olivLaw · European equity research
Jersey Electricity plc JEL.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Jersey Electricity plc is the sole electricity supplier on the island of Jersey, also active in distribution, retail and building services, with energy as the main driver of revenue. For fiscal 2025 the company reported external revenue of 146.2 million GBP, and the period matters because the island's power system depends largely on electricity imported from France.
At the close of 05 Nov 2026, Jersey Electricity plc (JEL.L) stock was 4.36 GBP (−1.13% on the day), with market capitalisation 133.6 m GBP, P/E 12.1 on diluted EPS of 0.36 GBP over the last 12 months, dividend yield 4.78%, beta 0.06, 52-week range 4.25–4.80 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 43.8
- weak (30–45)
- Bollinger (20, 2)
- 4.32 – 4.49
- in the lower half of the band · %B 0.24 · band width 3.9%
- SMA 50 / 200
- 4.43 / 4.51
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.9% | −0.6% | −0.3 pp | — |
| 3 months | −0.9% | −4.2% | +3.3 pp | — |
| 6 months | −3.1% | +4.3% | −7.4 pp | — |
| Year to date | −6.2% | +7.5% | −13.7 pp | — |
| 1 year | −8.2% | +9.9% | −18.1 pp | +5.8% |
| 3 years | +2.6% | +49.8% | −47.3 pp | +26.3% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 0.0, median 11.3, max 13.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 125.1 m | 135.7 m | 146.2 m |
| Revenue YoY | unavailable | +8.5% | +7.7% |
| Net income | 11.3 m | 11.6 m | 11.0 m |
| Net income YoY | unavailable | +3.0% | −5.3% |
| Diluted EPS | 36,810.00 | 0.38 | 0.36 |
| Diluted EPS YoY | unavailable | −100.0% | −5.3% |
| net % | 9.0% | 8.6% | 7.5% |
| Free cash flow | 4.6 m | 6.4 m | -5.0 m |
Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 38.7 m GBP
- Financial debt
- 30.0 m GBP
- Net debt
- -8.7 m GBP
- Equity
- 254.1 m GBP
- Total assets
- 375.3 m GBP
- Debt / equity
- 0.12x
- Current ratio
- 2.78x
- ROE
- 4.4%
- ROA
- 3.0%
- FCF margin
- -3.4%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 125.1 m | 135.7 m | 146.2 m | esef· 27 Jan 2026verified |
| Cost of revenue | 80.9 m | 83.2 m | 92.7 m | esef· 27 Jan 2026verified |
| Gross profit | 47.7 m | 52.6 m | 53.5 m | esef· 27 Jan 2026verified |
| Operating income | 14.5 m | 14.4 m | 13.9 m | esef· 27 Jan 2026verified |
| Depreciation & amortisation | 11.6 m | 14.2 m | — | esef· 04 Feb 2025verified |
| EBITDA | 26.1 m ≈ | 28.6 m ≈ | — | esef· 04 Feb 2025derived |
| Interest expense | 1.5 m | 1.5 m | 1.6 m | esef· 27 Jan 2026verified |
| Pre-tax income | 14.9 m | 15.1 m | 14.2 m | esef· 27 Jan 2026verified |
| Income tax | 3.4 m | 3.4 m | 3.1 m | esef· 27 Jan 2026verified |
| Net income | 11.3 m | 11.6 m | 11.0 m | esef· 27 Jan 2026verified |
| Diluted EPS | 36,810.00 | 0.38 | 0.36 | esef· 27 Jan 2026verified |
| Dividend per share | 18,823.53 | 0.20 | 0.21 | esef· 27 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 47.4 m | 49.2 m | 38.7 m | esef· 27 Jan 2026verified |
| Receivables | 26.0 m | 24.9 m | 25.2 m | esef· 27 Jan 2026verified |
| Inventories | 9.2 m | 8.4 m | 7.9 m | esef· 27 Jan 2026verified |
| Current assets | 82.6 m | 82.5 m | 72.3 m | esef· 27 Jan 2026verified |
| Property, plant & equipment, net | 216.1 m | 225.5 m | 243.4 m | esef· 27 Jan 2026verified |
| Intangibles (excl. goodwill) | 681.0 k | 364.0 k | 227.0 k | esef· 27 Jan 2026verified |
| Total assets | 356.2 m | 368.0 m | 375.3 m | esef· 27 Jan 2026verified |
| Accounts payable | 19.5 m | 23.0 m | 22.2 m | esef· 27 Jan 2026verified |
| Long-term debt | — | 30.0 m | 30.0 m | esef· 27 Jan 2026verified |
| Current liabilities | 23.4 m | 29.3 m | 26.0 m | esef· 27 Jan 2026verified |
| Total liabilities | 114.7 m | 123.1 m | 121.1 m | esef· 27 Jan 2026verified |
| Equity | 241.5 m | 245.0 m | 254.1 m | esef· 27 Jan 2026verified |
| Shares outstanding at year end | 306 | 30.6 m | 30.6 m | esef· 27 Jan 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 17.6 m | 24.4 m | 25.3 m | esef· 27 Jan 2026verified |
| Capex | 13.0 m | 18.0 m | 30.3 m | esef· 27 Jan 2026verified |
| Free cash flow | 4.6 m ≈ | 6.4 m ≈ | -5.0 m ≈ | esef· 27 Jan 2026derived |
| Investing cash flow | -11.4 m | -16.0 m | -28.8 m | esef· 27 Jan 2026verified |
| Financing cash flow | -6.2 m | -6.7 m | -7.0 m | esef· 27 Jan 2026verified |
| Dividends paid | 5.8 m | 6.1 m | — | esef· 04 Feb 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 60 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 133.6 m GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality23
- Returns65
- Balance sheet100
- Valuation60
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Neutral profile · Score 60/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.6% | 25 (vs peers) | 13% |
| Net margin · Quality | 7.5% | 43 (vs peers) | 8% |
| FCF conversion · Quality | -45.3% | 0 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.3x | 100 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 8.8x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 2.8x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 12.1x | 72 (vs peers) | 13% |
| EV/EBITDA · Valuation | 4.5x | 96 (on a fixed band) | 13% |
| FCF yield · Valuation | -3.7% | 0 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 4.5% | 65 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality23/100 · 3/3 factors with a value
- Returns· partial65/100 · 1/2 factors with a value
- Valuation60/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
JERSEY ELECTRICITY PLC (JEL.L). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 146.2 m GBP in 2025; YoY growth 7.7%; net margin 7.5%; ROE 4.4%; net debt/EBITDA -0.3x.
The estimated value range is 3.05–4.39 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 3.72 GBP, the price of 4.36 GBP leaves a potential of -14.7% (value / price − 1) and a margin of safety of -17.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 60/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: -0.3x
- Interest coverage: 8.8x
- Current ratio: 2.8x
- P/E (TTM): 12.1x
- EV/EBITDA: 4.5x
What contradicts it
- ROIC: 4.6%
- FCF conversion: -45.3%
- FCF yield: -3.7%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| JEL.LJersey Electricity PLC | 133.6 m | 12.1 | 4.4% | 7.5% | +7.7% | −7% / +1% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for JEL.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 2.66 Total return -35% · Per year -35% | 4.70 Total return 13% · Per year 13% | 7.06 Total return 68% · Per year 68% |
| 3 years | 2.75 Total return -25% · Per year -9% | 5.45 Total return 42% · Per year 12% | 8.97 Total return 127% · Per year 31% |
| 5 years | 2.84 Total return -15% · Per year -3% | 6.32 Total return 75% · Per year 12% | 11.40 Total return 201% · Per year 25% |
- Exit P/E± 1.36
- Net margin± 0.95
- Annual revenue growth± 0.76
- Annual dilution± 0.08
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Jersey Electricity plc is the sole electricity supplier on the island of Jersey, also active in distribution, retail and building services, with energy as the main driver of revenue. For fiscal 2025 the company reported external revenue of 146.2 million GBP 1, and the period matters because the island's power system depends largely on electricity imported from France.
SWOT
Strengths
- A monopoly position in the local electricity market, with the Energy segment as the main source of profit and revenue.
- Infrastructure assets, including the power station and subsea cables, are hard for competitors to replicate.
- Consistent profitability and a stable dividend practice, supported by predictable energy cash flows.
Weaknesses
- Dependence on electricity imported from France exposes the company to prices and cable risk.
- The Retail and Building Services segments have very low operating margins.
- The limited island market restricts organic revenue growth.
Opportunities
- Infrastructure investment, including replacement of the N2 cable, could improve network reliability and efficiency.
- Developing new services through the Jersey Deep Freeze subsidiary and Jendev activities could diversify revenue.
- Energy and efficiency projects for buildings could increase demand for the company's services.
Threats
- Rising import costs from France could reduce margins if tariffs do not adjust sufficiently.
- The risk of asset decommissioning could create unforeseen costs in the future.
- Regulatory or tax changes in Jersey could affect financial results.
Risks
- Dependence on subsea cableshigh
An interruption of the cables to France or Guernsey could affect the island's supply and the results of the Energy segment 1.
- Currency exposure on importsmedium
Electricity purchases from France are partly hedged with derivatives, but residual currency exposure remains 1.
- Pension obligationsmedium
Changes in the discount rate or in past service costs could alter pension obligations and expenses 1.
- Decommissioning costslow
The company does not recognise a decommissioning obligation, but the risk of future costs for the power station and cables exists 1.
- Asset impairmentmedium
The company recorded impairments in the past, and assets such as the N2 cable are planned for replacement, which could lead to further impairments 1.
Investment thesis
What would need to be true (bull case)
- The monopoly position and profitability of the Energy segment could support predictable cash flows for dividends and investment.
- The infrastructure investment programme could improve network reliability and the long-term asset base.
- If tariffs adjust to import costs, energy margins could remain stable.
What would break the thesis
- Dependence on cables from France and on import prices could reduce profitability if costs rise faster than tariffs.
- The Retail and Building Services segments have very thin margins, which may not justify expansion.
- The limited island market could restrict organic revenue growth over the long term.
What to watch
- Results of the Energy segment and the cost of imports from Francenext annual report
- Progress of capital investments, including replacement of the N2 cable2026
- Application of IFRS 18 from 1 January 2027 and its effect on financial statement presentation2027
- Changes in pension obligations and the discount ratenext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Jersey Electricity plc supplies electricity in the Island of Jersey, in the Channel Islands, and carries out related activities in five reported segments: Energy, Building Services, Retail, Property and Other. The company and its operations are concentrated almost entirely in the Channel Islands 1. At 30 September 2025 it had 385 full time equivalent employees 1. Its core activity remains electricity generation and distribution, supported by import contracts from France via subsea cables.
Energy is the largest segment, with external revenue of 118.4 million GBP in fiscal 2025 and operating profit of 12.7 million GBP 1. The segment includes the La Collette power station, on leasehold land, and the subsea cables to France and Guernsey 1. These assets are vital for supplying the island and importing energy.
The company recognises no decommissioning obligation for its major assets, but a risk of future costs exists, particularly for cables and the power station 1. It is taxed only in Jersey, at a rate of 20% 1. Profit attributable to owners was 11.0 million GBP in fiscal 2025 1.
Segments
Energy
The Energy segment generated external revenue of 118.4 million GBP in fiscal 2025 and operating profit of 12.7 million GBP 1. It is the main source of revenue and profit for the company, with 282 employees at 30 September 2025 1.
Market context
The Jersey energy market is small and isolated, supplied largely through subsea cables from France, so the cost of imports matters greatly for the company's costs. It hedges part of its future electricity purchases from France with currency derivatives over the next three calendar years 1. The business is regulated and limited almost entirely to the Channel Islands 1.
The market is dominated by a single integrated operator, and demand depends on the island's population and economy. The company acknowledges that the size of the local market limits organic growth opportunities 1.
Trends
- Cost of imported energy from Francemixed
The company buys energy from France, and exchange rate and price movements can affect costs; currency derivatives partly reduce exposure over three years 1. The effect could be neutral if tariffs reflect costs, or negative if costs rise faster than revenues.
- Infrastructure investmenttailwind
The company increased assets under construction, which points to a capital investment programme including replacement of the N2 cable 1. If investments are completed on time, they could support network reliability and grow the asset base.
- Pension costsheadwind
Pension obligations are discounted at a rate of 5.9% and included a past service cost of 3.0 million GBP in fiscal 2025 1. Changes in the discount rate could alter future obligations and expenses.
- Dividend policymixed
The proposed final dividend for fiscal 2025 is 12.6 pence per share, subject to approval at the annual general meeting 1. A stable dividend depends on continued profitability and capital expenditure.
Competitive position
Jersey Electricity operates in an island market with a single integrated electricity operator, so direct competition is limited. Competitive pressure comes more from energy alternatives and from other providers of building and retail services.
The analysed sources do not identify directly listed competitors. Comparison with other regional utilities remains limited by the size and specific structure of the Jersey market.
- Other building services and retail providers in Jersey
Local companies competing in the Retail and Building Services segments, where the company's market share is smaller.
- French electricity supplier
Source of electricity imports through the subsea cables; the relationship is supply rather than direct competition.
- Other island utilities in the Channel Islands
Operators with similar structure and regulation, but no direct link to the Jersey market.
- Regional energy suppliers in the United Kingdom
Indirect comparables through sterling reporting and the regulated utility model; there is no direct competition in the Jersey market.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202527 Jan 2026
- Annual report 202404 Feb 2025
- Annual report 202304 Feb 2025
Sources
- [1] Annual report, fiscal year ended 2025-09-30 (ESEF) · SEC / Jersey Electricity plc · 30 Sept 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.