Edison issues outlook on Jersey Electricity (JEL)

Edison Investment Research Limited Edison issues outlook on Jersey Electricity (JEL) 14-March-2019 / 12:38 GMT/BST London, UK, 14 March 2019 Edison issues outlook on Jersey Electricity (JEL) Jersey Electricity's (JEL) strong financial position and forecast cash flow should underpin 5% per year growth in the dividend per share. Although JEL faces wholesale cost rises, lower unit demand and a fluid regulatory situation, we believe that, given its strong position on pricing and service standards, it is well positioned to withstand these pressures. Our latest valuation analysis indicates increased upside potential from current levels. Our updated valuation (the average of peer group multiples, using cover-adjusted yield/DCF/SOTP), indicates a valuation of c 560p (+2.5%) versus 546p last year. In particular, the increased SOTP valuation (from 552p to 592p) has been driven by a growth in regulatory assets and reduced debt. Despite a recent rise in the share price following the better than expected FY18 results released in December 2018, the shares offer 20% upside to the average of our valuation, with the prospect of growing income from the dividend. Click here to view the full report. All reports published by Edison are available to download free of charge from its website www.edisoninvestmentresearch.com About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities. For more information please contact Edison: Graeme Moyse, [phone] [e-mail] Learn more at www.edisongroup.com and connect with Edison on: LinkedInhttps://www.linkedin.com/company/edison-investment-research Twitterwww.twitter.com/Edison_Inv_Res YouTubewww.youtube.com/edisonitv Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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787643  14-March-2019