Trying to consolidate my thoughts here.

Sembcorp is a cash generating net cash company, with positive FCF 11 out of the 15 years record that I tracked.

I am particularly interested in the utilities segment, as I see it as both a cash cow and a growth sector.

Since its inception in 2001, it has almost an unbroken track record of growing EBIT (I used this for consistency with earlier 2001-2002 data). While I still cannot not ascertain how much of the revenue is recurring, but I know recurring income form a portion of it, otherwise, it is unlikely that Hyflux is burning cash, and Sembcorp with also its water business, is generating cash. Note also that 2013 UK operations is making a loss of 52 mio, but earnings before tax and minority interest still grows.

It also has a good pipeline of projects:

(Source: 2013 AR)
Utility has taken …