Growth OutlookThe UK's plan to overhaul its transmission grid to facilitate more offshore wind connections is seen as a game-changer for NG's growth outlook.
Investment ProgramNational Grid announced a £60bn investment program expected to deliver annual asset growth of c.10%, a 6-8% underlying EPS CAGR from a 2024/25 baseline and a re-based DPS growing in line with UK CPIH.
Stock ValuationThe stock is trading on undemanding multiples below its long-term average, which is considered excessive given the strengthened balance sheet and track record of delivering on capex plans.