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Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<p>Utilitywise (UTW) continues to grow and has drawn up plans to extend this growth profile out to 2021. Recent accounting changes have resulted in a higher net debt figure, but UTW remains within its banking covenants and should continue to generate cash on an underlying basis. However, the shares are trading at a significant discount to the market and offer a yield of over 5% based on a DPS well-covered by earnings and cash flow.</p>

Utilitywise (UTW) continues to grow and has drawn up plans to extend this growth profile out to 2021. Recent accounting changes have resulted in a higher net debt figure, but UTW remains within its banking covenants and should continue to generate cash on an underlying basis. However, the shares are trading at a significant discount to the market and offer a yield of over 5% based on a DPS well-covered by earnings and cash flow.

Utilitywise Plc

Entering a new growth phase