ccLondon, July 7, 2026, 12:03 (BST)
- SSE PLC LON:SSE last traded at 2,440p/2,441p by 11:48 BST, off 33p, or 1.33%. FTSE 100 (INDEXFTSE:UKX) was up 0.24%.
- The shares are trading around 13.5x the midpoint of SSE’s 2026/27 adjusted EPS target, which hasn’t changed.
- The company reports its Q1 trading statement and holds its AGM on July 16. Shares go final ex-dividend July 23.
- Analyst price targets range from 2,036p to 3,060p, a difference of around 42% versus the current share price.
SSE PLC LON:SSE slipped in London on Tuesday, underperforming other blue chips as its July drop left less margin ahead of next week’s AGM and Q1 update. London was open for a regular session at the time; the LSE runs from 0800 to 1630 and July 7 is set as a full Tuesday session on the 2026 schedule.
Short-term moves aren’t the focus for investors here. The bigger question is whether the valuation still lines up with the earnings outlook SSE set out in May, after last year’s capex growth outpaced profit. SSE listed its shares at 2,443p Tuesday on its investor site, about where Barclays had them.
| SSE metric | Company figure or target | Read-through at 2,443p |
|---|---|---|
| 2025/26 adjusted EPS | 153.5p | 15.9x trailing |
| 2026/27 adjusted EPS target | 168p-193p | 14.5x to 12.7x |
| 2026/27 target midpoint | 180.5p | 13.5x |
| 2029/30 adjusted EPS target | 225p-250p | 10.9x to 9.8x |
| 2025/26 dividend | 68.7p | 2.8% trailing |
| Final dividend | 47.3p | ex-div July 23 |
SSE reported in May that adjusted earnings per share dropped 5% to 153.5p for the year ending March 31. Investment and capital spending jumped 23% to £3.59 billion. The company maintained its adjusted EPS target for 2026/27 at 168p to 193p, and stuck with its 2029/30 range of 225p to 250p.
Some investors focus on SSE’s regulated asset base rather than just earnings. The group’s total electricity networks RAV hit £15.6 billion, up from £12.9 billion, for a gain of 21%. Transmission RAV climbed 25% to £9.0 billion, and distribution RAV rose 16% to £6.6 billion. That’s what puts attention on the July 16 update. The market is starting to value SSE less for power prices and more as a grid operator.
SSE expects to lift 2026/27 capex to over £5 billion, above last year’s £3.59 billion. Hargreaves Lansdown’s equity analyst Aarin Chiekrie wrote after the May report that the bigger spend would “drag on cash flows in the short term” and said: “Any missteps will likely see the valuation punished.” HL
SSE CEO Martin Pibworth said in May that the company hit “all our financial and operational targets.” SSE has started work on its £33 billion investment plan running through 2030. Most of the plan is focused on networks, renewables and flexible generation.
Analyst targets are mixed. TradingView puts its 12-analyst average target at 2,733.67p. Investing.com counts 10 buys, three holds and one sell from 14 analysts. MarketBeat’s analysts come in lower, at a 2,606.57p average and call it a “Moderate Buy.” TradingView
| Forecast source / broker | Rating or view | Target price | Move from 2,443p |
|---|---|---|---|
| TradingView average, 12 analysts | n/a | 2,733.67p | +11.9% |
| MarketBeat consensus, 7 analysts | Moderate Buy | 2,606.57p | +6.7% |
| Deutsche Bank | Buy | 2,900p | +18.7% |
| Jefferies | Buy | 3,060p | +25.3% |
| JPMorgan | Overweight | 2,925p | +19.7% |
| UBS | Neutral | 2,350p | -3.8% |
| Citigroup | Sell | 2,036p | -16.7% |
SSE said in its April update on north Scotland transmission that Ofgem signed off on over £29 billion for 11 key projects. Five are already being built. The company has more than three-quarters of necessary consents in hand. SSE linked the program to the RIIO-T3 price-control window and its 75%-owned SSEN Transmission business.
SSE has already seen a sharp rally. TradingView data puts the stock up 30.8% for the past year, despite the pullback. Now with the July 16 statement, the question is whether rising capex can land without investors cutting future EPS targets.
