Friday November 27, 2020 27 November 2020

STOCK REVIEW

National Grid PLC (L:NG.), the largest Gas, water & multiutilities company by market cap in the United Kingdom, is currently the 14th highest dividend yielding stock in the FTSE 100 Index of 98 stocks.

The dividend yield of 5.6% is 19.86 times the triple-A bond yield of 0.28%.

The final dividend for FY 2020 was GBX32.0. Dividend for FY 2020 was up 2.4% from GBX31.26 in the previous year FY 2019.

The stock has decreased GBX7.60 (0.9%) from its previous trading session to close at GBX873.80. Compared with the FTSE 100 Index which rose 4.7 points (0.07%) in the day, the relative price change was -0.9%.

NG. Stock Dashboard (traded in GBP)

CurrencyGBP 1 = USD 1.34Dividend Yield5.6%
Nov 27 closeGBX873.80SectorGas, Water & Multiutilities
Ave Daily Volume8,619,760 sharesShares Outstanding3,398,485,693
52-Week Range764.49 - 1,039.13Market CapGBP29.7 billion [$39.8 billion]
P/E23.9EPS Growth (FY2020 vs FY2019)-18.2%

NGG ADR Dashboard (traded in $)

Home ExchangeUnited Kingdom% of shares outstanding4.4%
CodeNGGRatio1 ADR equals 5 ordinary shares
ISINUS6362744095TypeSponsored
CUSIP636274409Nov 25 close$59.85
*No. Held by Institutions31,211,010Ave Daily Volume557,590 ADRs
Number of shares equivalent156,055,05052-Week Range42.03 - 65.56

*Total ADRs Held by Institutions 31,211,010; equivalent to 156,055,050 National Grid shares on issue. This represents 4.4% of total shares on issue.

NG. Financials Summary: EPS down 18.2% to 36.50 GBX in FY2020

+ Net profit was down 16.3% from $2 billion in FY2019 to $1.7 billion in FY2020.

+ Earnings Per Share (EPS) was down 18.2% from 44.60 GBX in FY2019 to 36.50 GBX in FY2020.

Year ended MarFY2020FY2019FY2018
Sales ($ B)19.319.820.3
Pretax ($ B)2.32.43.5
Net ($ B)1.724.7
EPS (GBP)0.3650.4461.026

LINKS TO FURTHER INFORMATION ON NG.:

EXCEL TABLES ARE AVAILABLE TO EXPORT DATA AS FOLLOWS:

+ PRICE VOLUME - 5-YEAR HISTORY

http://www.buysellsignals.net/BuySellSignals/report/Unitedkingdom/Stock/PDF/quarterly/xls/NG._Price_Volume.xls

+ FINANCIALS - 10-YEAR HISTORY [INCLUDING FY 2020]:

http://www.buysellsignals.net/BuySellSignals/report/Unitedkingdom/Stock/PDF/quarterly/xls/NG._Financials.xls

+ PEER COMPARISON - STOCK IN GAS, WATER & MULTIUTILITIES SECTOR AND STOCK IN INDICES

http://www.buysellsignals.net/BuySellSignals/report/Unitedkingdom/Stock/PDF/quarterly/xls/NG._SectorIndex.xls

+ NEWS ARCHIVES - NG. PAST 4 YEARS IN HTML:

http://www.buysellsignals.net/BuySellSignals/report/Unitedkingdom/Stock/Daily/Html/NG._Corporate_Wire.html

INDEX

SECTION 1 Recent News

SECTION 2 Corporate Profile and Independent Ratings

SECTION 3 Today's Bearish Signals

SECTION 4 Ongoing Bearish Parameters

SECTION 5 Today's Bullish Signals

SECTION 6 Ongoing Bullish Parameters

SECTION 7 Insider Buying

SECTION 8 Board of Directors

SECTION 9 Dividend

SECTION 10 Financials FY 2020, Past 10 Years

SECTION 11 Peer Group Analysis & Ranking

SECTION 12 News Archives (Nov 2017 - Jul 2020)

Glossary

SECTION 1 Recent News

1.1 Share Capital

November 02: National Grid: Total Voting Rights

National Grid's registered capital as at 31 October 2020 consisted of 3,786,195,708 ordinary shares, of which, 265,803,953 were held as treasury shares; leaving a balance of 3,520,391,755 shares with voting rights.

The figure of 3,520,391,755 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, National Grid under the FCA Disclosure Guidance and Transparency Rules.

Source: London Stock Exchange

1.2 Press Releases

September 18: National Grid: Publication of Final Terms

The following final terms have been approved by the Financial Conduct Authority and are available for viewing:

Final Terms in relation to the National Grid plc issue of EUR 500,000,000 0.553 per cent. Instruments due 18 September 2029 under the National Grid plc and National Grid Electricity Transmission plc Euro 15,000,000,000 Euro Medium Term Note Programme

To view the full document, please paste the following URL into the address bar of your browser:

http://www.rns-pdf.londonstockexchange.com/rns/3303Z_1-2020-9-17.pdf

A copy of the above Final Terms has been submitted to the Financial Conduct Authority via the National Storage Mechanism and will shortly be available to the public for inspection at https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism

Source: London Stock Exchange

September 07: National Grid: Ofgem's Draft Determination: Consultation Response

National Grid submitted its responses to Ofgem's RIIO-2 draft determinations on Friday. Our detailed response sets out why we regard a significant number of the current proposals, and the overall package, as unacceptable, not being in the interests of consumers, and not reflecting the views of our stakeholders.

Our largest ever stakeholder engagement programme, conducted as part of the RIIO-2 consultation process, highlighted the importance of maintaining reliable and resilient networks and the important role National Grid has to play in the UK's transition to net zero. For this to be achievable, it requires a flexible regulatory framework that will incentivise investment whilst protecting consumers.

The proposals within Ofgem's draft determination, in particular the combination of the proposed low base level of total expenditure ("totex"), the uncertainty around the approval process for additional totex and the low allowed baseline return and potential inability to achieve it, does not allow this. The proposals also risk disrupting our supply chain, inhibiting our ability to maintain resilient and reliable networks and endangering the critical investment required to put the UK on the path to meet net zero targets.

Source: London Stock Exchange

1.3 People's News

Wed Nov 11, 2020

National Grid (L:NG.) Chief Executive Officer and Executive Director John Pettigrew bought 16 shares worth GBP151 ($US200) on November 09. The purchase price was GBP9.46. The shares hit a year high on the day.

Wed Nov 11, 2020

National Grid (L:NG.) Company Secretary Alison Kay bought 14 shares worth GBP132 ($US175) on November 09. The purchase price was GBP9.46. The shares hit a year high on the day.

Fri Sep 18, 2020

Amanda Mesler's performance as Director of National Grid (L:NG.) is ranked in the top 13% of BuySellSignals performers for the past ten years; a percentile ranking of 87.8. In the last 10 years the average annualized return to shareholders was 11.3%. The 10-year average return is ranked 5,260 out of 43,166 public companies traded globally. A two-bagger, the present value of US$1,000 (PV1000) invested 10 years ago is now worth $2,924; a capital gain of $970 and dividend reinvested of $954.

SECTION 2 Corporate Profile and Independent Ratings

2.1 Activities

National Grid plc (National Grid) is an international electricity and gas company. The Company owns electricity transmission network in the United Kingdom and Wales, and operates the system across Great Britain. It also owns and operates the high pressure gas transmission system in the United Kingdom, and its distribution business delivers gas to 11 million homes and businesses. In the United States, National Grid delivers electricity to approximately 3.3 million customers in Massachusetts, New Hampshire, New York and Rhode Island, and manages the electricity network on Long Island. The Company is the distributor of natural gas in the northeastern United States, serving approximately 3.4 million customers in Massachusetts, New Hampshire, New York and Rhode Island.

2.2 Contact Details

Websitehttp://www.nationalgrid.com
Physical AddressGrand Buildings, 1-3 Strand, London, WC2N 5EH, United Kingdom
Phone44-20-70043000
Fax44-20-70043004

2.3 Industry & Sector

Classification LevelName of Sector
Economic SectorUtilities
Business SectorUtilities

2.4 Independent Ratings

+ Carbon Disclosure Project (CDP):

National Grid PLC is one of 181 companies selected by the Carbon Disclosure Project (CDP) in their A List 2019. The CDP names the world's most pioneering companies leading on environmental transparency and performance.

+ Fortune 500:

It was ranked 491 by total revenues in the Fortune 500 annual list for 2017; a deterioration over a year from rank 471 in 2016.

+ Platts 250:

It is the 30th largest company in the Platts Top 250 Global Energy Company Rankings.

+ Forbes 2000:

It is the 391st largest by revenue in the Forbes Global 2000.

+ FT 500:

It is the 184th largest by revenue in the FT Global 500.

SECTION 3 Today's Bearish Signals

3.1 Momentum Down 5.5% Past Week

National Grid underperformed the FTSE 100 index in 4 out of 5 days. The price ranged between a low of 881.4 on Thursday, Nov 26 and a high of 930 on Friday, Nov 20.

DayNational GridClose price [GBX]Price change %Relative change % *Comment
ThursdayDrops to two-month low881.4-3.0-2.6Week-low of 881.4; Steepest Fall
WednesdayOffers 15th highest dividend yield in FTSE 100 Index, after price drop908.8-0.30.3Price/MAP200 above 1 and rising
TuesdayDrops to two-month low911.8-0.8-2.3Price fall on slipping relative strength
MondayOffers 16th highest dividend yield in FTSE 100 Index, after price drop919-1.2-0.9Price/MAP200 above 1 and rising
FridayFalls for a second consecutive day, a two-day fall of 1.3%930-0.3-0.6Week-high of 930

* Relative change is price change of stock with respect to Benchmark Index, FTSE 100 index.

3.2 Rank in the bottom 13% by Price Performance in the United Kingdom market

DescriptionValueRank
Price/MAP500.95In Bottom 13%
1-month Price Change %-7.5In Bottom 11%
1-week Price Change %-6.0In Bottom 9%

3.3 Downtrend

The stock traded at a three-month low of GBX872.40 today.

Negative MACD:

- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 914.47 minus the 26-day EMA of 922.98 is negative, suggesting a bearish signal. Both the 12-day EMA as well as the 26-day EMA are falling, another bearish signal.

Past Month:

- Falls to Rises: In the past month the number of falls outnumbered rises 15:8 or 1.9:1.

Trailing Relative Strength (6 months) at 28 percentile:

- The stock has a 6-month relative strength of 28 in the United Kingdom market of 1,286 stocks, 106 units and 18 preference stocks indicating it is trailing 72% of the market.

3.4 Overvaluation

Earnings Yield of 4.2% < United Kingdom ave of 5.8% > Bond Yield of 0.3%:

- Earnings yield of 4.2% is less than the United Kingdom average earning yield of 5.8%.

- The earnings yield of 4.2% is 15.0 times the 10-year bond yield of 0.3%.

(All figures in %)

Earnings Yield4.2
United Kingdom avg5.8
Dividend Yield5.6
Bond Yield0.3

3.5 Other Bearish Signals

- Total Liabilities/EBITDA of 27.1 is more than or equal to 5, this compares unfavourably with the Joseph Piotroski benchmark of 5.

- Net profit margin has averaged 14.0% in the last 3 years. This is lower than the sector average of 15.0% and suggests a low margin of safety.

SECTION 4 Ongoing Bearish Parameters

4.1 Rank in the bottom 8% by Gearing in the United Kingdom market

DescriptionValueRank
Total Debt to Equity1.6In Bottom 8%

4.2 Rank in the bottom 20% by Productivity in the United Kingdom market

DescriptionValueRank
Return on Assets [ROA] %1.9In Bottom 20%
Return on Capital Employed [ROCE] %3In Bottom 20%

4.3 MCap: 5-Year Decrease of GBP5 billion [$68 million]

In the past 5 years Market Capitalization has decreased by GBP5.1 billion (15%) from GBP34.8 billion to GBP29.7 billion. Based on a dynamic start date of 5 years ago, there have been declines in MCap in 4 out of 5 years.

PriceMCap (GBP B)MCap ($ B)
LastGBX873.8029.739.8
1 Year agoGBX878.4231.440.3
2 Years agoGBX755.1928.136
3 Years agoGBX750.0529.839.7
4 Years agoGBX833.8334.843.3
5 Years agoGBX804.6734.852.6

4.4 EPS growth [FY2020 vs FY2019] of -18.2%:

FYEPS ( GBX)Growth %
202036.5-18.2
201944.6-56.5

4.5 Annualised Period-based Total Shareholder Returns [TSR %]: The Worst Period with TSR < 4.9%

TSR %1 yr
NG..L4.8

4.6 High Debt to Equity (%) and Increasing

The debt to equity ratio of 157.2% is above a safe benchmark figure of 70%. Moreover, it has deteriorated in the past three years.

YearsDebt to Equity (%)
Mar 2020157.24
Mar 2019148.33
Mar 2018141.26
Mar 2017140.49
Mar 2016243.88

4.7 Revenue, EPS, and EBITDA:

- Revenue growth rate has shown signs of deterioration in recent years. [compared with previous year, all figures in %]

FYRevenue GrowthEPS GrowthEBITDA Growth
2020-3-18-5
2019-2-57-31
20181--20
201714-37

4.8 Satisfies 4 out of 9 criteria of Joseph Piotroski [pass mark 5]:

- Positive net income.

- Positive operating cashflow.

- Good quality of earnings [operating cashflow exceeds net income].

- Improvement in gross margin [from 20.4% to 20.7%].

SECTION 5 Today's Bullish Signals

5.1 Rank in the top 21% by Relative Valuation in the United Kingdom market

DescriptionValueRank
Dividend Yield %5.6%In Top 21%

5.2 Undervaluation

Dividend Yield:

National Grid stock is the fourteenth highest dividend yielding stock in the FTSE 100 Index.

Dividend Yield > Bond Yield of 0.28%:

The dividend yield of 5.56% is 19.86 times the triple-A bond yield of 0.28%. The times factor of 19.86 is above the benchmark factor of 0.67 times set by Benjamin Graham.

(All figures in %)

Dividend Yield5.56
Bond Yield0.28
Spread5.28

Dividend Yield of 5.6% > Index avg of 3.7%:

- The relative yield of the stock, defined by its yield of 5.6%, divided by average yield of dividend yielding stocks in the FTSE 100 Index of 3.7% is 149.5%. This suggests the stock is undervalued in dividend yield terms.

MCap/Total Assets:

- Tobin's Q Ratio, defined as MCap divided by Total Assets, is 0.4. Compared with the rest of the market the stock is undervalued and ranks in the top quartile of stocks by value of Q Ratio.

5.3 Other Bullish Signals

- Return on Equity of 6.5% versus sector average of 2.1% and market average of 5.3%.

- Return on Assets of 1.9% versus sector average of 0.5%.

- Return on Capital Employed of 3% versus sector average of 1.8%.

- As per the Du Pont analysis, Return on Equity is less than stellar at 6.5%. This is computed as net profit margin of 8.8% times asset turnover [sales/assets] of 0.22 times leverage factor [total assets/shareholders' equity] of 3.4.Also, this has deteriorated from 7.8% last year.

ROE (%)Profit Margin (%)Asset TurnoverEquity Multiplier
Current Year6.58.80.223.4
Previous Year7.810.10.243.3

5.4 Oversold/Bullish/Support Signals:

- At GBX873.80 the price is below the lower Bollinger band support of GBX885.47, indicating an upside for it to return to the band.

- The Relative Strength Index (RSI) of 21.8 has breached the oversold line of 30, suggesting the price decrease of 7.5% in the last 14 days is unusually high.

- The stock is oversold according to the Williams % R indicator of -98.5, suggesting the price is close to its 14-day low of GBX872.40.

- The Money Flow Index [MFI] is 19.6 suggesting an oversold 14-day trend, being under 20. The Money Ratio of 0.2 suggests positive money flow was 0.2 times negative money flow.

SECTION 6 Ongoing Bullish Parameters

6.1 Rank in the top 4% by Size in the United Kingdom market

DescriptionValueRank
Ave daily TurnoverGBP152.3 million ($204 million)In Top 2%
MCap$39.8 billionIn Top 3%
Annual RevenueGBP14.5 billion ($19.5 billion)In Top 4%

6.2 Present Value of GBP1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]; The Best Periods with PVGBP1000 > 1,024

PVGBP1,0003 mo ago1 yr ago3 yrs ago
NG..LGBP1,025GBP1,048GBP1,360
Gas, Water & Multiutilities sectorGBP1,025GBP935GBP474
FTSE 100 IndexGBP1,061GBP857GBP862

6.3 Past 3 years: price rise of 16.5%

3-Year price change of 16.5% for National Grid outperformed the change of -14.1% in the FTSE 100 index for a relative price change of 30.6%.

Price Change %3 Years
National Grid16.5
Gas, Water & Multiutilities sector-52.2
FTSE 100 index-14.1

6.4 Moving Annual Return of 5.0% in the past year:

Moving Annual Return was 5.0% in the past year. Based on a dynamic start date of 5 years ago, the real rate of return has averaged 9.9%. The Moving Annual Return has consistently exceeded 5%.

NG.Close (GBX)Dividends (GBX)Capital Gain / (Loss) %% YieldAnnual Return %
Nov 27873.848.57(0.5)5.55.0
1 Yr ago878.4247.8316.36.322.7
2 Yrs ago755.1946.520.76.26.9
3 Yrs ago750.05128.97(10.0)15.55.4
4 Yrs ago833.8347.473.65.99.5

Close 5 years ago GBX804.67

6.5 Buybacks and 3-Years Decrease of 8% in Total Shares on Issue

In the past 3 years total shares on issue have decreased by 302 million (8%) from 3.8 billion to 3.5 billion. Buybacks have averaged 18.8 million shares [0.5%] per financial year. Based on a dynamic start date of 3 years ago, there have been declines in issued capital in 2 out of 3 years. A reduction in total shares on issue is a favourable indicator in Joseph Piotroski's 9 indicators.

Year End (Mar 31)Total Shares on IssueFYBuybacksBuyback %
20203,461,000,0002020--
20193,386,000,000201975,000,0002.2%
20183,461,000,0002018--
20173,763,000,0002017--
Total75,000,000
Average per FY18,750,000

6.6 Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 9.5%

TSR %3 yrs5 yrs10 yrs
NG..L10.79.613.8

6.7 A 396.1% Increase in Insider Buying

In the past 5 years a total of 152,687 National Grid shares worth GBX130.2 million were bought by insiders. Based on a dynamic start date of 5 years ago, insider buying has averaged 30,537 shares per year. In the past year, insiders bought 82,966 shares, an increase of 396.1% from the previous year.

YearNo. of SharesValue, GBX
Nov 27, 202082,96673,392,527
1 Yr ago16,72213,564,811
2 Yrs ago51,31541,597,572
3 Yrs ago1,0601,012,475
4 Yrs ago624630,217
Total152,687130,197,602

6.8 Increased Volume, up 18% in 5 years

In the past five years, Average Daily Volume of Trading (ADVT) has increased 17.7% to 8.6 million shares.

Avg. Daily Volume Traded 12 months ended Nov 27, million shares

YearADVT
20208.6
20197.8
20189.8
201711.1
20167.3

6.9 Increased VWAP

In the past five years Volume Weighted Average Price (VWAP) has increased by 3.3% to GBX907.70. Based on a dynamic start date of five years ago, there have been declines in VWAP in 3 out of 5 years.

Past five years, 12 months ended Nov 27 (GBX)

YearHigh PriceVWAPLow Price
20201039.13907.7764.49
2019880.7784.83680.43
2018787.23720.64634.5
2017972.08833.08742.54
20161019.8879.09770.85

6.10 Increased share turnover, up 24% in 5 years

In the past five years, average daily share turnover has increased 24.5% to GBP73.5 million ($98.5 million). This suggests increased liquidity.

Past five years, 12 months ended Nov 27 (GBP million)

YearAverage Daily Turnover
202073.5
201960.9
201870.4
201789.6
201659.0

6.11 Satisfies two criteria of Benjamin Graham

- "An earnings-to-price yield of at least twice the triple-A bond"; the stock's earning yield of 4.2% is 15 times the triple-A bond yield of 0.3%.

- "A dividend yield of at least two-thirds the triple-A bond yield"; the stock's dividend yield is 19.9 times the triple-A bond yield of 0.3%.

6.12 Year-over-year (%) Change in Dividend:

Final dividend for FY 2020 was GBP32.0. The year-on-year change was up 2.4% from GBP31.26 in the previous year FY 2019.

FinalFY 2019FY 2020
Dividend (GBX)31.2632.0

SECTION 7 Insider Buying

7.1 Insider buying Summary in the past 12 months

NameNo. of SharesPrice, GBPValue, GBP
John Pettigrew [CEO]22,2358.8195,934.7
Alison Kay [Company Secretary]4,6718.841,197.0
Peter Gershon [Chairman]1,5769.014,244.3
Total28,4828.8251,376.0

7.2 John Pettigrew [CEO] Reported Buying In The Past 12 Months

In the past year shares bought per month averaged 1,853.

MonthNo. of SharesPrice, GBPValue, GBP
November 10, 2020169.5151.4
October 08, 2020169.3149.1
September 08, 2020188.5152.9
Aug '204198.83,672.4
Jul '20216078.8190,318.6
June 09, 2020179.2156.1
May 11, 2020169.3148.3
April 07, 2020178.6146.4
February 10, 20201510.3154.5
Jan '20949.4885.0
Total: John Pettigrew 22,2358.8195,934.7

JOHN PETTIGREW [CEO] REPORTED INSIDER BUYING; 6 YEARS (2014 - 2019)

In the 6-year period 2014 to 2019 a total of 18,309 shares worth GBP147.3 million were bought. In the past 6 years shares bought per year averaged 3,052.

YearNo. of SharesPrice, GBPValue, GBP
20197398.36,148.60
20185428.24,444.40
20174329.64,145.50
201615010.01,495.90
2015163299,022.5147,328,820.00
20141177.5876.20
Total18,3098,047.73147,345,931

7.3 Alison Kay [Company Secretary] Reported Buying In The Past 12 Months

In the past year shares bought per month averaged 389.

MonthNo. of SharesPrice, GBPValue, GBP
November 10, 2020149.5132.4
October 08, 2020139.3121.1
September 08, 2020158.5127.4
August 10, 2020149.0126.4
Jul '2045348.839,938.8
June 09, 2020149.2128.5
May 11, 2020139.3120.5
April 07, 2020158.6129.2
February 10, 20201210.3123.6
January 08, 2020139.5123.6
November 08, 2019149.0125.5
Total: Alison Kay 4,6718.841,197.0

ALISON KAY [COMPANY SECRETARY] REPORTED INSIDER BUYING; 4 YEARS (2016 - 2019)

In the 4-year period 2016 to 2019 a total of 561 shares worth GBP4,994 were bought. In the past 4 years shares bought per year averaged 140.

YearNo. of SharesPrice, GBPValue, GBP
20191628.51,373.60
20181698.11,374.10
20171449.51,369.30
20168610.2877.20
Total5618.94,994

7.4 Peter Gershon [Chairman] Reported Buying In The Past 12 Months

In the past year shares bought per month averaged 131.

MonthNo. of SharesPrice, GBPValue, GBP
Aug '2010339.19,443.3
Jan '205438.84,801.0
Total: Peter Gershon 1,5769.014,244.3

PETER GERSHON [CHAIRMAN] REPORTED INSIDER BUYING; 8 YEARS (2012 - 2019)

In the 8-year period 2012 to 2019 a total of 66,796 shares worth GBP491,766 were bought. In the past 8 years shares bought per year averaged 8,350.

YearNo. of SharesPrice, GBPValue, GBP
2019109708.188,372.30
201846748.439,431.10
2017NA--
2016NA--
2015NA--
2014NA--
2013188008.0150,024.00
2012323526.6213,938.60
Total66,7967.36491,766

SECTION 8 Board of Directors

8.1 Board and Management

NameDesignationSince Appointment
John PettigrewChief Executive Officer, Executive Director6 Yrs, 8 Mos
Peter GershonChairman-
Mark WilliamsonNon-Executive Director-
Amanda MeslerNon-Executive Independent Director-
Therese EsperdyNon-Executive Independent Director-
Paul GolbyNon-Executive Independent Director-
Jonathan DawsonNon-Executive Independent Director-
Alison KayCompany Secretary-

8.2 Resignations in the past 4 years

NameDesignationDate of Resignation
Pierre DufourNon-Executive Director30 July 2018
Andrew BonfieldChief Financial Officer30 July 2018
Ruth KellyNon-Executive Director31 July 2017
Steve HollidayDirector22 July 2016
Steve HollidayChief Executive Officer,Executive Director31 March 2016

8.3 Profiles

John Pettigrew

CEO & Executive Director

Appointed: 1 April 2014 and became Chief Executive with effect from 1 April 2016

Tenure: 3 years

Career and skills: John joined the Company in 1991 and progressed through a variety of roles before joining the Board as UK Executive Director in 2014. With over 25 years of varied experience at National Grid, his previous roles include Director of Engineering in the UK, Chief Operating Officer and Executive Vice President for the US Electricity Distribution & Generation business, Chief Operating Officer for UK Gas Distribution and UK Chief Operating Officer from 2012 to 2014. John's extensive experience within the Company brings to the Board a deep understanding of the energy and utilities industry and operation within a regulatory environment as well as a full appreciation of the landscape National Grid works in.

Skills and experience: E, G, GM, R and U.

Shareholder Value:

Creation of shareholder value in National Grid:

Since appointment as CEO: The present value of GBP1,000 invested on the appointment date of April 01, 2016 at close price of GBP845.42 is GBP1,384, including a capital gain of GBP34 and dividend reinvested of GBP350.

Peter Gershon

Chairman

Appointed: 1 August 2011 as Deputy Chairman and became Chairman with effect from 1 January 2012

Tenure: 5 years

Career and skills: Sir Peter is a Fellow of the Royal Academy of Engineering and has had a varied career holding a number of senior positions across multiple industries. His previous appointments include Chief Executive of the Office of Government Commerce, Managing Director of Marconi Electronic Systems and a member of the UK Defence Academy Advisory Board. Sir Peter brings to his role of Chairman of the Board extensive general management, government and advisory experience as well as significant board level experience, including a seven-year tenure as Chairman of Tate and Lyle plc from which he retired from on 31 March 2017. Sir Peter currently holds external appointments as a Non-executive Chairman of the Aircraft Carrier Alliance Management Board and a Trustee of The Sutton Trust.

Skills and experience: Ci, Cu, E, GM, G and I.

Mark Williamson

Non-Executive Director

Appointed: 3 September 2012

Tenure: 4 years

Career and skills: A chartered accountant, Mark has a strong financial background and significant, recent and relevant financial experience gained from roles as Chief Accountant and then Group Financial Controller of Simon Group plc, and Financial Controller and later Chief Financial Officer of International Power plc. Mark was also a Non-executive Director at Alent plc where he was Chairman of the Audit Committee and Senior Independent Director. As well as considerable financial experience, Mark brings a thorough knowledge of energy and regulatory matters and provides the Board with valuable insight in this area. Mark is currently Chairman of Imperial Brands PLC and will join the Board of Spectris plc as Non-executive Chairman with effect from 26 May 2017.

Skills and experience: Ci, Fi, G, R and U.

Paul Golby

Non-Executive Independent Director

Appointed: 1 February 2012

Tenure: 5 years

Career and skills: A fellow of the Royal Academy of Engineering, Paul has held a variety of roles within the energy and utilities industries and was an Executive Director of Clayhithe plc, before going on to join E.ON UK plc where he was Chief Executive and later Chairman. Paul also held previous appointments as a Non-executive Chairman of AEA Technology Group plc and Chairman of EngineeringUK. He is currently the Chairman of Costain Group plc, the UK National Air Traffic Services, the Engineering and Physical Sciences Research Council and a member of the Prime Minister's Council for Science and Technology. Paul has significant experience in energy utilities, and within Government and regulatory industries with a specific background in safety and risk management which he brings to the Board and to his position as Chairman of the Safety, Environment and Health Committee.

Skills and experience: Cu, E, G, R, Sa and U.

Therese Esperdy

Non-Executive Independent Director

Appointed: 18 March 2014, and appointed to the Board of National Grid USA from 1 May 2015

Tenure: 3 years

Career and skills: Having started her banking career at Lehman Brothers, Therese joined Chase Securities in 1997 going on to hold a variety of senior roles at JP Morgan Chase & Co. These included roles as Head of US Debt Capital Markets and Global Head of Debt Capital Markets, co-head of Banking, Asia Pacific at JPMorgan and Global Chairman of the Financial Institutions Group, JPMorgan Chase & Co. Most recently, Therese was appointed as a Non-executive Director on the Imperial Brands PLC Board on 1 July 2016. Therese has significant experience in the financial services industry where she has operated across international markets and as a result brings this experience and insight to the Board and to her role as Chairman of the Finance Committee.

Skills and experience: B, Ci, Fi and I.

Amanda Mesler

Non-Executive Independent Director

Amanda has over 25 years of extensive international leadership and general management experience at CEO and board level. Currently, Amanda is General Manager at Microsoft, where she recently managed the Enterprise Business in Central and Eastern Europe across thirty three countries. Amanda will be stepping down from this role in June 2018. Previously, Amanda held roles as the Chief Operating Officer of Misys, a private equity backed financial services software company with operations in over 120 countries and on the Executive Committee of Logica plc, as the global leader of the business consulting practice. In addition to her numerous leadership roles within business services, Amanda also spent nine years with KPMG Consulting and BearingPoint before moving to Electronic Data Services where she led a $1 billion global practice. As well as executive roles, Amanda spent several years on the Board of Pace PLC, a FTSE 250 provider of technology solutions to the PayTV and Broadband industries where she served on the Audit and Risk, Remuneration, and Nominations Committees. Through this Amanda was able to gain significant experience of UK Corporate Governance. Amanda is also currently appointed as a Non-executive Director of Ensygnia Limited, a UK based technology company. Amanda has recently been granted Leave to Remain, in the UK, as an Exceptional Talent in Digital Technology granted through UK tech city and the Home Office due to her experience and background in technology.

Jonathan Dawson

Non-Executive Independent Director

Appointed: 4 March 2013

Tenure: 4 years

Career and skills: Jonathan started his career in the Ministry of Defence before moving to Lazard where he spent more than 20 years. He was a Non-executive Director of Galliford Try plc, National Australia Group Europe Limited and Standard Life Investments (Holdings) Limited. Most recently Jonathan was Chairman of the Remuneration Committee and Senior Independent Director of Next plc. His extensive experience in the pensions and financial industries brings significant and in-depth understanding in remuneration and other financial matters to his role as Chairman of the Remuneration Committee and to the Board. Jonathan is currently Senior Independent Director and Chairman of the Audit & Risk Committee of Jardine Lloyd Thompson Group plc and Chairman and a founding partner of Penfida Limited.

Skills and experience: B, Ci, Fi and P.

Alison Kay

Company Secretary

Appointed: 24 January 2013

Career and skills: Alison has undertaken several roles since joining National Grid in 1996 including UK General Counsel and Company Secretary from 2000 to 2008 and Commercial Director, UK Transmission from 2008 to 2012. Before joining National Grid she was a corporate/ commercial solicitor in private practice. Alison is an experienced commercial lawyer bringing a wealth of practical advice and guidance to her current role. She has developed expertise in regulatory and contractual law and legal risk management through her experience at National Grid. She also brings rigour around corporate governance and reporting to the Board, gained partly through her current role and also in her previous role as Secretary to the boards of the subsidiary companies, National Grid Gas plc and National Grid Electricity Transmission plc. She has recently served as an observer on the Board of the Nuclear Decommissioning Authority.

SECTION 9 Dividend

9.1 Dividend History

In the past 5 years annual dividends have decreased by GBX15.5 from GBX47.5 to GBX32.0. Based on a start date of 5 years ago, there has been only two rise in dividends over the last 5 years.

Date PaidValue (GBX)Type
02 Jul 202032Final
Tr 12 Months32
2018 - 201931.26
2017 - 201846.52
2016 - 2017128.97
2015 - 201647.47

SECTION 10 Financials FY 2020, Past 10 Years

10.1 Annual Report (FY 2020): Key Parameters

National Grid Net Profit down 16.3%

Release Date: June 18, 2020

National Grid (L:NG.) reported net profit for the year-ended 31 March 2020 [FY2020] of GBP1.3b ($US1.6b), down 16.3% from GBP1.5b ($US2.0b) in the previous year [FY2019]. Earnings per share (EPS) were down 18.2% from GBX45.0 (US58.69c) in FY2019 to GBX36.0 (US44.4c) in FY2020.

Major changes compared with previous year (FY2020 vs FY2019):

Favourable Changes:

- Total non-current assets to Total Assets up from 87.4% to 91.4%

- Fixed Assets to Total Assets up from 69.7% to 72.7%

Unfavourable Changes:

- Net profit down 16.3% from GBP1.5b ($US2.0b) to GBP1.3b ($US1.6b)

- Sales revenue down 2.6% from GBP14.9b ($US19.5b) to GBP14.5b ($US17.9b)

- EPS slumps 20% from GBX45.0 (US58.17c) to GBX36.0 (US45.01c)

- EBIT to total assets down from 2.9% to 2.6%

- Sales and marketing expenses to Sales up from 1.2% to 1.6%

- Debt to Equity up 6.1% from 1.5 to 1.6

- Current ratio down 21.8% from 0.9 to 0.7

- Retained earnings to total assets down from 34.6% to 32.4%

- Total current assets to Total Assets down from 12.6% to 8.6%

- Current Debtors to Total Assets down from 5% to 4.5%

- Total Liabilities to EBITDA of 27.1 compares unfavourably with the Joseph Piotroski benchmark of <5. This ratio has deteriorated by 14.4% from the previous year's ratio of 23.7.

- Total Liabilities to Operating Cash Flow of 10.3 compares unfavourably with the Joseph Piotroski benchmark of <4. - Net tangible assets per share down 5.2% from GBP3.67 ($US4.8) to GBP3.48 ($US4.3)

Note:

- EBIT Margin steady at 12.1%

- Total revenue to total assets steady at 0.2

- Cost of Goods Sold to Sales down from 79.6% to 79.3%

- Profit before tax to Sales down from 12.3% to 12.1%

- Total liabilities to Total assets steady at 0.7

- Intangibles to Total Assets up from 11% to 11.2%

Year-on-year comparison of Performance Ratios [FY2020 vs FY2019]

March 31FY2020FY2019Change (%)
Return on Equity (%)6.57.8Down 16.7
Return on Assets (%)1.92.4Down 20.8
Total debt to net tangible assets (%)255.4231.4Up 10.4
Total Liabilities to EBITDA27.123.7Up 14.4
Total Liabilities to Operating Cash Flow10.310.1Up 1.9
Debt/Equity1.61.5Up 6.1
Total Liabilities/Total Assets (Up 2.9% from 0.69 to 0.71)0.70.7Up 2.9
Current Ratio0.70.9Down 21.8
Common Size Ratios by Assets %
Total non-current assets to Total Assets 91.4 87.4 Up 4.6
Fixed Assets to Total Assets 72.7 69.7 Up 4.2
Intangibles to Total Assets 11.2 11.0 Up 1.4
Total current assets to Total Assets 8.6 12.6 Down 31.9
Current Debtors to Total Assets 4.5 5.0 Down 10.1
Common Size Ratios by Sales %
Cost of Goods Sold to Sales 79.3 79.6 Down 0.3
Profit before tax to Sales 12.1 12.3 Down 1.9
Sales and marketing expenses to Sales 1.6 1.2 Up 32.0
Tax expenses to Sales (3.3) (2.3) Down 45.4

Currency Conversion (March 31, 2020): $US1 = GBP0.81

Currency Conversion (March 31, 2019): $US1 = GBP0.77

Five-year record of growth and performance:

In the last 5 years Total Revenue averaged GBP14.4B ($US17.8B), EBITDA averaged GBP2.4B ($US3B) and Net Profit averaged GBP2B ($US2.5B). Compound Annual Growth Rate (CAGR) averaged -1.0% for Total Revenue, -8.9% for Net Profit and -20.0% for EBITDA.

DescriptionAnnual (GBP B)Annual ($US B)5-year Avg (GBP B)5-year Avg ($US B)5-year CAGR %
Total Revenue14.517.914.417.8(1)
EBITDA1.82.22.43(20)
Operating Profit1.82.22.43(14.6)
Net Profit1.31.622.5(8.9)

Five-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCE

In 2020 Net Profit Margin of 8.8% was below its 5-year Avg of 13.7% (All Figures in %)

Description20205-year Avg
EBITDA Margin12.116.5
Operating Profit Margin12.116.5
Net Profit Margin8.813.7
Return on Equity6.511.2
Return on Assets1.93.3
Return on Capital Employed34.5

10.2 Financial Results as reported (FY 2020)

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

(In GBP Million, except per share data and shares outstanding)

INCOME STATEMENT AS REPORTED (FY 2020)

DescriptionGBP MillionGBP Million
Mar 3120202019Change %
Continuing operations
Revenue14,54014,933Down 2.6
Provision for bad and doubtful debts-234-181Deterioration 29.3
Other operating costs-11,526-11,882Improved 3.0
Operating profit/(loss)2,7802,870Down 3.1
Finance income5488Down 38.6
Finance costs-1,167-1,157Deterioration 0.9
Share of post-tax results of joint ventures and associates8740Up 117.5
Profit/(loss) before tax1,7541,841Down 4.7
Tax-480-339Deterioration 41.6
Profit/(loss) after tax from continuing operations1,2741,502Down 15.2
Profit/(loss) after tax from discontinued operations-912Deterioration
Total profit/(loss) for the year (continuing and discontinued)1,2651,514Down 16.4
Attributable to:
Equity shareholders of the parent1,2641,511Down 16.3
Non-controlling interests from continuing operations13Down 66.7
Earnings per share (pence)
Basic earnings per share (continuing)36.80 GBX44.30 GBXDown 16.9
Diluted earnings per share (continuing)36.60 GBX44.10 GBXDown 17.0
Basic earnings per share (continuing and discontinued)36.50 GBX44.60 GBXDown 18.2
Diluted earnings per share (continuing and discontinued)36.30 GBX44.40 GBXDown 18.2
Weighted average number of ordinary shares3,461,000,0003,386,000,000Up 2.2

BALANCE SHEET AS REPORTED (FY 2020)

DescriptionGBP MillionGBP Million
Mar 3120202019Change %
Non-current assets
Goodwill6,2335,869Up 6.2
Other intangible assets1,2951,084Up 19.5
Property plant and equipment48,77043,913Up 11.1
Other non-current assets354264Up 34.1
Pension assets1,8491,567Up 18.0
Financial and other investments543667Down 18.6
Investments in joint ventures and associates995608Up 63.7
Derivative financial assets1,2491,045Up 19.5
Total non-current assets61,28855,017Up 11.4
Current assets
Inventories and current intangible assets549370Up 48.4
Trade and other receivables2,9863,153Down 5.3
Current tax assets102126Down 19.0
Financial and other investments1,9981,981Up 0.9
Derivative financial assets93108Down 13.9
Cash and cash equivalents73252Down 71.0
Assets held for sale1,956
Total current assets5,8017,946Down 27.0
Total assets67,08962,963Up 6.6
Current liabilities
Borrowings-4,072-4,472Improved 8.9
Derivative financial liabilities-380-350Deterioration 8.6
Trade and other payables-3,602-3,769Improved 4.4
Contract liabilities-76-61Deterioration 24.6
Current tax liabilities-86-161Improved 46.6
Provisions-348-316Deterioration 10.1
Total current liabilities-8,564-9,129Improved 6.2
Non-current liabilities
Borrowings-26,722-24,258Deterioration 10.2
Derivative financial liabilities-954-833Deterioration 14.5
Other non-current liabilities-891-808Deterioration 10.3
Contract liabilities-1,082-933Deterioration 16.0
Deferred tax liabilities-4,184-3,965Deterioration 5.5
Pensions and other post-retirement benefit obligations-2,802-1,785Deterioration 57.0
Provisions-2,306-1,883Deterioration 22.5
Total non-current liabilities-38,941-34,465Deterioration 13.0
Total liabilities-47,505-43,594Deterioration 9.0
Net assets19,58419,369Up 1.1
Equity
Share capital470458Up 2.6
Share premium account1,3011,314Down 1.0
Retained earnings21,71021,814Down 0.5
Other equity reserves-3,919-4,237Improved 7.5
Total shareholders' equity19,56219,349Up 1.1
Non-controlling interests2220Up 10.0
Total equity19,58419,369Up 1.1

CASH FLOW AS REPORTED (FY 2020)

DescriptionGBP MillionGBP Million
Mar 3120202019Change %
Cash flows from operating activities
Total operating profit from continuing operations2,7802,870Down 3.1
Adjustments for:
Exceptional items and remeasurements527572Down 7.9
Depreciation amortisation and impairment1,6401,588Up 3.3
Share-based payments1927Down 29.6
Changes in working capital26940Up 572.5
Changes in provisions-169-110Deterioration 53.6
Changes in pensions and other post-retirement benefit obligations-92-123Improved 25.2
Cash flows relating to exceptional items-60-400Improved 85.0
Cash generated from operations - continuing operations4,9144,464Up 10.1
Tax paid-199-75Deterioration 165.3
Net cash inflow from operating activities - continuing operations4,7154,389Up 7.4
Net cash used in operating activities - discontinued operations-97-71Deterioration 36.6
4,6184,318Up 6.9
Cash flows from investing activities
Acquisition of financial investments-108-89Deterioration 21.3
Acquisition of Geronimo and Emerald-139
Investments in joint ventures and associates-82-143Improved 42.7
Loans to joint ventures and associates-31
Disposal of financial investments6318Up 250.0
Disposal of interests in Quadgas HoldCo Limited1,965
Purchases of intangible assets-317-306Deterioration 3.6
Purchases of property plant and equipment-4,583-3,635Deterioration 26.1
Disposals of property plant and equipment6838Up 78.9
Dividends received from joint ventures and associates7568Up 10.3
Interest received7368Up 7.4
Net movements in short-term financial investments7822Down 99.1
Net movements in derivativesA -223-412Improved 45.9
Net cash flow used in investing activities - continuing operations-3,201-3,602Improved 11.1
Net cash flow used in investing activities - discontinued operations6156Down 96.2
-3,195-3,446Improved 7.3
Cash flows from financing activities
Proceeds from issue of treasury shares1617Down 5.9
Purchase of own shares-6-2Deterioration 200.0
Proceeds received from loans4,2182,932Up 43.9
Repayment of loans-3,253-1,969Deterioration 65.2
Payments of lease liabilities-121-70Deterioration 72.9
Net movements in short-term borrowings-424179Deterioration
Net movements in derivativesA -18735Deterioration
Interest paid-957-914Deterioration 4.7
Dividends paid to shareholders-892-1,160Improved 23.1
Net cash flow used in financing activities - continuing operations-1,606-952Deterioration 68.7
Net cash flow (used in)/from financing activities - discontinued operations
Net decrease in cash and cash equivalents-183-80Deterioration 128.8
Exchange movements43Up 33.3
Cash and cash equivalents at start of year252329Down 23.4
Cash and cash equivalents at end of year73252Down 71.0

10.3 Download NATIONAL GRID Financials Past 10 Years

Description (March 31)2020201920182017201620152014201320122011
Income Statement
Revenue per share 4.24.414.393.9834.864.043.933.814.054.61
Other Revenue (M)46281877
EBITDA (B)5.45.25.26.16.3
Depreciation (B)1.51.41.41.31.3
EBIT (B)3.32.43.93.83.84.85.1
Interest 1.1 B99 M1.2 B1.1 B1.1 B2.3 B2.5 B
Profit before tax (B)2.22.32.62.72.72.62.6
Tax (M)(480)(339)889(374)(427)617(284)(557)(521)(461)
Net profit (B)1.31.53.57.822.52.222.2
EPS 0.360.451.0374.620.580.710.630.60.69
Balance Sheet
Equity Share Capital (B)19.619.318.820.413.61211.910.29.29.1
Retained Earnings (B)21.721.821.622.616.314.914.913.112.312.2
Total Debt (B)30.828.726.628.633.125.925.928.12323.2
Total Assets (B)67.16358.865.858.955.152.454.747.346.4
Current Asset (B)5.87.96.713.66.367.59.65.46.3
Fixed Asset (B)48.843.939.939.843.440.737.236.633.732
Working Capital (2.8 B)(1.2 B)(2 B)3.1 B(1.4 B)(1.3 B)158 M2.1 B(617 M)(503 M)
Cash Flow
Operating Cash Flow (B)4.64.34.54.3543.84.24.9
Investing Cash Flow (3.2 B)(3.4 B)2.2 B(3.6 B)(577 M)(2 B)(1.3 B)(6.1 B)(2.4 B)(4.8 B)
Financing Cash Flow (1.6 B)(952 M)(7.3 B)(1.5 B)(123 M)(3.3 B)(3 B)2.7 B(1.9 B)(430 M)
Net Cash Flow (M)(183)(80)(576)(856)(247)(283)335(43)(346)

SECTION 11 Peer Group Analysis & Ranking

11.1 Global Peer Group (all figures in $): Key Financials

In its Global Peer Group of 9 companies NG. is ranked fifth by MCap, Revenue, Net Profit, sixth by PV $1000 (1 yr), Total Assets and ninth by Relative Str. (6 mo).

Name (Code)Relative Str. (6 mo)MCapPV $1000 (1 yr)RevenueNet ProfitTotal Assets
Rank of NG.956556
National Grid (NG.)4039.8B1,093.019.5B1.7B89.9B
General Motors (GM)8764.7B1,318.9137.2B6.6B228B
Southern (SOLN)5353.9B1,103.8
DBS Group (D05)8149.1B1,471.84.8B432.5B
Exelon (EXC)5440.7B1,022.934.4B2.9B125B
Vestas Wind Systems (VWS)9139B2,114.614.5B835M17.1B
Sempra Energy (SRE)4437.8B952.810.8B2B65.7B
ENGIE (ENGI)6936.4B1,126.671.6B1.2B190.6B
Ford Motor (F)8435.5B1,042.3155.9B47M258.5B

Global Peer Group: Relative Value Indicators

NG. is ranked fifth by P/E, P/S and sixth by P/Book, Turnover Rate.

Name (Code)Country CodeLast PriceP/EP/SP/BookTurnover Rate (%)% Disc to 52-w Hi
Rank of NG.5566
National Grid (NG.)GBGBX873.8024.12.12.562.715.2
General Motors (GM)US$45.249.80.51.6164.02.7
Southern (SOLN)US$50.993.86.9
DBS Group (D05)SGSGD25.6810.31.449.81.1
Exelon (EXC)US$41.7614.01.21.2153.213.8
Vestas Wind Systems (VWS)DKDKK1,234.044.32.614.753.25.2
Sempra Energy (SRE)US$130.5118.13.52.0144.916.1
ENGIE (ENGI)FREUR12.5230.70.54.174.718.5
Ford Motor (F)US$9.080.21.1344.84.4

11.2 BuySellSignals Fundamentals Valuation Ranking: National Grid vs United Kingdom Market

Out of 1,286 stocks and 106 units in the United Kingdom Market, National Grid is ranked seventeenth by Market Cap $, Twenty-ninth by Revenue, Seventy-third by Net Profit $ and 142nd by Yield.

United Kingdom AvgNG.RankRank 1Rank 2Rank 3Lowest Rank
Market Cap $6.1 B39.8 B17140.3 B RDSA136.6 B RDSB136.5 B AZN438,285 PPG
Revenue $3.3 B19.5 B29479.1 B PPH352.1 B RDSA352.1 B RDSB
Net Profit $189.4 M1.7 B7345.4 B PPH15.8 B RDSA15.8 B RDSB
Yield (%)2.15.614215.6 STCM13.8 SOM12.6 DGOC0.04 JD.
Price/Net Tangible Assets1.2x2.5x2990.1x CLIG0.1x RMM0.1x BWRA-
P/Earnings17.3x23.9x3291.5x TEK1.7x INVP1.8x ATMA-
EBITDA Margin%13.412.152588.2 AGR86.4 TMT85.2 WIN(88.1) SOS
Free Cash Flow(368.5 M) 86850.9 B PPH4.7 B AV.A4.7 B BATS
Discount to 52-Wk High (%)20.415.989897.3 KIBO91.3 RMM91.03 HUR-
ROA (%)1.11.9964 76.3 TSL54.2 BVXP0.01 DRX
Total Debt/Equity (the lower the better)1.004x1.6x1219BLVN0.001x STX0.001x JOG11.5x WIN

Negative values are shown in brackets.

11.3 Market Share

National Grid vs Gas, Water & Multiutilities sector [Gas, Water & Multiutilities sector Total in Brackets]

Revenue of GBP14.5 billion ($19.5 billion)[36.5% of aggregate sector revenue of GBP41.6 billion; down from 36.6% in the previous year.]

11.4 Share in Index

National Grid is a constituent of the following indices. Its market capitalisation accounts for 1.7% of the combined MCap of the FTSE 100 Index.

Index NameMCap of Index ($ B)MCap as % of Index
FTSE 100 Index2,344 1.7
FTSE 350 Index2,812 1.4
FTSE All-Share Index2,891 1.4

11.5 Global Rank [out of 47,951 stocks] and Rank of National Grid in the Europe Region [out of 7,696 stocks]

DescriptionValueGlobal RankIn Eur Region
MCap ($)39.8B43985
Total Assets ($)89.9B609131
Revenue ($)19.5B776192
Net Profit ($)1.7B717162
Return on Equity %6.517,2612,950
Net Profit Margin %8.812,0561,935
Price to Book2.523,8903,029
Price/Earnings24.114,0812,162
Yield %5.54,077781
PV1000 (1Year) $*1,09319,1103,338
$* Change (1Year) %5.720,4743,589

* 1 year ago GBP 1 = $ 1.28

Nov 27, 2020: GBP 1 equals $ 1.34

11.6 Rank of National Grid in the FTSE 100 Index [out of 90 stocks], in the Total United Kingdom Market [out of 1442 stocks] and in the Gas, water & multiutilities sector [out of 7 stocks]

DescriptionValueIn FTSE 100 IndexIn Total United Kingdom MarketIn Gas, water & multiutilities sector
MCap (GBP)29.7B16171
Total Assets (GBP)67.1B19341
Revenue (GBP)14.5B30402
Net Profit (GBP)1.3B22311
Return on Equity %6.5595912
Net Profit Margin %8.8445372
Price to Book2.5298242
Price/Earnings23.9455692
Yield %5.6141721
PV1000 (1Year) GBX1,048345695

11.7 Long-Term Fundamental Ranking: 4 out of 5 [5 is best]

National Grid is ranked number 1 out of 8 listed gas, water & multiutilities companies in the United Kingdom with a market capitalization of GBP29.7 billion ($39.8 billion).

Within its sector it has a relatively moderate Price/Sales of 2.

It has a moderate relative ROE of 6.5% and ROA of 1.9%. The company paid a dividend of GBX32.0 in the last twelve months. The dividend yield is moderate at 5.6%.

Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1.

SECTION 12 News Archives (Nov 2017 - Jul 2020)

12.1 Changes in Board (TTM)

May 16 2018: National Grid Non-Executive Director will resign

National Grid Pierre Dufour,Non-Executive Director will resign. The effective date is Monday, July 30.

May 04 2018: National Grid: Directorate Change

National Grid today announces that Andrew Bonfield, Group Chief Financial Officer (CFO), has informed the Board that he will be leaving the Company to take on a role in a US public company, which will also enable him to be closer to his family.

Andrew has been CFO since 1 November 2010. He will step down from his position and from the Board following the Company's Annual General Meeting on 30 July 2018.

Andy Agg, currently Group Tax and Treasury Director, will become Interim CFO pending the appointment of a permanent Group CFO. Andy, who has been at National Grid for ten years, will not join the Board in this interim role, but will become a member of the Group Executive Committee and will attend all Board, Audit Committee and Finance Committee meetings.

Sir Peter Gershon, Chairman, commented: "On behalf of the Board I would like to thank Andrew for the significant contribution that he has made to National Grid over the last eight years and wish him well for the future."

John Pettigrew, CEO, commented: "It has been a pleasure to work with Andrew over the last few years. Whilst I am sorry to see him leave, we are very fortunate to have someone of Andy's calibre and experience. His in-depth knowledge of National Grid, both in the UK and US, will ensure a smooth transition whilst we undertake a search for Andrew's permanent successor."

The Board will now initiate a thorough process which will include both internal and external candidates to identify a permanent successor for Andrew.

Summary of Andrew Bonfield's remuneration arrangements on exit:

Following his resignation, subject to his continued employment, Andrew will receive his normal salary and associated benefits until his leaving date, including his annual bonus for 2017/18.

All outstanding awards as at 30 July 2018 will be forfeited.

April 19 2018: National Grid will appoint Non-Executive Director

National Grid will appoint Amanda Mesler as Non-Executive Director. The effective date is Thursday, May 17.

April 13 2018: National Grid: Appointment of Joint Corporate Broker

National Grid plc is pleased to announce that it has appointed J.P. Morgan Cazenove with immediate effect as joint Corporate Broker alongside Barclays Bank PLC, who remain joint Corporate Broker.

Source: London Stock Exchange

12.2 Dividends

July 05: National Grid announces dividend

National Grid today announced a final dividend of GBX32.0 per share. The ex-dividend date is Thursday, July 02, 2020 and it is payable on Wednesday, August 19.

November 20 2019: National Grid announces dividend

National Grid today announced an interim dividend of GBX16.57 per share. The ex dividend date is Thursday, November 28 and it is payable on Wednesday, January 15, 2020.

May 17 2019: National Grid announces dividend

National Grid today announced a final dividend of GBX31.26 per share. The ex dividend date is Thursday, May 30, 2019 and it is payable on Wednesday, August 14.

November 09 2018: National Grid announces dividend

National Grid today announced an interim dividend of GBX16.08 per share. The ex dividend date is Thursday, November 22 and it is payable on Wednesday, January 09, 2019.

May 18 2018: National Grid announces dividend

National Grid today announced a final dividend of GBX30.44 per share. The ex dividend date is Thursday, May 31, 2018 and it is payable on Thursday, August 16.

November 11 2017: National Grid announces dividend

National Grid today announced an interim dividend of GBX15.49 per share. The ex dividend date is Thursday, November 23 and it is payable on Wednesday, January 10, 2018.

12.3 Share Buybacks

March 26 2018: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 14 February 2018. The purpose of the programme is, as previously announced, to reduce the share capital of the Company as part of its management of the dilution resulting from the take-up of its scrip dividend.

Source: London Stock Exchange

March 22 2018: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 14 February 2018. The purpose of the programme is, as previously announced, to reduce the share capital of the Company as part of its management of the dilution resulting from the take-up of its scrip dividend.

Source: London Stock Exchange

March 21 2018: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 14 February 2018. The purpose of the programme is, as previously announced, to reduce the share capital of the Company as part of its management of the dilution resulting from the take-up of its scrip dividend.

Date of purchase:

20 March 2018

Number of Ordinary shares of 12204/473p each purchased:

567,971

Highest price paid per share (pence):

761.3000

Lowest price paid per share (pence):

761.3000

Volume weighted average price paid per share:

761.3000

National Grid intends to hold the purchased shares in treasury. Following the purchase of these shares, National Grid holds 278,792,816 of its ordinary shares in treasury and has 3,358,955,011 ordinary shares in issue (excluding treasury shares).

A schedule of individual trades carried out by Barclays (BARCGBN1) as principal in connection with the above purchases on 20 March 2018 is set out below.

Source: London Stock Exchange

March 19 2018: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 14 February 2018. The purpose of the programme is, as previously announced, to reduce the share capital of the Company as part of its management of the dilution resulting from the take-up of its scrip dividend.

Source: London Stock Exchange

March 16 2018: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 14 February 2018. The purpose of the programme is, as previously announced, to reduce the share capital of the Company as part of its management of the dilution resulting from the take-up of its scrip dividend.

Source: London Stock Exchange

March 08 2018: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 14 February 2018. The purpose of the programme is, as previously announced, to reduce the share capital of the Company as part of its management of the dilution resulting from the take-up of its scrip dividend.

Source: London Stock Exchange

March 06 2018: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 14 February 2018. The purpose of the programme is, as previously announced, to reduce the share capital of the Company as part of its management of the dilution resulting from the take-up of its scrip dividend.

Source: London Stock Exchange

February 28 2018: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 14 February 2018. The purpose of the programme is, as previously announced, to reduce the share capital of the Company as part of its management of the dilution resulting from the take-up of its scrip dividend.

Source: London Stock Exchange

February 21 2018: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 14 February 2018. The purpose of the programme is, as previously announced, to reduce the share capital of the Company as part of its management of the dilution resulting from the take-up of its scrip dividend.

Source: London Stock Exchange

February 19 2018: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 14 February 2018. The purpose of the programme is, as previously announced, to reduce the share capital of the Company as part of its management of the dilution resulting from the take-up of its scrip dividend.

Source: London Stock Exchange

February 14 2018: National Grid: Transaction in Own Shares

The Company announces that it has entered into irrevocable and non-discretionary arrangements with Barclays Capital Securities Limited ("Barclays"), an independent third party, for the purposes of reducing the share capital of the Company as part of its management of the dilution resulting from the take-up of its scrip dividend (the "Scrip Buy-back"). Barclays will act as principal during the Scrip Buy-back and will make its trading decisions concerning the timing of the purchases of the Company's ordinary shares independently of the Company. The programme will commence on 14 February 2018 and will end no later than 3 April 2018.

Source: London Stock Exchange

January 16 2018: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 9 October 2017. The sole purpose of the programme is, as previously announced, to reduce the share capital of National Grid as part of the return of proceeds to shareholders following the sale of a majority interest in National Grid's UK gas distribution business.

Source: London Stock Exchange

January 12 2018: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 9 October 2017. The sole purpose of the programme is, as previously announced, to reduce the share capital of National Grid as part of the return of proceeds to shareholders following the sale of a majority interest in National Grid's UK gas distribution business.

Source: London Stock Exchange

January 10 2018: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 9 October 2017. The sole purpose of the programme is, as previously announced, to reduce the share capital of National Grid as part of the return of proceeds to shareholders following the sale of a majority interest in National Grid's UK gas distribution business.

Date of purchase:

10 January 2018

Number of Ordinary shares of 12204/473p each purchased:

1,900,000

Highest price paid per share (pence):

838.5000

Lowest price paid per share (pence):

838.5000

Volume weighted average price paid per share:

838.5000

National Grid intends to hold the purchased shares in treasury. Following the purchase of these shares, National Grid holds 254,555,448 of its ordinary shares in treasury and has 3,383,192,379 ordinary shares in issue (excluding treasury shares).

A schedule of individual trades carried out by Barclays (BARCGBN1) as principal in connection with the above purchases on 10 January 2018 is set out below.

Source: London Stock Exchange

January 04 2018: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 9 October 2017. The sole purpose of the programme is, as previously announced, to reduce the share capital of National Grid as part of the return of proceeds to shareholders following the sale of a majority interest in National Grid's UK gas distribution business.

Source: London Stock Exchange

January 02 2018: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 9 October 2017. The sole purpose of the programme is, as previously announced, to reduce the share capital of National Grid as part of the return of proceeds to shareholders following the sale of a majority interest in National Grid's UK gas distribution business.

Date of purchase:

29 December 2017

Number of Ordinary shares of 12204/473p each purchased:

57,983

Highest price paid per share (pence):

871.6527

Lowest price paid per share (pence):

871.6527

Volume weighted average price paid per share:

871.6527

National Grid intends to hold the purchased shares in treasury. Following the purchase of these shares, National Grid holds 241,754,036 of its ordinary shares in treasury and has 3,375,816,089 ordinary shares in issue (excluding treasury shares).

A schedule of individual trades carried out by Barclays (BARCGBN1) as principal in connection with the above purchases on 29 December 2017 is set out below.

Source: London Stock Exchange

December 28 2017: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 9 October 2017. The sole purpose of the programme is, as previously announced, to reduce the share capital of National Grid as part of the return of proceeds to shareholders following the sale of a majority interest in National Grid's UK gas distribution business.

Source: London Stock Exchange

December 27 2017: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 9 October 2017. The sole purpose of the programme is, as previously announced, to reduce the share capital of National Grid as part of the return of proceeds to shareholders following the sale of a majority interest in National Grid's UK gas distribution business.

Date of purchase:

27 December 2017

Number of Ordinary shares of 12204/473p each purchased:

500,000

Highest price paid per share (pence):

867.6000

Lowest price paid per share (pence):

867.6000

Volume weighted average price paid per share:

867.6000

National Grid intends to hold the purchased shares in treasury. Following the purchase of these shares, National Grid holds 241,681,881 of its ordinary shares in treasury and has 3,375,888,244 ordinary shares in issue (excluding treasury shares).

A schedule of individual trades carried out by Barclays (BARCGBN1) as principal in connection with the above purchases on 27 December 2017 is set out below.

Schedule of purchases - aggregate information

Source: London Stock Exchange

December 22 2017: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 9 October 2017. The sole purpose of the programme is, as previously announced, to reduce the share capital of National Grid as part of the return of proceeds to shareholders following the sale of a majority interest in National Grid's UK gas distribution business.

Date of purchase:

22 December 2017

Number of Ordinary shares of 12204/473p each purchased:

201,992

Highest price paid per share (pence):

866.6000

Lowest price paid per share (pence):

866.6000

Volume weighted average price paid per share:

866.6000

National Grid intends to hold the purchased shares in treasury. Following the purchase of these shares, National Grid holds 241,181,881 of its ordinary shares in treasury and has 3,376,388,244 ordinary shares in issue (excluding treasury shares).

A schedule of individual trades carried out by Barclays (BARCGBN1) as principal in connection with the above purchases on 22 December 2017 is set out below.

Source: London Stock Exchange

December 21 2017: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 9 October 2017. The sole purpose of the programme is, as previously announced, to reduce the share capital of National Grid as part of the return of proceeds to shareholders following the sale of a majority interest in National Grid's UK gas distribution business.

Source: London Stock Exchange

December 18 2017: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 9 October 2017. The sole purpose of the programme is, as previously announced, to reduce the share capital of National Grid as part of the return of proceeds to shareholders following the sale of a majority interest in National Grid's UK gas distribution business.

Source: London Stock Exchange

December 14 2017: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 9 October 2017. The sole purpose of the programme is, as previously announced, to reduce the share capital of National Grid as part of the return of proceeds to shareholders following the sale of a majority interest in National Grid's UK gas distribution business.

Source: London Stock Exchange

December 13 2017: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 9 October 2017. The sole purpose of the programme is, as previously announced, to reduce the share capital of National Grid as part of the return of proceeds to shareholders following the sale of a majority interest in National Grid's UK gas distribution business.

Source: London Stock Exchange

December 12 2017: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 9 October 2017. The sole purpose of the programme is, as previously announced, to reduce the share capital of National Grid as part of the return of proceeds to shareholders following the sale of a majority interest in National Grid's UK gas distribution business.

Date of purchase:

11 December 2017

Number of Ordinary shares of 12204/473p each purchased:

537,122

Highest price paid per share (pence):

877.6509

Lowest price paid per share (pence):

877.6509

Volume weighted average price paid per share:

877.6509

National Grid intends to hold the purchased shares in treasury. Following the purchase of these shares, National Grid holds 236,247,477 of its ordinary shares in treasury and has 3,381,322,648 ordinary shares in issue (excluding treasury shares).

A schedule of individual trades carried out by Barclays (BARCGBN1) as principal in connection with the above purchases on 11 December 2017 is set out below.

Source: London Stock Exchange

December 11 2017: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 9 October 2017. The sole purpose of the programme is, as previously announced, to reduce the share capital of National Grid as part of the return of proceeds to shareholders following the sale of a majority interest in National Grid's UK gas distribution business.

Source: London Stock Exchange

December 08 2017: National Grid buys back 1,165,006 shares

National Grid (NG..L) announced a buyback of 1,165,006 shares worth GBP10,196,220 (or $US13,664,974) on December 08, 2017. The buyback price was GBX875.21.

December 07 2017: National Grid buys back 800,000 shares

National Grid (NG..L) announced a buyback of 800,000 shares worth GBP7,006,400 (or $US9,378,066) on December 07, 2017. The buyback price was GBX875.80.

December 06 2017: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 9 October 2017. The sole purpose of the programme is, as previously announced, to reduce the share capital of National Grid as part of the return of proceeds to shareholders following the sale of a majority interest in National Grid's UK gas distribution business.

Source: London Stock Exchange

December 05 2017: National Grid buys back 400,000 shares

National Grid (NG..L) announced a buyback of 400,000 shares worth GBP3,522,800 (or $US4,730,768) on December 05, 2017. The buyback price was GBX880.70.

December 04 2017: National Grid buys back 374,824 shares

National Grid (NG..L) announced a buyback of 374,824 shares worth GBP3,316,811 (or $US4,454,146) on December 04, 2017. The buyback price was GBX884.90.

November 28 2017: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 9 October 2017. The sole purpose of the programme is, as previously announced, to reduce the share capital of National Grid as part of the return of proceeds to shareholders following the sale of a majority interest in National Grid's UK gas distribution business.

Date of purchase:

27 November 2017

Number of Ordinary shares of 12204/473p each purchased:

39,495

Highest price paid per share (pence):

874.2936

Lowest price paid per share (pence):

874.2936

Volume weighted average price paid per share:

874.2936

National Grid intends to hold the purchased shares in treasury. Following the purchase of these shares, National Grid holds 231,331,656 of its ordinary shares in treasury and has 3,386,238,469 ordinary shares in issue (excluding treasury shares).

A schedule of individual trades carried out by Barclays (BARCGBN1) as principal in connection with the above purchases on 27 November 2017 is set out below.

Source: London Stock Exchange

November 27 2017: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 9 October 2017. The sole purpose of the programme is, as previously announced, to reduce the share capital of National Grid as part of the return of proceeds to shareholders following the sale of a majority interest in National Grid's UK gas distribution business.

Source: London Stock Exchange

November 24 2017: National Grid: Transaction in Own Shares

National Grid announces that it has purchased the following number of its ordinary shares of 12204/473p each on the London Stock Exchange from Barclays Capital Securities Limited ("Barclays") as part of its buy-back programme announced on 9 October 2017. The sole purpose of the programme is, as previously announced, to reduce the share capital of National Grid as part of the return of proceeds to shareholders following the sale of a majority interest in National Grid's UK gas distribution business.

Source: London Stock Exchange

November 21 2017: National Grid buys back 645,354 shares

National Grid (NG..L) announced a buyback of 645,354 shares worth GBP5,662,420 (or $US7,529,320) on November 21, 2017. The buyback price was GBX877.41.

12.4 Share Capital

June 01: National Grid: Total Voting Rights

Voting Rights and Capital Update

National Grid's registered capital as at 31 May 2020 consisted of 3,780,237,016 ordinary shares, of which, 270,210,393 were held as treasury shares; leaving a balance of 3,510,026,623 shares with voting rights.

The figure of 3,510,026,623 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, National Grid under the FCA Disclosure Guidance and Transparency Rules.

Source: London Stock Exchange

June 03 2019: National Grid: Total Voting Rights

Voting Rights and Capital Update

National Grid's registered capital as at 31 May 2019 consisted of 3,687,483,073 ordinary shares, of which, 275,499,237 were held as treasury shares; leaving a balance of 3,411,983,836 shares with voting rights.

The figure of 3,411,983,836 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, National Grid under the FCA Disclosure Guidance and Transparency Rules.

Source: London Stock Exchange

March 01 2019: National Grid: Total Voting Rights

Voting Rights and Capital Update

National Grid's registered capital as at 28 February 2019 consisted of 3,687,483,073 ordinary shares, of which, 277,351,620 were held as treasury shares; leaving a balance of 3,410,131,453 shares with voting rights.

The figure of 3,410,131,453 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, National Grid under the FCA Disclosure Guidance and Transparency Rules.

Source: London Stock Exchange

January 09 2019: National Grid: Total Voting Rights

Voting Rights and Capital update

National Grid confirms that, following the issue of 11,345,404 ordinary shares earlier today, in relation to the operation of the Scrip Dividend Scheme for the 2018/19 interim dividend, National Grid's registered capital consists of 3,687,483,073 ordinary shares, of which 277,421,024 shares are held as treasury shares; leaving a balance of 3,410,062,049 shares with voting rights.

The figure of 3,410,062,049 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, National Grid plc under the Financial Conduct Authority's Disclosure and Transparency Rules.

Source: London Stock Exchange

September 05 2018: National Grid: Total Voting Rights

Voting Rights and Capital Update

National Grid's registered capital as at 31 August 2018 consisted of 3,676,137,669 ordinary shares, of which, 277,651,976 were held as treasury shares; leaving a balance of 3,398,485,693 shares with voting rights.

The figure of 3,398,485,693 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, National Grid under the FCA Disclosure Guidance and Transparency Rules.

Source: London Stock Exchange

August 15 2018: National Grid: Total Voting Rights and Capital Update

Voting Rights and Capital update

National Grid confirms that, following the issue of 38,389,842 ordinary shares earlier today, in relation to the operation of the Scrip Dividend Scheme for the 2017/18 final dividend, National Grid's registered capital consists of 3,676,137,669 ordinary shares, of which 277,651,976 shares are held as treasury shares; leaving a balance of 3,398,485,693 shares with voting rights.

The figure of 3,398,485,693 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, National Grid plc under the Financial Conduct Authority's Disclosure and Transparency Rules.

Source: London Stock Exchange

Glossary

ADVT: Average Daily Volume of shares Traded

Annual Return: Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)

Capital Gain/Loss from n Years Ago to n-1 Years Ago: Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)

Current Ratio: Current Assets/Current Liabiliites (times)

Debt/Equity: Net Debt/Net Assets %

Dividend Yield: Dividend Per Share/Share Price (%)

EBIT Margin : Earnings Before Interest and Tax/Revenue (%)

Earnings Yield: Earnings Per Share/Share Price (%)

Income during the n years (3/2/1): Dividends received during the Period

Moving Average Price (n periods): Sum of Prices for each Period/Number of Periods

PV1000: Present value of 1000 invested 1 year/'n' years ago

Price Close/Moving Avg Price: Latest Price/Moving Average Price

Price/Earnings: Share Price/Earnings Per Share (times)

Price/NTA: Closing Share Price/Net Tangible Assets Per Share (times)

Price/Sales: Share Price/Sales Per Share (times)

Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index

Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by percentile within the entire market.

Return on Assets: Net Profit/Total Assets (%)

Return on Equity (Shareholders' Funds): Net Profit/Net Assets (%)

TSR: Total Shareholder Returns is expressed as an annualized rate of return for shareholders after allowing for capital appreciation and dividend

TTM: Trailing 12 Months

Total Liabilities/Total Assets: Total Liabilities/Total Assets

Turnover Rate: value of annual trading volume as a percentage of market capitalisation

Volume Weighted Average Price (VWAP): The Volume Weighted Average Price (VWAP) is the summation of turnover divided by total volume in the same period.

Created by www.buysellsignals.com