Yo en este sector tan repartidor de dividendos y teniendo tanta calidad en iberdrola, en UK y en usa (aunque en usa no tengo todavía utilities si no cuento kmi) no me planteo otros países exclusivamente por el tema retenciones.
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(M*)
Highlighted Companies: Value
We think these unloved utilities have less COVID-19 downside than the market thinks. These could be fast rebounders if management can calm the market’s coronavirus concerns.
AES AES (5 stars) Earnings Release: May 7
Our 7% annual average EPS growth outlook is at the low end of management’s guidance range through 2022 due to COVID-19 effects, but we think earnings growth will accelerate because of our bullish view of United States renewable energy. AES has narrowed its geographic and business focus by selling businesses in markets where it did not have a competitive advantage or opportunity for expansion. Today, the company has a stronger balance sheet and a rapidly growing renewable energy business supported by a well-positioned battery storage joint venture with Siemens.
Edison International EIX (4 stars) Earnings Release: April 30
We consider Edison a value, growth, and income triple play. California’s political risk will always be a concern for Edison. However, California’s progressive energy policies also create more growth opportunities than most other U.S. jurisdictions. Edison’s electric-only business, recent regulatory success, and $5 billion annual investment plan give us confidence that it can increase earnings 6% beyond 2020. Edison has stakeholder support to harden the grid against natural disasters such as wildfires, integrate renewable energy, and support electric vehicle adoption.
Duke Energy DUK (4 stars) Earnings Release: May 7
We think Duke Energy’s valuation discount to peers does not reflect its favorable regulation and investment opportunities that support consistent earnings and dividend growth. Florida remains one of the most constructive regulatory jurisdictions, with sector-leading allowed returns on equity, automatic base rate adjustments, and strong growth investment potential. North Carolina and South Carolina have tougher regulatory environments but substantial infrastructure growth potential.
First Solar FSLR (4 stars) Earnings Release: TBD
Management says its Ohio, Malaysian, and Vietnamese factories are running, helping meet what would be a record amount of shipments this year. As of February, First Solar had already sold out nearly two years of production capacity, likely securing enough cash flow to easily make it through any brief downturn. We continue to believe renewable energy–and especially solar–will be an investment priority for utilities that need to meet state environmental policy.
Vistra Energy VST (3 stars) Earnings Release: May 5
Among the independent power producers, Vistra is the most attractive, trading at a 13% discount to fair value and 30% cash flow yield. We expect Vistra to return substantial cash to shareholders through dividends and stock buybacks during the next three years. A drop in demand will put pressure on the retail business, which is approaching one third of earnings. Smaller struggling retailers could offer mergers and acquisitions bait. July and August still will be make-or-break months for 2020.
Highlighted Companies: Quality
We think these utilities are best positioned to weather COVID-19. Another market swoon, like the one in mid-March, could offer a chance to get quality at a reasonable price.
Dominion Energy D (4 stars) Earnings Release: May 5
Dominion has been investing in wide-moat projects and utilities with favorable regulation. However, we believe it will be difficult for Dominion to execute its full investment plan due to COVID-19 supply chain disruptions and staffing issues. We recently reduced our 2020-22 capital expenditures estimate by 4%, to $23 billion, and $1 billion less than guidance. Even with lower revenue, higher expenses, and lower investment due to COVID-19, we still estimate 5.5% average annual EPS growth for 2019-24, in line with management’s post-2020 target. We believe Dominion’s dividend is secure due in part to cash flow from Cove Point and Dominion’s focus on environmental, social, and governance risk. However, we expect only 2.5% average annual dividend growth due to its elevated payout ratio.
Southern SO (3 stars) Earnings Release: April 30
We consider Southern one of the highest-quality names in the industry due to its exemplary management, strong balance sheet, secure dividend, and constructive regulation. However, given the impact of COVID-19, we recently cut our five-year EPS growth rate by 50 basis points due to the lower rate base growth from the reduction in investment, lower sales, and higher costs. We believe in the current environment with supply-chain disruptions and staffing issues, Southern’s five-year $40 billion capital plan will be difficult to fully execute. On April 15, Southern announced it would reduce its workforce at the Vogtle nuclear plant project by approximately 20% to address the impact of COVID-19.
NextEra Energy NEE (2 stars) Earnings Release: April 22
NextEra has the luxury of operating with highly constructive regulation in Florida, which we view as the premier regulatory environment for utilities. Florida offers peer-leading allowed returns on equity and automatic base rate adjustments for capital investments, boosting cash flow. We expect regulation will remain constructive even if the economy weakens. NextEra also has significant growth opportunities in the state. NextEra’s competitive energy business, NextEra Energy Resources, is the largest U.S. renewable energy developer and best positioned to benefit from Morningstar’s forecast for 8% annual U.S. renewable energy growth during the next decade. We also think NEER is well positioned to lead the next phase of renewable energy growth, including solar and battery storage.
WEC Energy Group WEC (2 stars) Earnings Release: May 4
WEC Energy is the largest Midwest utility, with nearly $22 billion in rate base and nearly all earnings derived from regulated operations. Constructive federal and Wisconsin state regulation supports roughly 80% of WEC’s earnings. Illinois regulation has improved, producing investment opportunities and less regulatory lag for its Chicago gas infrastructure investment. Renewable energy will be a focus for WEC, including 300 megawatts of approved solar generation in Wisconsin. The company’s $15 billion of investment supports our forecast for management to achieve the high end of its 5%-7% earnings growth target.
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Dividendwise, we distinguish three groups among the utilities we cover. The group we call “Good” is composed of companies that reiterated their dividend plans. The question mark for investors is the sustainability of their dividends. The ‘‘Bad’’ group consists of those that issued cautious comments on dividends. That question mark is the likelihood of cuts and the extent of them. The ‘‘Ugly’’ category contains the five companies that cut or cancelled their dividends, and the timing and level of reinstating the dividend are unknown.
Except for Naturgy, we see limited risks of dividend cuts in the Good group because of strong free cash flow and high earnings growth.
Our preferred dividend plays are Enel, Endesa, Red Electrica, and RWE.
Within the Bad group, we expect National Grid to rebase its dividend to protect its credit ratings while United Utilities will be able to continue to increase them, although at a slower pace than before.
Among the Ugly ones, our preferred picks are Veolia and Engie. We expect them to reinstate their dividends at precut levels as of 2020.
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Si, lo he sacado de su analisis de REE
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Gracias, ahora lo he visto. Tienen La mismo info en Iberdrola. Para NG esperan un recorte del dividendo del 30% durante 2022.
Llevo en cartera a Naturgy y NG (además de REE, SO y D). Habrá que pensar si rotar NG y que candidatos pueden sustituirla.
Estoy igual, llevo NG con buenas plusvalías pero en estos momentos no veo opciones claras dentro del sector.
¿de Enagás no dicen nada?
De Enagas no tienen analisis cualitativo 
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Copio y pego la noticia de hoy en Expansión
Iberdrola lanza una alianza histórica con Total en energía eólica marina
Miguel Ángel Patiño, Londres, 14 ENE. 2021 - 10:02
https://www.expansion.com/empresas/energia/2021/01/14/6000089fe5fdea385d8b463f.html
Los dos gigantes se unen en un megaproyecto de 2.000 millones en Dinamarca
¿Será el principio de las megafusiones?
Ya hay algunos casos en Spain como Naturgy (gas + electricidad) y Repsol (petróleo + electricidad )
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Esta claro que las petroleras van inclinándose hacia las renovables
Pues sí
Total se transforma hacia la multienergía
En plena reorientación de su negocio, todavía está presente tanto en exploración y producción de petróleo como en refino y distribución, además del mayor peso que está teniendo en el Grupo el negocio del gas natural licuado (GNL).
Total está construyendo una cartera de actividades en electricidad, en particular renovables, que podría representar hasta el 40% de sus ventas para 2050.
Esta estrategia, en línea con la que están poniendo en marcha los grandes grupos del sector, hace necesaria una transformación que llevará a Total a situarse como empresa de multienergía mediante el crecimiento rentable de la producción de energía a partir de GNL y electricidad,
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Efectivamente
Naturgy prepara su desembarco en las renovables de EEUU con Candela Renewables
UFD (Unión Fenosa Distribución), la distribuidora de electricidad del Grupo Naturgy
Este titular es digno de un 28 de Diciembre
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Hola chic@s!
Algun@ lleva Pinacle west capital en cartera, me podéis dar algo de info sobre ella.
Veo que david van knaap la lleva desde el año pasado. Me gustaría añadir otra a la cartera para que acompañe ED, REE y Enagas.
Por lo poco que he encontrado tiene un per aceptable y rpd del 4% pero eso no me dice mucho…me gustaría saber algo más ( deuda/ recompras de acciones/fondos propios/ etc ) ya sabeis un poco más completo.
Veo que cotiza algo razonable en este año de locos, algo se me escapa? Gracias de antemano.
Yo la llevo en cartera, es una utilitie de pequeña capitalización no lleva a 9000 millones, gurufocus la da moderadamente infravalorada, en cuanto a recompras - 0,3%, los dividendos tiene crecimiento de 3,8% a 10, 5,4% a 5, 5,8% a 3 y 6,1% a 1 año, cosa que me gusta, pues va subiendo, el payout lo tiene en 0,56.
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Parece que podremos comprar a mejores precios. En El Economista de hoy sale este artículo :
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Tanto Iberdrola como Naturgy mantienen crecimiento estable y buenos resultados financieros.
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