Utilities valuations

regulated utility cohort. CERC / PNGRB tariff-driven names with bond-like cash flows route to the regulated-utility sector model (WACC ~9%) instead of the generic power / oil-gas / NBFC buckets (WACC 10.5-11%). The 15.5% regulated ROE on a regulated asset base and government-underwritten cash flows justify the tighter discount. A bear-floor protects against scenario collapse on cycle-low input years.