Accounting-driven EarningsAnalyst cautions that some earnings improvements stem from accounting choices such as capitalizing interest and timing of asset commissioning, potentially masking weaker underlying business trends.
Project Execution RiskAnalyst notes delays on a US energy project have lowered its expected contribution to future earnings, weakening the growth outlook.
Valuation RiskAnalyst warns the stock trades at a valuation premium versus peers, which could limit upside if the company cannot sustain returns above regulatory benchmarks.