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Sector
Utilities
Size
Large Cap
Market Cap £3.05bn
Enterprise Value £5.83bn
Revenue £1.29bn
Position in Universe 1555th / 6849

BUZZ-Utilities sector: Left behind but holding up well - CS

Tue 26th May, 2020 2:00pm
** Credit Suisse views the U.S. utilities sector as very
attractive after severe underperformance
    ** Coming out of Q1 and recent conferences, CS emphasis on
cos such as Vistra Energy  VST.N , Exelon  EXC.O , Dominion
Energy  D.N , CenterPoint Energy  CNP.N  and Duke Energy  DUK.N 
    ** Views the ~20% underperformance of Philadelphia SE
utility index  .UTY  vs S&P 500 index  .SPX  since March as
driven by a rotation of funds away from defensives into sectors
that some investors believe will benefit from federal stimulus
    ** The sector is enjoying healthy access to debt markets -
CS
    ** Says integrated utilities with cyclical exposure have
clearly outperformed purely regulated utilities since March
    ** Furthermore, small- and mid-cap names have underperformed
the large-caps
    ** Q1 earnings season also led to stark
relative outperformance of utilities with unchanged 2020
guidance and aggressive COVID-19 mitigation plans - CS
   

 (Reporting by Arundhati Sarkar in Bengaluru)
 ((Arundhati.Sarkar@thomsonreuters.com; +1 646 223 8780 Ext:
2776; Reuters Messaging:
arundhati.sarkar.thomsonreuters.com@reuters.net))
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