Smart Metering Systems high quality earnings but the valuation still looks rich
This involves SMS undertaking a meter exchange programme and fitting these meters with an ADM (data logging AMR device). The Total gas & Power contract is for 15,000 meters with ADM devices over the next three years. However, initial run rates suggest that the equivalent number of domestic meters would be approximately 250,000 in value to SMS. The house broker estimates that the overall investment requirement for TGP will be in excess of c£30m.
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