPT1,110.00p|+4%

UnderlyingEBITof£634mis+0.8%vsJEFeand+0.5%vscons.Underlying52WHIGH-LOW1,145p-928p

EPSof49.6pis49%yoyand+0.6%vsconsensus.CumulativeODIFLOAT(%)|ADVMM(USD)98.2%|27.40

MARKETCAP£7.3B|$9.7B

rewardsforAMP7was£129million.FY24/25capexof£1.08mis+47%

TICKER/LN

yoy,whichiswithinguidancerangeof£0.95-£1.1bn.FY24/25RCVwas

^Priortradingdaysclosingpriceunlessotherwise

£15.4bn,withgearingat60%whichourunderstandingisslightlylowervs

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