Centrica PLC

CNA: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 495.00	Phw	Czzgzwjgr

Centrica Posts Stellar Profits in 2022; Announces Yet Another Share Buyback; Shares Cheap

Tancrede Fulop

Feb 16, 2023

We don't plan to materially change our GBX 140 fair value estimate after no-moat Centrica released its highest annual earnings since 2013 and announced a new GBP 300 million share buyback. This reflects good stewardship given the current material undervaluation of shares. Also, share buybacks suit Centrica's high-earnings volatility. The full-year dividend will amount to GBX 3.

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