Edison issues outlook on Jersey Electricity (JEL)

Edison Investment Research Limited
Edison Investment Research Limited: Edison issues outlook on Jersey Electricity (JEL)

05-March-2018 / 10:46 GMT/BST


London, UK, 5 March 2018

Edison issues outlook on Jersey Electricity (JEL)

Jersey Electricity (JEL) delivered for both shareholders and customers in FY17. After an extended period of heavy investment in infrastructure, we believe JEL is well placed to continue to provide secure, sustainable and affordable electricity for its customers, generate attractive returns for shareholders and adapt to any regulatory changes. JEL has established an impressive track record of DPS growth (five-year CAGR c 5%) and shareholders should look forward to continuing growth in the DPS (we forecast c 5% pa) underpinned by a strengthening balance sheet.

We have examined a range of valuation techniques (SOTP, peer group multiples and DCF) to provide an indicative valuation guide for JEL. The average valuation produced by our analysis indicates a potential share price of 546p (was 563p), c. 10% above the level of the current share price.

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Graeme Moyse, +44 (0)20 3077 5700
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