Global Utilities Undervalued over 20% based on DCF

Constellation Energy

Market Cap: US$105.7b

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

China Yangtze Power

Market Cap: CN¥646.5b

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

CEZ a. s

Market Cap: Kč634.5b

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

Veolia Environnement

Market Cap: €25.3b

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

Snam

Market Cap: €22.6b

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

Fortum Oyj

Market Cap: €20.0b

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: ₩27.1t

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

Hong Kong and China Gas

Market Cap: HK$136.0b

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 68.7b

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

Origin Energy

Market Cap: AU$21.3b

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¥2.4t

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

Centrica

Market Cap: UK£9.5b

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

AltaGas

Market Cap: CA$15.2b

Operates as an energy infrastructure company in North America.

Eneva

Market Cap: R$51.4b

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

AES

Market Cap: US$10.3b

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.

Engie Brasil Energia

Market Cap: R$42.5b

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

Capital Power

Market Cap: CA$10.7b

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

Petrovietnam Gas

Market Cap: ₫194.7t

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

Hera

Market Cap: €6.2b

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

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.

Mercury NZ

Market Cap: NZ$9.3b

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

Aboitiz Power

Market Cap: ₱325.7b

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

Beijing Enterprises Holdings

Market Cap: HK$38.9b

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.إ15.8b

Provides district cooling services in the United Arab Emirates.

S.N.T.G.N. Transgaz

Market Cap: RON 16.8b

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

Beijing Enterprises Water Group

Market Cap: HK$27.2b

An investment holding company, provides water treatment services.

Global Power Synergy

Market Cap: ฿98.0b

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

CECEP Solar EnergyLtd

Market Cap: CN¥20.9b

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

Auren Energia

Market Cap: R$14.4b

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

Vector

Market Cap: NZ$4.9b

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

Orygen PerúA

Market Cap: S/9.3b

Engages in the energy and power generation business in Peru.

Central Puerto

Market Cap: AR$3.7t

Engages in the electric power generation activities in Argentina.

Foran Energy Group

Market Cap: CN¥18.2b

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

Companhia de Eletricidade do Estado da Bahia - COELBA

Market Cap: R$12.8b

Engages in the distribution of electricity.