German Utilities Potentially Undervalued Companies

China Water Affairs Group

Market Cap: €7.0b

An investment holding company, engages in the water supply, environmental protection, and property businesses in the People’s Republic of China.

Hera

Market Cap: €5.4b

A multi-utility company, engages in the waste management, water services, and energy businesses in Italy.

Centrica

Market Cap: €6.8b

Operates as an integrated energy company in the United Kingdom, Ireland, Scandinavia, North America, and internationally.

AB Ignitis grupe

Market Cap: €1.6b

Engages in the generation and distribution of electricity and heat in Lithuania, Poland, Latvia, Finland, Estonia, and internationally.

ENN Energy Holdings

Market Cap: €53.5b

An investment holding company, engages in the investment, construction, operation, and management of gas pipeline infrastructure in the People’s Republic of China.

Superior Plus

Market Cap: €1.5b

Distributes propane, compressed natural gas, renewable energy, and related products and services in the United States and Canada.

Solaria Energía y Medio Ambiente

Market Cap: €2.4b

Generates solar photovoltaic energy.

Perusahaan Gas Negara (Persero)

Market Cap: €36.8t

Engages in the transmission and distribution of natural gas in Indonesia.

China Resources Gas Group

Market Cap: €36.5b

An investment holding company, engages in the sale of liquefied gas and connection of gas pipelines.

naturenergie holding

Market Cap: €1.0b

Through its subsidiaries, engages in the production, distribution, and sale of electricity under the Naturenergie brand in Switzerland and internationally.

Veolia Environnement

Market Cap: €23.0b

Designs and provides water, waste, and energy management solutions.

eREXLtd

Market Cap: €64.8b

Engages in the electric power business in Japan.

China Gas Holdings

Market Cap: €29.2b

An investment holding company, operates as an energy supplier and service provider in the People’s Republic of China.

Centrica

Market Cap: €6.8b

Operates as an integrated energy company in the United Kingdom, Ireland, Scandinavia, North America, and internationally.

Engie Brasil Energia

Market Cap: €43.9b

Engages in the generation, commercialization, trading, and transmission activities in Brazil.

AXIA Energia

Market Cap: €159.8b

Through its subsidiaries, engages in the generation, transmission, distribution, and commercialization of electricity in Brazil.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Market Cap: €95.7b

Provides basic and environmental sanitation services in the São Paulo State, Brazil.

Beijing Enterprises Water Group

Market Cap: €16.7b

An investment holding company, provides water treatment services.

Veolia Environnement

Market Cap: €23.0b

Designs and provides water, waste, and energy management solutions.

AGL Energy

Market Cap: €5.7b

Engages in the operation of private electricity generation portfolio in Australia.

Pampa Energía

Market Cap: €7.6t

Operates as an integrated power company in Argentina.

Concord New Energy Group

Market Cap: €2.6b

An investment holding company, engages in the power generation business in the People’s Republic of China, North America, Europe, Oceania, Southeast Asia, and internationally.

PGE Polska Grupa Energetyczna

Market Cap: €31.5b

Engages in the production and distribution of electricity and heat in Poland.

Telecom Plus

Market Cap: €619.4m

Provides utility services in the United Kingdom.

China Everbright Greentech

Market Cap: €1.6b

An investment holding company, engages in the design, construction, operation, and maintenance of integrated biomass and waste-to-energy projects in China.

Beijing Enterprises Water Group

Market Cap: €16.7b

An investment holding company, provides water treatment services.

China Power International Development

Market Cap: €33.5b

An investment holding company, develops, constructs, owns, operates, and manages power plants in the People’s Republic of China and internationally.

Korea Electric Power

Market Cap: €21.2t

Engages in the generation, transmission, and distribution of electricity in South Korea and internationally.

AB Ignitis grupe

Market Cap: €1.6b

Engages in the generation and distribution of electricity and heat in Lithuania, Poland, Latvia, Finland, Estonia, and internationally.

Kunlun Energy

Market Cap: €64.0b

An investment holding company, engages in the exploration, development, production, and sale of crude oil and natural gas in the Republic of Kazakhstan, the Sultanate of Oman, and the Kingdom of Thailand.

Superior Plus

Market Cap: €1.5b

Distributes propane, compressed natural gas, renewable energy, and related products and services in the United States and Canada.

GAIL (India)

Market Cap: €1.1t

Operates as a natural gas processing and distribution company in India and internationally.

CGN Power

Market Cap: €181.3b

Operates and manages nuclear power stations, sells electricity generated by these stations, and provides related technical services in the People’s Republic of China.

Pampa Energía

Market Cap: €7.6t

Operates as an integrated power company in Argentina.

National Fuel Gas

Market Cap: €7.8b

Operates as a diversified energy company.

Edison International

Market Cap: €21.8b

Through its subsidiaries, engages in the generation and distribution of electric power.