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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Macquarie Group Limited    MQG   AU000000MQG1

MACQUARIE GROUP LIMITED

(MQG)
  Report
End-of-day quote. End-of-day quote Australian Stock Exchange - 01/15
137.33 AUD   -0.70%
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Sale of U.S. utility PPL's British unit faces delay as Brexit looms - sources

11/25/2020 | 12:18pm EST

LONDON/FRANKFURT (Reuters) - The sale of British power utility Western Power Distribution (WPD) faces delays to at least the first quarter of 2021, partly due to uncertainty over whether Britain will leave the European Union without a trade deal, sources close to the matter said.

Current owner U.S. utility PPL Corp in August launched the sale of WPD, which has a regulatory asset value of 7.7 billion pounds ($10.1 billion) with the help of U.S. investment bank JP Morgan , to focus on its U.S. operations.

Based on its earnings before interest, taxes, depreciation and amortization (EBITDA) at 1.25 billion pounds ($1.67 billion) for the financial year ended in March, WPD could fetch a valuation of up to 12 billion pounds.

Despite PPL's gauging the interest of European utilities and investment funds, the power group has attracted just a small number of potential bidders, the sources said.

The next regulatory regime for Britain's networks, which sets fixed investment returns for grid owners and will only be decided in 2021, has refrained some companies from expressing their interest, the sources said.

Two consortia are now left in the race, they said.

Investment and pension funds Global Infrastructure Partners, Brookfield Asset Management and CDPQ formed one, while the infrastructure investment arm of Australia's Macquarie Group joined forces with Canada's PSP Investments and Dutch pension fund APG, the sources said.

PPL, Macquarie, CDPQ and Brookfield declined to comment. GIP, PSP and APG did not immediately reply to a request for comment.

However, as Britain and the EU are in a last-ditch effort to agree terms to keep trade flowing without tariffs or quotas from the start of 2021, the sale has now stalled and will likely run into the first few months of next year, the sources said.

WPD delivers electricity to about 8 million customers across central and southwest England, and south Wales, according to its website.

($1 = 0.7472 pounds)

(Reporting by Clara Denina and Arno Schuetze; Editing by Lisa Shumaker)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BROOKFIELD ASSET MANAGEMENT INC. 0.98% 49.32 Delayed Quote.-7.18%
EURO / BRITISH POUND (EUR/GBP) 0.08% 0.88866 Delayed Quote.-0.60%
MACQUARIE GROUP LIMITED -0.70% 137.33 End-of-day quote.-0.83%
PEMBINA PIPELINE CORPORATION -1.11% 34.88 Delayed Quote.15.88%
PPL CORPORATION 1.28% 28.57 Delayed Quote.1.31%
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Financials
Sales 2021 11 204 M 8 629 M 8 629 M
Net income 2021 2 214 M 1 705 M 1 705 M
Net Debt 2021 53 524 M 41 224 M 41 224 M
P/E ratio 2021 22,9x
Yield 2021 2,55%
Capitalization 47 525 M 36 682 M 36 604 M
EV / Sales 2021 9,02x
EV / Sales 2022 9,02x
Nbr of Employees 16 356
Free-Float 91,2%
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Technical analysis trends MACQUARIE GROUP LIMITED
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 143,43 AUD
Last Close Price 137,33 AUD
Spread / Highest target 11,6%
Spread / Average Target 4,44%
Spread / Lowest Target -8,98%
EPS Revisions
Managers and Directors
NameTitle
Shemara Wikramanayake Chief Executive Officer, MD & Executive Director
Peter Hastings Warne Independent Chairman
Nicole Sorbara COO & Head-Corporate Operations Group
Alex H. Harvey CFO & Head-Financial Management Group
Diane Jennifer Grady Independent Non-Executive Director
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