LONDON, June 29, 2026, 15:02 BST
- National Grid rose 0.76% to 1,255p while the FTSE 100 lagged.
- The £70 billion-plus five-year investment plan is around 1.12x the firm’s current market cap.
- Analysts’ median target sits at 1,388.5p, suggesting the shares could rise roughly 11% from where they closed Monday.
- Dividend still in focus. The FY2026 payout at 48.49p works out to a yield of about 3.9%.
National Grid plc (LON:NG) added ground Monday, outpacing the broader London market. Investors continued to pile in, backing a regulated asset-growth pitch with a footprint that now outstrips the company’s equity value.
The stock was last seen at 1,255p, up 0.76%, at 15:02:06 BST. It traded between 1,239.5p and 1,257p so far today. The FTSE 100 slipped 0.06% on the same feed. Reuters said UK shares lost ground earlier after Middle East tensions weighed on sentiment.
Scale is the point investors may miss. National Grid had a market cap of around £62.5 billion on Monday. Its five-year capital spend is at least £70 billion, so planned investment stands at about 112% of the company’s current market value. That’s a hefty figure for any regulated utility.
| Measure | Latest data | Investor read |
|---|---|---|
| Share price | 1,255p, +0.76% | Outperformed FTSE 100 today |
| Market cap | £62.49 bln | Still trails planned five-year capex |
| 52-week range | 1,000.5p-1,428.5p | Stock is 12.1% off the top |
| Analyst average target | 1,367.5p | Analysts see around 9% gain from here |
| Analyst median target | 1,388.5p | Implied upside is 10.6% off 1,255p |
National Grid said in May it plans to invest at least £70 billion over five years ending March 2031. CEO Zoë Yujnovich called it the “largest investment programme in our history” and said the move aims to create “long-term value for shareholders.” Investegate
Bullish on growth, but not at a bargain: management is spending big to grow the regulated asset base and drive allowed returns. FY2026 underlying EPS came in at 78.0p, up 8% at constant currency. Capital investment was £11.6 billion, a jump of 18%. Regulatory gearing stayed at 61%.
| Funding and return marker | FY2026 / latest |
|---|---|
| Five-year capex plan | At least £70 bln |
| FY2026 capital investment | £11.6 bln |
| Net debt at March 31 | £44.2 bln |
| Regulatory gearing | 61% |
| FY2026 dividend | 48.49p |
| Dividend cover | Roughly 1.6x underlying earnings |
This is making National Grid act less like a standard bond proxy and more like an execution story. RIIO-T3’s higher allowed revenue backs up the company’s FY2027 EPS growth target of 13%-15%, but it also means investors are on the hook for delivery risk, debt costs, and bill pressure.
The dividend keeps a floor under the stock for a lot of income funds. The board has proposed a final payout of 32.14p, set for July 23 if it gets the green light. That brings the total dividend to 48.49p for the year, up 3.8%. With Monday’s close, the yield sits around 3.9%, about in line with market averages.
The analyst split isn’t fully bullish. Latest Investors Chronicle data via LSEG puts 14 analysts on a median 12-month target at 1,388.5p as of June 25, broken out to three “buy”, seven “outperform”, six “hold” and two “sell” calls. Investors Chronicle
National Grid has put its 2026 AGM on the calendar for July 14 at 11 a.m. in Warwick. Shareholders can also join the meeting online.
