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    Verity Mitchell

    Research Analyst at HSBC

    Verity Mitchell's questions to PNN.L leadership

    Verity Mitchell's questions to PNN.L leadership • H1 2023

    Question

    Verity Mitchell asked if the GBP 20 million storm overflow investment was new spending and questioned the carbon intensity of the proposed small-scale desalination projects.

    Answer

    CEO Susan Davy confirmed the GBP 20 million investment is new and funded via outperformance. She acknowledged desalination is power-intensive but stated it would be small-scale for specific pinch points, and the company is actively exploring renewable power options to mitigate the environmental impact.

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    Verity Mitchell's questions to United Utilities Group (UUGRY) leadership

    Verity Mitchell's questions to United Utilities Group (UUGRY) leadership • FY 2017

    Question

    Verity Mitchell from HSBC followed up on the additional £100 million investment, seeking confirmation that it would not affect existing ODI targets. She also asked about the future trajectory for bad debt improvement and requested clarification on potential changes to the company's hedging and risk management policies.

    Answer

    CEO Steve Mogford confirmed the investment should have a beneficial impact on certain ODIs, such as the reliable water service index, by improving site resilience and reducing failure risks. CFO Russ Houlden addressed bad debt, stating the goal is to maintain the current low 2.5% level, though it will be a challenge. He also clarified that the hedging policy has not changed yet but will be reviewed during the year, with an update expected at the next results presentation.

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    Verity Mitchell's questions to United Utilities Group (UUGRY) leadership • Q2 2016

    Question

    Verity Mitchell asked about the timing of the upcoming triennial actuarial pension review. She also asked for guidance on how to interpret the significant change in the fair value versus the book value of the company's debt.

    Answer

    CFO Russ Houlden stated that the triennial pension valuation is underway and expected to conclude in mid-2017. He explained that the increased gap between the fair and book value of debt, now £1.26 billion, is primarily due to the sharp fall in underlying yields post-QE announcement. He emphasized this is a result of the hedging policy and that the key focus should be on the strong financing outperformance being delivered.

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    Verity Mitchell's questions to United Utilities Group (UUGRY) leadership • H1 2016

    Question

    Verity Mitchell of HSBC asked for the company's perspective on the proposed changes from RPI to CPI for inflation indexing. She also requested clarification on which Outcome Delivery Incentives (ODIs) were specifically impacted by the recent water quality incident.

    Answer

    CFO Russ Houlden and CEO Steve Mogford stated that while they see no need to change from the established RPI index, any transition to CPI must ensure investors are kept whole and requires broader government action to create a CPI-linked bond market. Regarding ODIs, Mr. Mogford clarified that the incident will have a small impact, but overall annual water performance has a greater effect, and it is unlikely the company will achieve an ODI reward for the year.

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