Jersey Electricity (LSE: JEL)

Currency in GBP

Last close As at 25/01/2023

GBP4.99

0.00 (0.00%)

Market capitalisation

GBP58m

Jersey Electricity is the monopoly supplier of electricity to the island of Jersey. It also operates businesses in retail, property and business services on the island.

Sector

Industrials

Key Management

  • Chris Ambler

    CEO

  • Martin Magee

    CFO

  • Phil Austin

    Chairman

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (5.0) 1.8 (19.2)
Relative (11.4) (11.5) (20.1)
52 week high/low 620.0p/484.0p

Financials

Jersey Electricity (JEL) has consistently delivered a 5% increase in its DPS, which we expect to continue. Its cautious approach to financial risks means its wholesale electricity market-based exposure is materially hedged until FY25, which helps maintain relative price stability for its customers. It has a strong balance sheet, with cash of £43.1m, and its grid infrastructure is well invested. Electrification of Jersey’s heating and transport systems to achieve the government’s net zero ambitions provides an opportunity for growth. Based on our detailed modelling and the government of Jersey’s (GoJ’s) consultation draft of the Carbon Neutral Roadmap, we estimate full electrification of these two areas could increase electricity demand by 454GWh pa (454m units of electricity), representing a 71% increase on the 639m units sold by JEL in FY21.

Y/E Sep Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2020A 111.7 27.5 14.7 37.6 13.3 4.9
2021A 118.6 27.2 14.8 38.8 12.9 5.8
2022E 118.1 23.6 11.0 28.4 17.6 7.2
2023E 127.4 27.9 14.9 38.4 13.0 4.8

Thematics

Consumer

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TMT

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Industrials

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Industrials

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