Jersey Electricity (LSE: JEL)

Last close As at 29/02/2024

GBP4.51

0.00 (0.00%)

Market capitalisation

GBP54m

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.

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Industrials | Outlook

Jersey Electricity — Managing transition well

Industrials | Outlook

Jersey Electricity — Continuing dividend growth forecast

Industrials | research

Jersey Electricity — Strong cash generation

Sector

Industrials

Equity Analyst

Harry Kilby

Analyst

Key Management

  • Chris Ambler

    CEO

  • Lynne Fulton

    CFO

  • Phil Austin

    Chairman

Balance Sheet

Forecast net cash (£m)

22.9

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 2.5 4.9 (8.0)
Relative 2.1 1.7 (4.9)
52 week high/low 495.0p/415.0p

Financials

Jersey Electricity (JEL) continues to deliver steady 5% dividend growth, while managing consumer tariffs amid turbulent energy markets. Forward energy purchases have helped protect JEL and Jersey consumers from volatile wholesale markets over the last year, but this protection will decline from FY24. JEL should benefit from Jersey’s carbon-neutral goals, which will see increased electrification of the island, notably due to the displacement of carbon-intensive heating and transport with low-carbon energy purchased via subsea cables. We see the almost flat unit demand of recent years rising to a 2% CAGR through to 2030.

Y/E Sep Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 118.6 27.2 14.8 38.8 11.6 5.2
2022A 117.4 21.9 10.6 27.2 16.6 5.4
2023E 125.7 23.0 10.4 24.3 18.6 4.2
2024E 138.9 25.7 12.8 32.9 13.7 4.8

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