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Smart Metering Systems –high quality earnings but the valuation still looks rich

18/06/2012 · Smart Metering Systems (SMS) 

The house broker has upgraded estimates following the Group’s announcement last week that it has been contracted by Total Gas & Power to provide gas meters and its ADM advanced meter reading (AMR) solution.

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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