Global Utilities Undervalued over 20% based on DCF

Mainova

Market Cap: €2.9b

Operates as an energy service provider in Germany.

Colbún

Market Cap: CL$2.5t

Operates as an electric energy generating company.

An Hui Wenergy

Market Cap: CN¥16.8b

Engages in the investment and operation of power, energy conservation, and related projects in China.

Orygen PerúA

Market Cap: S/8.2b

Engages in the energy and power generation business in Peru.

Maynilad Water Services

Market Cap: ₱136.7b

Offers water supply and wastewater services in the West Zone of the Greater Metro Manila area in the Philippines.

Central Puerto

Market Cap: AR$3.1t

Engages in the electric power generation activities in Argentina.

Chongqing Sanfeng Environment Group

Market Cap: CN¥13.7b

Chongqing Sanfeng Environment Group Corp., Ltd.

Nippon Gas

Market Cap: JP¥315.4b

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

Acen

Market Cap: ₱117.9b

Engages in the power generation and trading activities in the Philippines and internationally.

Luz del SurA

Market Cap: S/6.4b

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

National Central Cooling Company PJSC

Market Cap: د.إ7.0b

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

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.

Premier Energy

Market Cap: RON 8.2b

Operates as an integrated energy and power infrastructure company in Romania, Moldova, Hungary, and Serbia.

Fideicomiso Irrevocable Numero Cib/2919 (Cfe Fibra E)

Market Cap: Mex$28.2b

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

Jinneng Holding Shanxi Electric PowerLTD

Market Cap: CN¥10.6b

Engages in the production and sale of electricity and heat products in China.

Guangdong Baolihua New Energy Stock

Market Cap: CN¥10.4b

Guangdong Baolihua New Energy Stock Co., Ltd.

Jiangsu New Energy Development

Market Cap: CN¥10.0b

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

Électricite de Strasbourg Société Anonyme

Market Cap: €1.2b

Engages in the operation, maintenance, and development of low- and high-voltage electrical networks in France.

Gunkul Engineering

Market Cap: ฿43.9b

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

Inversiones Aguas Metropolitanas

Market Cap: CL$920.0b

Through its subsidiaries, engages in the sanitation business in Chile.

Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener

Market Cap: AR$1.4t

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

China Water Affairs Group

Market Cap: HK$7.5b

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£678.7m

Provides utility services in the United Kingdom.

WHA Utilities and Power

Market Cap: ฿29.8b

Provides utilities and water solutions in Thailand and internationally.

Shenzhen Feima International Supply Chain

Market Cap: CN¥5.9b

Shenzhen Feima International Supply Chain Co., Ltd.

Compagnie Ivoirienne d'Électricité (CIE)

Market Cap: XOF 386.4b

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

BCPG

Market Cap: ฿21.6b

A renewable energy company, engages in the solar power, hydropower, wind power, and natural gas businesses in Thailand, Japan, Laos, and Taiwan.

K&O Energy Group

Market Cap: JP¥102.9b

Engages in the development, production, supply, and sale of natural gas and iodine in Japan.

Dogu Aras Enerji Yatirimlari

Market Cap: ₺31.0b

Through its subsidiaries, engages in the retail sale and distribution of electricity in Turkey.

CK Power

Market Cap: ฿21.0b

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

Sembcorp Salalah Power & Water Company SAOG

Market Cap: ر.ع243.4m

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

RENOVA

Market Cap: JP¥86.8b

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

Ecogas Inversiones

Market Cap: AR$710.5b

Through its subsidiaries, engages in the distribution of natural gas to residential and commercial customers in Argentina.

Binh Duong Water - Environment Corporation -

Market Cap: ₫9.4t

Engages in the production and supply of treated water; and the waste treatment and waste-water treatment activities in Vietnam.

SPCG

Market Cap: ฿10.5b

Produces and distributes electricity from solar energy in Thailand and internationally.

Concord New Energy Group

Market Cap: HK$2.3b

An investment holding company, engages in the power generation business in the People’s Republic of China, North America, Europe, Oceania, Southeast Asia, and internationally.