Global Utilities Undervalued over 20% based on DCF

Constellation Energy

Market Cap: US$98.8b

Produces and sells energy products and services in the United States.

China Yangtze Power

Market Cap: CN¥653.3b

Engages in hydropower generation business in China, Portugal, Peru, Brazil, and Pakistan.

CEZ a. s

Market Cap: Kč644.7b

Engages in the generation, distribution, trade, and sale of electricity, heat, thermal energy and other commodities in Western, Central, and Southeastern Europe.

Fortum Oyj

Market Cap: €20.3b

Engages in the generation and sale of electricity and heat to private and business customers in Finland, Sweden, Norway, Poland, and internationally.

Korea Electric Power

Market Cap: ₩25.9t

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

Hong Kong and China Gas

Market Cap: HK$132.9b

Produces, distributes, and markets gas, water supply and energy services in Hong Kong and Mainland China.

S.P.E.E.H. Hidroelectrica

Market Cap: RON 67.3b

Produces and supplies hydro, wind, and energy electricity in Romania.

Origin Energy

Market Cap: AU$21.7b

An integrated energy company, engages in the exploration and production of natural gas, electricity generation, wholesale and retail sale of electricity and gas, and sale of liquefied natural gas in Australia and internationally.

China Longyuan Power Group

Market Cap: HK$112.8b

Generates and sells wind, coal, and photovoltaic (PV) power in the Chinese Mainland, Canada, South Africa, and Ukraine.

Centrica

Market Cap: UK£9.9b

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

CPFL Energia

Market Cap: R$56.7b

Through its subsidiaries, operates as an energy company in Brazil.

AltaGas

Market Cap: CA$15.2b

Operates as an energy infrastructure company in North America.

AES

Market Cap: US$10.2b

Operates as a power generation and utility company.

GAIL (India)

Market Cap: ₹931.9b

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

Eneva

Market Cap: R$47.7b

An integrated energy company, engages in the exploration, production, and commercialization of natural gas and liquids in Brazil.

National Fuel Gas

Market Cap: US$9.0b

Operates as a diversified energy company.

Meridian Energy

Market Cap: NZ$14.4b

Engages in the generation and retailing of electricity to residential, business, and industrial customers in New Zealand, Australia, and the United Kingdom.

Capital Power

Market Cap: CA$10.4b

Develops, acquires, owns, and operates utility-scale renewable and flexible generation facilities in Canada and the United States.

Engie Brasil Energia

Market Cap: R$38.0b

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

Petrovietnam Gas

Market Cap: ₫192.3t

Engages in the collection, transportation, processing, storage, distribution, importing, and trading of gas and gas related products in Vietnam.

Hera

Market Cap: €6.0b

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

China Southern Power Grid Energy Storage

Market Cap: CN¥42.5b

China Southern Power Grid Energy Storage Co., Ltd.

EVN

Market Cap: €5.2b

Provides energy and environmental services in Austria, Bulgaria, North Macedonia, Croatia, Germany, and Albania.

Contact Energy

Market Cap: NZ$10.0b

Generates and sells electricity and natural gas in New Zealand.

Aboitiz Power

Market Cap: ₱327.9b

Through its subsidiaries, engages in the power generation and distribution, and electricity retail businesses in the Philippines.

Beijing Enterprises Holdings

Market Cap: HK$38.4b

Through its subsidiaries, engages in the gas, water, environmental, brewery, and other businesses in Mainland China, Germany, and internationally.

Emirates Central Cooling Systems

Market Cap: د.إ15.2b

Provides district cooling services in the United Arab Emirates.

S.N.T.G.N. Transgaz

Market Cap: RON 16.2b

Engages in the operation of natural gas transmission system in Romania.

CECEP Solar EnergyLtd

Market Cap: CN¥20.4b

Provides solar power generation solutions in China, Europe, the Asia-Pacific, and internationally.

Global Power Synergy

Market Cap: ฿94.5b

Engages in the production and distribution of electricity, steam, and water for industrial use to the government and industrial customers in Thailand.

Orygen PerúA

Market Cap: S/9.5b

Engages in the energy and power generation business in Peru.

Vector

Market Cap: NZ$4.8b

Engages in electricity and gas distribution, telecommunication and new energy solutions businesses in New Zealand.

Foran Energy Group

Market Cap: CN¥18.0b

Foran Energy Group Co., Ltd. transports and sells natural gas in China.

Auren Energia

Market Cap: R$13.1b

Engages in the investment platform for the management, operation, acquisition, development and construction of energy generation, transmission and trading assets in Brazil.

Companhia de Eletricidade do Estado da Bahia - COELBA

Market Cap: R$12.5b

Engages in the distribution of electricity.

Shikoku Electric Power Company

Market Cap: JP¥372.1b

Shikoku Electric Power Company engages in generating, transmitting, distributing, and selling electricity in Japan and internationally.