Share Name Share Symbol Market Type Share ISIN Share Description
Pennon Group Plc LSE:PNN London Ordinary Share GB00B18V8630 ORD 40.7P
  Price Change % Change Share Price Shares Traded Last Trade
  16.50 1.55% 1,081.00 1,946,725 16:35:24
Bid Price Offer Price High Price Low Price Open Price
1,073.00 1,074.00 1,088.00 1,051.00 1,057.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Gas Water & Utilities 1,389.90 301.50 47.70 22.7 4,555
Last Trade Time Trade Type Trade Size Trade Price Currency
17:49:35 O 238 1,077.521 GBX

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Date Time Title Posts
21/6/202012:14Pennon into orbit ?1,064
28/9/201908:45Pennon - South West Water & Viridor Waste137

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Pennon Daily Update: Pennon Group Plc is listed in the Gas Water & Utilities sector of the London Stock Exchange with ticker PNN. The last closing price for Pennon was 1,064.50p.
Pennon Group Plc has a 4 week average price of 1,051p and a 12 week average price of 1,051p.
The 1 year high share price is 1,210.50p while the 1 year low share price is currently 695.20p.
There are currently 421,325,397 shares in issue and the average daily traded volume is 985,684 shares. The market capitalisation of Pennon Group Plc is £4,554,527,541.57.
pierre oreilly: Rim, just some thoughts using your numbers (which agree roughly with my views too) You say divi to be il 2.5-3.0%, so say 2.75%, fair enough. We know the post-everything pnn divi will be about 21.11p, meaning a share price (@2.75%) of £7.68p when all done and dusted, agree with that. You expect £1-1.5bn (say 1.25bn) of the virid proceeds to be returned to shareholders (as a special divi - no evidence of that yet but still). So that means you expect a special of £2.97 per share. So the total value you expect is £2.97 cash divi plus a pnn share price post return of £7.68, being £10.64. I suppose being generous, we could add on the upcoming divi of 30.11p making a grand total expected exall value of £10.94. That is a little better than i thought, and think, but it seem there's nothing left in the current price (let alone being risk free under £11!). All fair enough and reasonable, except the risk of something not going as you envisage. I came out with a value a couple of quid less than using your assumptions. I don't like the very high implied p/e pnn will be sitting on post everything @7.68 (something like mid 20s) and to me the very high risk of the cash back not being cash in the hand. The risk of the cash into the pension pot being greater than you expect is large imv. All in all, the pnn price atm pretty much reflects the ex all value, if a little optimistically, imv. Very interesting the security of pnn should the market as a whole tank. This would be a better place than most to avoid the worst of that.
pierre oreilly: Thank mr, after i posted the above it made me think of the state pennon is in. About 10 minutes after my post, i sold the lot. It just looks pretty poor to me. The divi will be halved, and eventually the share price will be once the distribution of the cash from viridor has taken place. Now the way i see it, if it all was returned as cash, then that plus the halving of the share price and divi would be a good thing for shareholders. But what concerns me is that the cash will largely disappear into the pension fund, which won't help shareholders at all. The extra to go into developing the business in an unspecified manner can just effectively disappear too. Only part will be returned to holders - it's not known how much, and in what way. Often these days, a cash return doesn't actually mean cash in shareholders hands - a share buyback for example. That has long term benefits, but not short term. I also didn't like the reporting of the divi being increased by quite a chunk, when we know after this one, it will be halved, so just seems like pr to me. I've held for two years, and intended to hold longer, but it doesn't look great for shareholders to me. (I'm not looking to 'get back in' cheaper, these are genuine views which, of course, could be proved completely wrong). I have no idea yet where i'll put the cash raised.
vatkins: What do people think this share is really worth? I'm not asking as i view it as a speculative pubt, i don't, (long term holder) but was wondering do we think there is still an arbitrage value between what the share price is and what it will be when the 3.7Bn drops into the bank? I was thinking if Viridor is worth £8.78 a share approx, what is the water business worth? crudely i came up with £5.55 a share, this gives a £14.33 / sh fig.... still some value to be had here? tempted to buy some more take the fat dividend and say to myself next year, "look see you did still receive some dividends..... " while not focusing on the lost capiatl! interesting company and great valuation achievied on Viridor
bluemango: For anyone having sleepless nights worrying about the possibility of Corbyn getting in to No 10, Pennon's share price being at a three year high should provide as much reassurance as any opinion poll.
sllab101: The volume is highest for years and Blackrock are playing with the share price.
drectly: It is 100 ADR's equiv to 200 PNN shares, probably the first trade for a few days. The price converted looks the same as London, so my guess, the previous trade in the states when PNN price was much lower. I was not aware PNN was listed in the states. All just my guess, hopefully I am wrong, but I do not think it means anything.
gopher: I wonder what effects index trackers have in amplifying the share price fall. There is a general de-rating of the utilities sector and bond proxies irrespective of individual merit
ohisay: RBC today. UK Water: AMP6 Draft Determination this Friday Upon the transfer of coverage, we discuss how Ofwat's AMP6 draft determination announcement this Friday (29 August) relates to PNN,UU and SVT. In summary, we continue to view PNN as our preferred UK water stock and we downgrade UU to Sector Perform alongside SVT in light of their fair valuations (bar M&A). Pennon - Outperform, 890p price target • Draft determination: PNN has already received its draft determination in April, so it is unlikely to be a material event for the company. • Viridor on track to exceed target of 15% market share in ERF: Viridor's strategy to deliver an additional £100m of EBITDA by FY17E versus FY12A remains on track, and en route, we see the company taking a 17% net market share vs its 15% target. Our report also discusses (1) the capacity gap in the UK waste landscape and how Viridor is geared to take advantage of this; and (2) the UK Capacity Market. • Most progressive dividend policy: We believe PNN's balance sheet supports SWW's AMP6 totex programme, Viridor's ERF buildout, and the extension of PNN's RPI+4% dividend policy. UU - Downgraded to Sector Perform, revised 890p price target (vs 870p previously) • Draft determination: The cat is out of the bag for UU given that Ofwat has pre-published UU's wholesale wastewater totex gap of £769m on 3 Aug. This gives UU two months (instead of one) to find a resolution with Ofwat. Our model now assumes that half of this gap is resolved. • Maintaining dividends on real basis in AMP6. This is underpinned by UU's FFO/Debt which should stay above 11% (vs S&P's BBB- target of 9-10%). • Downgrade to Sector Perform: UU's share price has rallied since Jan-end when Ofwat published its risk/reward guidance. We believe a middle ground on the totex gap between Ofwat and UU is progressively being priced-in. Bar M&A, we see little positive catalysts in the near-term for UU to outperform the SX6P index. SVT - Sector Perform, revised 1950p price target (vs 1850p previously) • Draft determination: We will be looking to see if Ofwat accepts SVT's £6.2bn totex plan, and if Ofwat allows for favourable legacy adjustments, particularly on wastewater. • Tight credit metrics though options exist. We estimate that SVT's FFO/Debt averages ~9.3% in AMP6 and therefore be able to maintain real dividends. Our report discusses how lowering its cost of debt and ODIs could elevate the metric above 10%. • Strong RAB growth underpins investor interest. Real RAB CAGR of ~2%, the highest of its peers,should continue to attract investors seeking sustainable asset base growth in a credible regulatory environment. • Trading at our revised 1950p price target: SVT is trading at 14% premium to FY15E RAB, in line with the implied premium in our price target. Bar M&A, we believe SVT's valuation at these levels afair.M&A - Valuation at your fingertips We believe the potential for M&A will continue to provide downside protection for the UK Water stocks. We see positives in the sector's credible framework with real annual RAB growth, a view that consolidation in the industry is potentially more acceptable, and what appears to be continued appetite for companies with predictable long-term cash flows. Using historical takeout premium of 27%, these equate to following valuations: PNN: 940p (+14% upside); UU: 1060p (+17%); SVT: 2374p (+22%). Priced as of prior trading day's market
miata: RBC Overall, the results highlighted the stability in UK water business and the strength of Viridor's expertise in rolling out the EfW power plants. FY14 weakness in the recycling and landfill operations will be the market's focus today particularly at PNN's 9AM conference call; however, we are encouraged by management's view that recyclate prices have stabilised to some degree and look to this operation bottoming out. Given the lack of catalysts in the UK water space for SWW bar changes in M&A discussion, we look to the recovery of the recycling operations and the continued delivery of the EfW developments (and their ultimate contribution group PBIT) to be future positive catalysts for the stock. FY14 result highlights l South West Water recorded PBIT of £227m, which is in line with our £228m estimate. Given that Ofwat published SWW's AMP6 draft determination in April, there were no additional disclosures to note, and we would expect this business to continue delivering stable cash flow and steady RCV growth. Final determinations for SWW will be published on 12 December. l Viridor including JVs recorded £44m in PBIT which is in line with our estimate. We highlight the following three business segments. o Energy-from-Waste (EfW) – Developments are on time and on budget. 70% of spend on EfW projects under construction are now complete and ~80% of require waste inputs for the committed plants are now secured. Five plants, being Runcorn I and II, Exeter, Ardley and Cardiff, have reached advanced stages of build and are expected to come onstream this financial year. EfW developments remain on target to deliver £100m to Viridor's EBITDA within three financial years. o Recycling – Volumes were down 3%, with recylate prices averaging £93/t for FY14A (versus £99/t last year). Management noted that prices have stabilised to some degree but remain under pressure. Viridor will focus on cost reduction and revenue optimisation for now. o Landfill – The company recorded £48.6m in exceptional impairment and provision charges (worth ~1% of PNN's share price) due to aggressive pricing from competitors. Last year, Viridor recorded around a £189m charge for asset impairments and provisions (primarily in landfill). Note, landfill operations make up only 1% of our valuation for the group.
miata: Looking to the more distant future the dividend yield should lead to a lower share price As interest rates rise PNN becomes less attractive compared with bonds and PNN's borrowing costs will rise. Of course the regulatory review will also be a major factor determining the share price and utility shares tend to decline in the year preceding a review.
Pennon share price data is direct from the London Stock Exchange
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