Global Utilities Undervalued over 20% based on DCF

Constellation Energy

Market Cap: US$105.4b

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

China Yangtze Power

Market Cap: CN¥681.7b

Engages in operation, management, consultation, investment, and financing of hydropower stations in the People’s Republic of China, Portugal, Peru, Brazil, and Pakistan.

Engie

Market Cap: €45.2b

Operates as an energy company, engages in the renewables and decentralized, low-carbon energy networks, and energy services businesses in France, Europe, North America, Asia, the Middle East, Oceania, South America, Africa, and internationally.

ACWA Power

Market Cap: ر.س159.3b

Engages in the investment, development, operation, and maintenance of power generation, water desalination, and green hydrogen production plants in the Kingdom of Saudi Arabia, the Middle East, Asia, and Africa.

CEZ a. s

Market Cap: Kč665.6b

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

PPL

Market Cap: US$26.9b

Provides electricity and natural gas to approximately 3.5 million customers in the United States.

CGN Power

Market Cap: HK$194.0b

Generates and sells nuclear power in the People’s Republic of China.

CLP Holdings

Market Cap: HK$168.9b

An investment holding company, engages in the generation, retail, transmission, and distribution of electricity in Hong Kong, Mainland China, India, Thailand, Taiwan, and Australia.

Tenaga Nasional Berhad

Market Cap: RM 80.4b

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

Talen Energy

Market Cap: US$17.2b

An independent power producer and infrastructure company, produces and sells electricity, capacity, and ancillary services into wholesale power markets in the United States.

Uniper

Market Cap: €14.6b

Operates as an energy company in Germany, the United Kingdom, Sweden, the rest of Europe, and internationally.

SDIC Power Holdings

Market Cap: CN¥121.2b

Engages in the electricity generation business in China.

Hong Kong and China Gas

Market Cap: HK$131.6b

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

Saudi Electricity

Market Cap: ر.س62.5b

Generates, transmits, and distributes electricity in the Kingdom of Saudi Arabia.

Fortum Oyj

Market Cap: €14.2b

Engages in the generation and sale of electricity and heat in Finland, Sweden, the Netherlands, Ireland, Denmark, Belgium, the United Kingdom, Switzerland, Spain, France, Germany, Norway, and internationally.

Huaneng Power International

Market Cap: HK$117.7b

Generates and sells electric power to the regional or provincial grid companies in the People’s Republic of China and internationally.

Emera

Market Cap: CA$19.7b

An energy and services company, invests in generation, transmission, and distribution of electricity in the United States, Canada, Barbados, and the Bahamas.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Market Cap: R$76.3b

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

Origin Energy

Market Cap: AU$20.5b

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 Resources Power Holdings

Market Cap: HK$102.5b

An investment holding company, invests in, develops, operates, and manages power plants and coal mines in the People’s Republic of China.

BKW

Market Cap: CHF 9.5b

An international 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.

Adani Energy Solutions

Market Cap: ₹949.2b

Generates, transmits, and distributes power in India.

AES

Market Cap: US$9.1b

Operates as a power generation and utility company in the United States and internationally.

Guangxi Guiguan Electric PowerCo.Ltd

Market Cap: CN¥50.9b

Engages in the generation and sale of electricity in China.

Petrovietnam Gas

Market Cap: ₫164.5t

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$33.0b

Generates, sells, and trades in electrical energy in Brazil.

China Gas Holdings

Market Cap: HK$45.2b

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

Contact Energy

Market Cap: NZ$9.0b

Generates and sells electricity and natural gas in New Zealand.

Beijing Enterprises Holdings

Market Cap: HK$41.4b

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

Mercury NZ

Market Cap: NZ$8.8b

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

Aboitiz Power

Market Cap: ₱288.6b

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

Qatar Electricity & Water Company Q.P.S.C

Market Cap: ر.ق18.3b

Invests in, develops, owns, and operates plants to produce electricity and desalinated water in Qatar and internationally.

ACEA

Market Cap: €4.2b

Operates as a multi-utility company in Italy.

Brookfield Infrastructure

Market Cap: US$4.7b

Owns and operates utility investments in Brazil, the United Kingdom, and internationally.

Spire

Market Cap: US$4.5b

Engages in the purchase, retail distribution, and sale of natural gas to residential, commercial, industrial, and other end-users of natural gas in the United States.

AGL Energy

Market Cap: AU$6.8b

Engages in the supply of energy and other essential services to residential, business, and wholesale customers in Australia.