Global Utilities Undervalued over 20% based on DCF

Northland Power

Market Cap: CA$5.8b

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

Enagás

Market Cap: €3.4b

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

Jiangsu Guoxin

Market Cap: CN¥28.4b

Engages in the generation of coal-fired thermal and gas-fired power businesses in China.

Rubis

Market Cap: €2.9b

Engages in the operation of bulk liquid storage facilities for commercial and industrial customers in Europe, Africa, and the Caribbean.

Beijing Capital Eco-Environment Protection Group

Market Cap: CN¥22.8b

Beijing Capital Eco-Environment Protection Group Co., Ltd.

MGE Energy

Market Cap: US$3.1b

Through its subsidiaries, operates as a public utility holding company in the United States.

Global Power Synergy

Market Cap: ฿95.2b

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

Vector

Market Cap: NZ$4.4b

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

Equatorial Pará Distribuidora de Energia

Market Cap: R$12.7b

Equatorial Pará Distribuidora de Energia S.A.

Reliance Power

Market Cap: ₹196.3b

Engages in the development, construction, and operation of power projects in India and internationally.

National Central Cooling Company PJSC

Market Cap: د.إ8.2b

Supplies chilled water in the United Arab Emirates and internationally.

Transmissora Aliança de Energia Elétrica

Market Cap: R$11.5b

Engages in the implementation, operation, and maintenance of electric power transmission lines in Brazil.

Nippon Gas

Market Cap: JP¥306.9b

Engages in the supply and sale of LP gas and natural gas in Japan.

Telecom Plus

Market Cap: UK£1.5b

Provides utility services in the United Kingdom.

Aguas Andinas

Market Cap: CL$1.9t

Aguas Andinas S.A., together with its subsidiaries, constructs and operates as a water utility company in Chile.

Enerya Enerji Anonim Sirketi

Market Cap: ₺79.2b

Engages in the natural gas distribution business in Turkey.

Luenmei QuantumLtd

Market Cap: CN¥13.9b

Engages in the generation and supply of heat, power, and steam in China.

Towngas Smart Energy

Market Cap: HK$14.8b

An investment holding company, sells piped gas, renewable energy, and other types of energy in the People’s Republic of China.

Auren Energia

Market Cap: R$10.0b

Engages in the planning, construction, installation, operation, and maintenance of renewable energy generation assets in Brazil.

Companhia de Saneamento de Minas Gerais

Market Cap: R$9.6b

Plans, designs, performs, expands, remodels, manages, and provides water supply and sewage treatment services in Brazil and internationally.

Empresa Eléctrica Pehuenche

Market Cap: CL$1.6t

Engages in the generation, transmission, distribution, and supply of electricity in Chile.

Genesis Energy

Market Cap: NZ$2.6b

Generates, trades in, and sells electricity to residential and business customers in New Zealand.

Societatea Energetica Electrica

Market Cap: RON 6.0b

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

Serena Energia

Market Cap: R$7.4b

Generates and sells renewable energy.

naturenergie holding

Market Cap: CHF 1.1b

Through its subsidiaries, engages in the production, distribution, and sale of electricity under the naturenergie brand in Switzerland and internationally.

PetroVietnam Power Corporation - JSC

Market Cap: ₫34.5t

Engages in the production and distribution of industrial and consumer electricity in Vietnam.

Jiaze Renewables

Market Cap: CN¥9.3b

Engages in the development, construction, sale, operation, and maintenance of new energy power stations in China.

Chengdu Gas Group

Market Cap: CN¥8.6b

Engages in the urban gas supply business in China.

Alkhorayef Water and Power Technologies

Market Cap: ر.س4.4b

Designs, constructs, operates, maintains, and manages water and wastewater projects in Saudi Arabia.

Malakoff Corporation Berhad

Market Cap: RM 4.7b

An investment holding company, operates as an independent power production and supply, and environmental management company in Malaysia.

Top Energy CompanyShanxi

Market Cap: CN¥6.9b

Engages in the thermal power generation, power transmission, and distribution business in China.

Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener

Market Cap: AR$1.2t

Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A.

Power Generation Corporation 3

Market Cap: ₫22.7t

Generates and trades in electricity from natural gas, coal dust, thermal, solar, and hydro power plants in Vietnam.

CK Power

Market Cap: ฿23.4b

Through its subsidiaries, generates and sells electricity and steam in Thailand and Lao People’s Democratic Republic.

Cikarang Listrindo

Market Cap: Rp11.2t

Operates power generating facilities in Indonesia.

First Philippine Holdings

Market Cap: ₱34.3b

Engages in the power generation, real estate development, energy solutions, construction, and others business in the Philippines.