Global Utilities Undervalued over 20% based on DCF

Constellation Energy

Market Cap: US$96.7b

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

Adani Power

Market Cap: ₹4.0t

Engages in the generation, transmission, and sale of electricity under long term power purchase agreements (PPAs), supplemental PPAs, medium and short term PPAs, and on merchant basis in India.

NTPC

Market Cap: ₹3.3t

Operates as an integrated power company in India and Mauritius.

AXIA Energia

Market Cap: R$148.5b

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

Ørsted

Market Cap: DKK 176.2b

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

CGN Power

Market Cap: HK$208.3b

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

Tenaga Nasional Berhad

Market Cap: RM 83.9b

Engages in the generation, transmission, distribution, and sale of electricity in Malaysia, the United Kingdom, Kuwait, the Republic of Ireland, Australia, and internationally.

Korea Electric Power

Market Cap: ₩20.4t

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

Origin Energy

Market Cap: AU$20.4b

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.

Tokyo GasLtd

Market Cap: JP¥2.0t

Engages in the production, supply, and sale of city gas and LNG in Japan.

AltaGas

Market Cap: CA$16.3b

Operates as an energy infrastructure company in North America.

GAIL (India)

Market Cap: ₹1.1t

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

Guangxi Guiguan Electric PowerCo.Ltd

Market Cap: CN¥78.0b

Engages in the generation and sale of electricity in China.

YTL Power International Berhad

Market Cap: RM 46.8b

An investment holding company, provides electricity, clean water, sewerage system, and telecommunication services in Malaysia, Singapore, the United Kingdom, and internationally.

AES

Market Cap: US$10.5b

Operates as a power generation and utility company.

Meridian Energy

Market Cap: NZ$14.8b

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

BKW

Market Cap: CHF 6.6b

An energy and infrastructure company, plans, builds, and operates infrastructure to produce and supply energy to businesses, households, and the public sector in Switzerland, Germany, Italy, France, and internationally.

Companhia Paranaense de Energia - COPEL

Market Cap: R$42.0b

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

Petrovietnam Gas

Market Cap: ₫201.5t

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

Engie Brasil Energia

Market Cap: R$39.1b

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

Huadian Power International

Market Cap: CN¥49.9b

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

HK Electric Investments and HK Electric Investments

Market Cap: HK$57.7b

An investment holding company, engages in the generation, transmission, distribution, and supply of electricity in Hong Kong Island and Lamma Island.

Ormat Technologies

Market Cap: US$6.7b

Engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, France, Indonesia, the Philippines, and internationally.

Mercury NZ

Market Cap: NZ$9.9b

Engages in the production, trading, and sale of electricity and related activities in New Zealand.

Beijing Jingneng Power

Market Cap: CN¥37.0b

Produces and sells power and heat products in China.

Inner Mongolia MengDian HuaNeng Thermal Power

Market Cap: CN¥36.1b

Engages in thermal power generation and heating businesses in China.

Aboitiz Power

Market Cap: ₱327.9b

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

Pampa Energía

Market Cap: AR$6.8t

Operates as an integrated power company in Argentina.

Emirates Central Cooling Systems

Market Cap: د.إ15.9b

Provides district cooling services in the United Arab Emirates.

AGL Energy

Market Cap: AU$6.0b

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

Fujian Funeng

Market Cap: CN¥28.6b

Produces and sells electricity and heat in China.

Societatea Energetica Electrica

Market Cap: RON 18.8b

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

Northland Power

Market Cap: CA$5.6b

Operates as a power producer in Canada, the Netherlands, Germany, Colombia, Spain, the United States, and internationally.

Companhia de Saneamento de Minas Gerais

Market Cap: R$20.7b

Plans, executes, expands, remodels, and explores public services, basic sanitation, water supply, sewage, sanitary, and solid waste in Brazil and internationally.

TAURON Polska Energia

Market Cap: zł14.5b

Through its subsidiaries, generates, distributes, and supplies electricity and heat in Poland and the Czech Republic.

S.N.T.G.N. Transgaz

Market Cap: RON 17.1b

Engages in the operation of natural gas transmission systems in Romania and the Republic of Moldova.