German Utilities Potentially Undervalued Companies

Luzhou Xinglu Water (Group)

Market Cap: €537.3m

Operates as an integrated municipal water service provider in the People’s Republic of China.

Kunlun Energy

Market Cap: €60.3b

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.

BCPG

Market Cap: €21.4b

A renewable energy company, engages in the solar power, hydropower, wind power, and natural gas businesses in Thailand, Japan, Laos, and Taiwan.

Hera

Market Cap: €5.6b

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

Manila Electric

Market Cap: €563.5b

Manila Electric Company holds a congressional franchise to construct, operate, and maintain an electric distribution system in the Philippines.

Guangdong Investment

Market Cap: €53.5b

An investment holding company, engages in water resources, property investment and development, department store operation, hotel ownership, energy project operation and management, and road and bridge operation businesses.

Engie Brasil Energia

Market Cap: €39.7b

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

eREXLtd

Market Cap: €66.4b

Engages in the electric power business in Japan and internationally.

China Gas Holdings

Market Cap: €30.5b

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

Shandong Hi-Speed Holdings Group

Market Cap: €2.8b

An investment holding company, operates photovoltaic and wind power plants in the People’s Republic of China.

Companhia Paranaense de Energia - COPEL

Market Cap: €40.7b

Engages in the research, study, planning, construction, production, transformation, transportation, distribution, and commercialization of electricity in Brazil.

Kong Sun Holdings

Market Cap: €239.4m

An investment holding company, engages in the operation of solar power plants in the People’s Republic of China.

Ørsted

Market Cap: €183.6b

Owns, develops, constructs, and operates offshore and onshore wind farms, solar farms, and energy storage and combined heat and power (CHP) plants.

Datang International Power Generation

Market Cap: €108.0b

Engages in power generation business in the People’s Republic of China.

ABO Energy GmbH KGaA

Market Cap: €31.3m

Develops renewable energy projects in Germany and internationally.

AXIA Energia

Market Cap: €142.8b

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

AS Infortar

Market Cap: €1.1b

Together with its subsidiaries operates in the maritime transportation, energy, and real estate sectors in Estonia, Finland, Lithuania, Latvia, rest of European Union, and internationally.

Guangdong Investment

Market Cap: €53.5b

An investment holding company, engages in water resources, property investment and development, department store operation, hotel ownership, energy project operation and management, and road and bridge operation businesses.

Centrica

Market Cap: €7.1b

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

Premier Energy

Market Cap: €8.1b

Operates as an integrated energy and power infrastructure company in Romania, Moldova, Hungary, and Serbia.

Fluence

Market Cap: €82.5m

Provides smart water and wastewater treatment solutions for the municipal, commercial, and industrial markets worldwide.

Tianjin Development Holdings

Market Cap: €2.2b

Through its subsidiaries, supplies water, heat, thermal power, and electricity in China and Hong Kong.

Caribbean Utilities Company

Market Cap: €625.9m

Engages in the electricity generation, transmission, distribution, and telecommunication in Grand Cayman.

7C Solarparken

Market Cap: €133.2m

Engages in the production and sale of electricity in Germany and Belgium.

Huadian Power International

Market Cap: €50.9b

Engages in the power generation, heat supply, coal sales, and other related businesses in the People’s Republic of China.

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.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Market Cap: €83.4b

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

SIIC Environment Holdings

Market Cap: €414.7m

An investment holding company, engages in the wastewater treatment, water supply, sludge treatment, waste-to-energy, and other environment related businesses primarily in the People's Republic of China.

7C Solarparken

Market Cap: €133.2m

Engages in the production and sale of electricity in Germany and Belgium.

Zespól Elektrocieplowni Wroclawskich KOGENERACJA

Market Cap: €1.0b

Zespól Elektrocieplowni Wroclawskich KOGENERACJA S.A.

AGL Energy

Market Cap: €5.9b

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

Beijing Enterprises Water Group

Market Cap: €22.5b

An investment holding company, provides water treatment services.

S.N. Nuclearelectrica

Market Cap: €19.6b

Engages in the production and transmission of electricity and thermal energy in Romania.

Societatea Energetica Electrica

Market Cap: €17.7b

Engages in the operation, construction, and maintenance of electricity distribution networks in Romania.

TPC Consolidated

Market Cap: €39.2m

Provides retail electricity and gas services to residential, commercial, and industrial customers in Australia.

Kangda International Environmental

Market Cap: €1.8b

An investment holding company, designs, constructs, operates, and maintains wastewater treatment plants, reclaimed water treatment plants, water distribution plants, sludge treatment plants, and other municipal infrastructure in China.