Tancrede Fulop, CFA

European utilities benefit from these energy price spikes and can reinvest windfall profits in high-quality assets like the electricity grid or in the US renewables.

We think Centrica stock is moderately undervalued.

Andy Burnham’s comments on water company dividends and public control have weighed on the valuation of United Utilities’ stock.

We think SSE stock is fairly valued.

We maintain our fair value estimate for National Grid stock.

We think United Utilities Group stock is moderately overvalued.

We maintain our fair value estimate for select energy stocks SSE, Centrica, Orsted, and RWE.

We think National Grid stock is moderately undervalued.

We think National Grid stock is moderately undervalued and shares attractive.

Through its large gas trading business, Naturgy is favorably exposed to high gas prices.

We think Naturgy Energy Group stock is fairly valued.

We think Centrica stock is fairly valued.

We think SSE stock is fairly valued.

We think Ørsted stock is fairly valued.

Our update on select stocks from the Utilities sector.

We think Orsted stock is moderately undervalued.

We see a greater than 50% likelihood that the projects will be allowed to proceed.

SSE and National Grid will benefit from the secular electricity grid investment growth in the UK.

We think National Grid stock is fairly valued.

We think SSE stock is fairly valued.

We raise our fair value estimate for SSE stock.

We think National Grid stock is fairly valued.

We think Ørsted stock is moderately undervalued.

Shares in the Spanish utility are fairly valued.

We reaffirm our fair value estimate for no-moat Vestas.

We cut our fair value estimate by 40%.

All eyes are on the upcoming rights issue; shares still undervalued.

Morningstar’s uncertainty rating for the wind power giant rises from medium to high.

We’ve lowered our fair value estimate of Orsted stock.

The upcoming improvement in earnings visibility warrants a rerating of the stock.