SSE plc (sse)

Creo hilo para esta utility británica.

He tratado de buscar info sobre ella en el foro, sin demasiado éxito. Eso si, sobre la distribución de assets he aprendido bastante :wink:

Es una de las “big six”, negocio centrado en Reino Unido e Irlanda. Generación y distribución de electricidad y gas. Por lo que he leido hasta ahora:

A favor de incorporarla en cartera

  1. Libra bastante baja con respecto al euro
  2. Cotización por debajo de 14 libras, acercándose a mínimos anuales (y prácticamente de 5 años)
  3. Cotización por debajo de su "teórico" fair value (15.80 para M*)
  4. RPD elevada (6.5%) y parece que sostenible (coverage ratio de entre 1.2-1.4). Incrementos anuales de al menos el IPC (alrededor del 2.5%). Nos daría un total return de al menos 6.5 + 2.5 = 9%
  5. Elevado peso de renovables en su mix energético. Se marcan como objetivo tener un 40% de generación basada en renovables en 2025.
  6. Marco regulatorio en un pais del primer mundo, y no en una república bananera. Esto para mi es clave respecto a otras posibles utilities con elevada RPD y baja diversificación geográfica. Ejem, Endesa, ejem...
En contra de incorporarla en cartera
  1. Sin diversificación geográfica (sólo UK e Irlanda)
  2. Incertidumbre derivada del brexit
  3. El tema de la pobreza energética es una preocupación importante para la sociedad británica desde hace ya unos cuantos años. Tanto es así que el partido conservador incluía planes para introducir un energy cap para familias vulnerables en su último manifesto.
https://www.telegraph.co.uk/news/2017/08/19/rebels-demand-theresa-may-honours-promised-cap-energy-bills/

¿Algún forero la lleva en cartera? ¿Opiniones?

Saludos

Hola, hablo desde la ignorancia ya que es una empresa que acabo de conocer, pero me la he apuntado en mi lista de seguimiento,ya que me ha parecido más que interesante. Revisando un poco por encima los fundamentales me ha parecido una perita en dulce, tanto que no se si hay algo oculto. Esperemos que alguien nos dé más luz sobre ello.

Saludos

La llevo en cartera desde finales de Abril cuando cotizaba exactamente al mismo valor que hoy en día (me pareció que tenía mejores expectativas que Centrica y mejor precio de National Grid). Creo que has hecho un buen resumen de los pros y los contras de invertir en ella. Tiene un excelente historial de reparto de dividendos pero el riesgo de un recorte siempre está latente si la competencia sigue presionando con rebajas de tarifas o los políticos meten mano con el “energy cap”

Copio la misma información que puse en el hilo de Centrica allá por el mes de Mayo para entender como se reparte el pastel de la electricidad en UK (Iberdrola anda por ahí metida) y como se quiere aplicar el energy price cap…

Un artículo que explica de forma sencilla en que consiste el límite del precio de la energía (energy price cap) que el Partido Conservador quiere aplicar en UK y como significaría casi con total de seguridad el recorte del dividendo de compañías como Centrica o SSE

What does this mean for the big energy companies?

The price cap threat has already wiped billions from the UK’s listed energy suppliers. Earnings at the largest companies, such as British Gas (Centrica) and SSE, could fall as much as 25pc or hundreds of millions of pounds. The hit is predicted to reach full force by 2018 at which time companies may need to rethink dividends in order to protect credit ratings. In order to defend shareholder payouts companies are expected to scaling back on investments and slash jobs in a bid to cut costs.

Who are the Big Six energy companies?

  1. British Gas: British Gas is the largest supplier in the UK, servicing more than 11 million homes with gas and 6 million with electricity. It is a subsidiary of the UK-based Centrica group which also owns Scottish Gas.
  2. EDF Energy: EDF energy supplies gas and electricity to 6 million homes. It‘s wholly owned by the French national provider EDF SA and is also the largest electricity producer in the UK.
  3. E.ON: E.ON provides energy to around 7 million homes and is owned by German E.ON AG. Prior to its 2002 acquisition it was known as Powergen.
  4. Npower: Npower provides energy to around 5 million homes. Having begun life as Innogy, it was purchased by German RWE in 2002.
    5) Scottish Power: Scottish Power also has around 5 million residential customers. It was acquired by Spanish-based Iberdrola in 2006.
  5. SSE: SSE is the second-largest energy supplier with almost 9 million customers. It’s a Scottish-registered company trading on the London Stock Exchange and a major hydro and wind energy producer.

A todo esto, qué broker usáis para Uk y qué comisiones tiene para el cambio de divisa cuando cobráis los dividendos?

Utilizo Degiro ya que las comisiones de compraventa son realmente bajas (4€ + Stamp Duty) y encaja bien en mi operativa de adquirir paquetes pequeños de acciones a lo largo del tiempo.

Tengo el AutoFX deshabilitado así que los dividendos cobrados se van acumulando en la cuenta en libras (sin comisión alguna)

Cuando se quiere hacer un cambio manual de divisas (bien sea de EUR a GBP o de GBP a EUR) hay que pagar 10€ independientemente de la cantidad a cambiar

Yo también la llevo aproximadamente a estos precios. CENTRICA ha caido bastante (creo que le ha pesado más el gas), pero SSE esta aguantando bastante bien. Es un dividend champion (17 años). http://dividendchampions.uk/CompanyList?id=3

Hola Ruindog, yo también uso Degiro( estoy costruyendo mi cartera americana con ellos), .Es un broker que me encanta por sus tarifas mega competitivas y de momento cero problemas pero estoy cerca de los 20000 euros que digamos garantiza el fondo de garantía holandés, y me da un poco de reparo seguir metiendo dinero y quería diversificar un poco quizás con selfbank con tarifas mucho más caras.

Tú como lo ves? Mis miedos son infundados?.Te agradecería tu punto de vista

un saludo

Sobre el tema de los brokers hay opiniones para todos los gustos. Te recomiendo que eches un vistazo a los distintos hilos para sacar tus propias conclusiones. Si tienes interés en hacer crecer tu cartera centrándote principalmente en acciones extranjeras mi consejo es que busques un broker que te permita tener cuentas en distintas divisas, con bajas comisiones de compraventa/custodia/cobro de dividendos y cubierto por un fondo de garantía de inversiones lo más generoso posible . En otras palabras, Selfbank no pasa estos filtros :wink:

Su cotización sube un 3,5% después de hacerse pública la noticia

SSE PLC is in talks with German energy company innogy SE (subsidiary of RWE AG) to create a new independent company which would comprise certain businesses of both the companies.

“In line with its stated commitment to embrace change in each of its businesses, adapting them to the political, economic, social and technological requirements of customers and of society as a whole, the board of SSE has been in discussions with innogy about creating a new independent energy supply company to which would be contributed: SSE’s household energy supply and services business in Great Britain; and innogy’s household and business energy supply business in Great Britain,” the Scottish energy company said Tuesday.

SSE said the combined business would be listed and SSE would demerge its shares to its shareholders. The talks between the two companies are well-advanced, but no final decisions have been taken and no binding agreements have been entered.

SSE is hoping to team up with Npower’s German parent company Innogy to cut ties with the household market by setting up a standalone company before the Government drops an axe on energy company profits in a little over a year. The pair submitted their plans for a new £3bn energy giant to the CMA within hours of revealing them to investors yesterday afternoon.

But the mega-merger of two of the big six energy companies is likely to face a year-long probe by the Competition and Markets Authority, testing the pair’s plan to list the new company on the London Stock Exchange in a little over 12 months.

The new energy giant will include eight million household accounts supplied by SSE as well as the household and business customers of Npower, creating a supplier with around 11.5 million customer accounts across the country. It will be Britain’s largest electricity supplier, and second only to British Gas (Centrica) as the country’s largest household gas supplier.

SE’s pre-tax profits fell more than 40pc to £402.2m for the first half of the year, with lower profits for its networks business and portfolio of power generation assets. SSE said its household retail business made a loss, but its services and business supply divisions helped to boost its profits to £70m for the first half of the year from £60m last year.

Huele a que tendremos spin-off dentro de un año aproximadamente. Y con la amenaza política de aplicar el “energy price cap” (que cada día tiene más pinta de hacerse realidad) también huele a que las cotizaciones y los dividendos de SSE, Centrica, National Grid… se van a resentir. Habrá que andarse con pies de plomo para entrar o ampliar posiciones en estos valores.

Yo compré un pequeño paquete hace 2 semanas. Por lo que veo me adelanté y es que nadie da duros a cuatro pesetas.

Hola,

Una pregunta sobre el energy price cap. Sabéis si afectaría más a la comercialización, a la distribución o a la generación? O si a todo o aún no se sabe? Mi interés es solo en National Grid, pero creo que varios estamos afectados por esto :stuck_out_tongue:

Un saludo

En principio las más afectadas serán las empresas dedicadas a la comercialización (“Big Six”). Aún así son varios los informes de expertos donde se sugiere que se debería reemplazar National Grid por una entidad regulada por el gobierno que tendría un control completo sobre la red energética del país. En NG parecen andar bastante inquietos con el tema y prueba de ello es que el grueso de sus inversiones en los últimos meses se ha centrado en el noreste de los Estados Unidos. To be continued…

The shock decision by Theresa May, the Prime Minister, to legislate a cap on standard energy prices has spurred the biggest upset in the energy industry since privatisation.

Britain’s second largest energy supplier SSE and Npower parent company Innogy will both cut their losses by spinning off their UK supply businesses to create a new venture they believe will be tough enough to compete in an industry far more politically hostile than the one the six largest suppliers first entered more than 10 years ago.

The merger ushers in the deconstruction of the Big Six in the biggest shake-up of the industry in over a decade. From this alliance will emerge Britain’s largest electricity supplier, and a household gas supplier second only in size to British Gas.

Cae mas de un 8%, momento de comprar o esperamos un poquito mas ¿?

Parece que su beneficio ajustado de los primeros 6 meses cae a la mitad respecto del año pasado…

https://www.proactiveinvestors.co.uk/companies/news/204706/sse-warns-of-halving-in-first-half-adjusted-operating-profit-due-to-warm-summer-high-gas-prices-204706.html

How safe is SSE dividend after weather blows hole in profits?

https://www.sharesmagazine.co.uk/news/shares/how-safe-is-sse-dividend-after-weather-blows-hole-in-profits

The company is basically blaming the weather, plus hefty wholesale gas prices, saying that the ‘relatively dry, still and warm weather’ has hit output from its wind farms and hydro-electric stations.

This effectively blows a £190m hole in operating profits so far this year, and the company now reckons that operating profit for the first half to 30 September will be half the rough £518m of last year.

Chief executive Alistair Phillips-Davies has called today’s news ‘disappointing and regrettable’ but also insists that the ‘underlying quality of SSE’s businesses remains strong.’

Some investors might disagree given the ongoing competitive pressures from emerging independents allowing UK customers to switch away at will. There’s also the government enforced price cap to come into play from January. SSE is also trying to merge with Npower’s UK business.

De M*

Analyst Note | by Tancrede Fulop Updated Sep 12, 2018
SSE warned on its fiscal 2019 profit, owing to adverse weather conditions and high gas prices. It maintains its GBX 97.5 dividend, along with the five-year dividend plan. We will cut our 2019 earnings estimates by a double-digit percentage and will likely reduce the long-term profitability of the retail business due to the price cap, which will reduce our fair value estimate by a mid-single-digit percentage. For the moment, we reiterate our fair value estimate of GBX 1,470 per share, along with our narrow moat, stable trend ratings. We believe the share price reaction is excessive.
SSE guides that first-half operating profit will fall by half year over year, while operating profit for the first five months is GBP 190 million below budget, versus GBP 80 million in the first quarter.
The wholesale business is guided to report an operating loss in the first half versus profit of GBP 160 million last year. Key to that is the energy portfolio management business, which is guided to report a loss of GBP 100 million in the first half and GBP 300 million for the full year. This division, created last year, is supposed to provide “effective risk management” for wholesale and other businesses. Poor performance is partly due to unfavourable market conditions and should not be extrapolated. Still, this also reflects poor trading performance and a source of risk underestimated by the market in our view. The wholesale business’ profitability will also be affected by lower renewable output due to poor wind conditions.
The retail business’ operating profit is expected to be break-even in the first half versus profit of GBP 70 million last year, owing to warm weather and increasing gas costs not fully passed on to customers. SSE also mentions that the price cap, to be implemented next January, will result in retail operating profit significantly lower than the group’s budget. We will lower our long-term retail profitability estimates to take the price cap into account.

La cotización se dispara casi un 6% tras el anuncio de aumento del dividendo

SSE has raised its interim dividend by 3.2% to 29.3p per share and reconfirmed that it intends to recommend a full-year dividend of 97.5p and to deliver the five-year dividend plan it set out in May 2018.

SSE also flagged up today that it is looking to create a new company that will include its renewable energy assets in the UK and Ireland. The firm said the new company - to be known as SSE Renewables - will comprise around 4 gigawatts of SSE’s existing renewable assets such as hydropower, onshore wind and several stakes in offshore wind projects.

The renewables separation isn’t the whole way that SSE is looking to hedge its risks, with the firm also in the midst of plans to merge its UK retail division, SSE Energy Services with Npower, which is owned by German utility Innogy SE. However, earlier this month, the two companies said the tie-up would be delayed beyond the first quarter of 2019 due to market developments such as the looming implementation of a price cap by UK energy regulator Ofgem from January 1.

All in all, investors needed to be reassured with the dividend hike as it still looks to be a rocky road for SSE as it attempts to shelter its earnings from the vagaries of the UK regulator and the UK weather

https://www.proactiveinvestors.co.uk/companies/news/209185/sse-investors-reassured-by-dividend-hike-but-rocky-road-continues-as-it-attempts-to-shelter-earnings-from-vagaries-of-uk-regulator-and-weather-209185.html

Pues redujo el EBIT un 40% respecto el primer medio año del año anterior y el BPA(19.6p) un -40% en el mismo periodo.

Como no vaya mejorando, los 95p de dividendo anuales, me parece ami que son insostenibles y eso que tienen un plan de aumento durante 5 años.

Annual report: