Global Utilities Undervalued over 20% based on DCF

Adani Power

Market Cap: ₹4.2t

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.

CEZ a. s

Market Cap: Kč671.5b

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

Veolia Environnement

Market Cap: €26.9b

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

Ørsted

Market Cap: DKK 194.1b

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

AXIA Energia

Market Cap: R$149.9b

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

Eversource Energy

Market Cap: US$28.1b

A public utility holding company, engages in the energy delivery business.

CGN Power

Market Cap: HK$208.2b

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

Snam

Market Cap: €21.1b

Engages in the operation of natural gas transport and storage infrastructure.

Tenaga Nasional Berhad

Market Cap: RM 83.4b

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

Hong Kong and China Gas

Market Cap: HK$122.8b

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

Origin Energy

Market Cap: AU$18.1b

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$16.8b

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.

AES

Market Cap: US$10.4b

Operates as a power generation and utility company.

Eneva

Market Cap: R$48.9b

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

Meridian Energy

Market Cap: NZ$15.0b

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$11.4b

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

Huadian Power International

Market Cap: CN¥49.5b

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

Engie Brasil Energia

Market Cap: R$37.0b

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

Petrovietnam Gas

Market Cap: ₫185.8t

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

Ormat Technologies

Market Cap: US$6.8b

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.

Hera

Market Cap: €5.6b

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

YTL Corporation Berhad

Market Cap: RM 23.4b

Operates as an integrated infrastructure developer.

Mercury NZ

Market Cap: NZ$9.9b

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

Shaanxi Energy Investment

Market Cap: CN¥37.6b

Engages in thermal power generation and coal production in China.

Inner Mongolia MengDian HuaNeng Thermal Power

Market Cap: CN¥35.2b

Engages in thermal power generation and heating businesses in China.

Enagás

Market Cap: €4.4b

Engages in the transmission, storage, and regasification of natural gas.

Enel Generación Chile

Market Cap: CL$4.4t

Engages in the generation, transmission, and distribution of energy in Chile.

Emirates Central Cooling Systems

Market Cap: د.إ16.3b

Provides district cooling services in the United Arab Emirates.

Fujian Funeng

Market Cap: CN¥28.9b

Produces and sells electricity and heat in China.

S.N.T.G.N. Transgaz

Market Cap: RON 18.3b

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

Energisa

Market Cap: R$18.6b

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

Grandblue Environment

Market Cap: CN¥23.3b

Engages in the solid waste treatment, energy, water supply, and drainage businesses in China.

Compass Gas e Energia

Market Cap: R$17.5b

Engages in distribution and promotion of natural gas in Brazil.

Orygen PerúA

Market Cap: S/8.7b

Engages in the energy and power generation business in Peru.