Global Utilities Undervalued over 20% based on DCF

Orygen PerúA

Market Cap: S/8.7b

Engages in the energy and power generation business in Peru.

Colbún

Market Cap: CL$2.3t

Operates as an electric energy generating company.

Central Puerto

Market Cap: AR$3.5t

Engages in the electric power generation activities in Argentina.

MVV Energie

Market Cap: €2.0b

Provides electricity, heat, gas, water, and waste treatment and disposal products primarily in Germany.

Gujarat Energy

Market Cap: ₹197.5b

Engages in the distribution of natural gas in India.

Chugoku Electric Power

Market Cap: JP¥334.2b

Engages in generation, transmission, and distribution of electric power in Japan.

National Central Cooling Company PJSC

Market Cap: د.إ7.3b

Supplies chilled water in the United Arab Emirates, Saudi Arabia, Egypt, Oman, Bahrain, India, and internationally.

Nippon Gas

Market Cap: JP¥308.3b

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

Shikoku Electric Power Company

Market Cap: JP¥307.4b

Shikoku Electric Power Company engages in generating, transmitting, distributing, and selling electricity in Japan and internationally.

Chongqing Sanfeng Environment Group

Market Cap: CN¥12.7b

Chongqing Sanfeng Environment Group Corp., Ltd.

Luz del SurA

Market Cap: S/6.1b

Engages in the generation, transmission, and distribution of electricity in Peru.

AB Ignitis grupe

Market Cap: €1.6b

Engages in the generation and distribution of electricity and heat in Lithuania, Poland, Latvia, Finland, Estonia, and internationally.

Empresa Eléctrica Pehuenche

Market Cap: CL$1.6t

Engages in the electrical energy, transmission, distribution, and supply of electrical energy in Chile.

Fideicomiso Irrevocable Numero Cib/2919 (Cfe Fibra E)

Market Cap: Mex$27.9b

Fideicomiso Irrevocable Numero Cib/2919 (Cfe Fibra E) was founded in 2018 and is based in Mexico.

Jiangsu New Energy Development

Market Cap: CN¥10.4b

Engages in investment, development, construction, and operation of new energy projects.

Guangdong Baolihua New Energy Stock

Market Cap: CN¥9.9b

Guangdong Baolihua New Energy Stock Co., Ltd.

Xinjiang Xintai Natural Gas

Market Cap: CN¥9.5b

Xinjiang Xintai Natural Gas Co., Ltd., together with its subsidiaries, transmits, distributes, sells, and installs natural gas in China.

Gunkul Engineering

Market Cap: ฿40.3b

Generates and sells renewable energy in Thailand, Japan, and Vietnam.

Mahanagar Gas

Market Cap: ₹108.1b

Operates as a natural gas distribution company in India.

Phoenix Power Company SAOG

Market Cap: ر.ع383.2m

Owns, designs, develops, constructs, operates, maintains, finances, and insures power generating stations, associated gas interconnection facilities, and other related infrastructure in the Sultanate of Oman.

China Water Affairs Group

Market Cap: HK$7.3b

An investment holding company, engages in the water supply, environmental protection, and property businesses in the People’s Republic of China.

Telecom Plus

Market Cap: UK£649.9m

Provides utility services in the United Kingdom.

Shenzhen Feima International Supply Chain

Market Cap: CN¥5.6b

Shenzhen Feima International Supply Chain Co., Ltd.

Citicore Renewable Energy

Market Cap: ₱49.7b

Operates as a renewable energy developer through solar, run-of-river hydro, and wind energy platforms in Philippines.

WHA Utilities and Power

Market Cap: ฿25.6b

Provides utilities and water solutions in Thailand and internationally.

Zheneng Jinjiang Environment Holding

Market Cap: S$882.0m

Engages in the generation and sale of electricity and steam in the People’s Republic of China.

Rio Paranapanema Energia

Market Cap: R$3.5b

Generates and sells electricity in Brazil.

Sembcorp Salalah Power & Water Company SAOG

Market Cap: ر.ع248.2m

Develops, owns, and operates an electricity generation and seawater desalination plant in the Salalah region.

Caribbean Utilities Company

Market Cap: US$601.3m

Engages in the electricity generation, transmission, distribution, and telecommunication in Grand Cayman.

Sichuan Xichang Electric PowerLtd

Market Cap: CN¥3.7b

Engages in generation, supply, distribution, and sale of hydropower in Liangshan prefecture, Sichuan province, China.

Compagnie Ivoirienne d'Électricité (CIE)

Market Cap: XOF 307.2b

Compagnie Ivoirienne d'Électricité (CIE), S.A.

RENOVA

Market Cap: JP¥84.8b

Engages in the development and operation of renewable energy power plant in Japan.

Elmera Group

Market Cap: NOK 5.0b

Engages in the purchase, sale, and portfolio management of electrical power to households, private and public companies, and municipalities in Norway, Sweden, and Finland.

IZDEMIR Enerji Elektrik Uretim

Market Cap: ₺22.0b

Produces and sells electricity through coal.

Consolidated Water

Market Cap: US$458.7m

Supplies potable water, treats wastewater and water for reuse, and provides water-related products and services in the Cayman Islands, the Bahamas, the United States, and the British Virgin Islands.

Naturgy BAN

Market Cap: AR$625.0b

Engages in natural gas distribution business.