National Grid has long been a home for income investors, with a dividend yield that has been held at a chunky 4 per cent to 6 per cent for the past decade. However, now the group is, in the words of its chief executive, tilting “away from the yield and towards growth” with a huge £60 billion investment plan to upgrade its networks.
This has not gone down well on the market. The FTSE 100 group has lost more than a tenth of its value in the past month as investors digest a deeply discounted £7 billion rights issue, a growth plan that has not moved the dial on forecast earnings growth and the rebasing of its dividend.
Yet it seems that a number of
