AES' Earnings Growth Driven By Power Projects
We are reaffirming our $12 fair value estimate for AES after the company reported strong 2017 adjusted earnings per share and initiated better-than-expected 2018 EPS guidance. Reported 2017 adjusted EPS came in at $1.08, $0.06 higher than our estimate and the consensus. The variance versus our estimate was driven by lower corporate/other segment expense due in large part to a $0.06 per share reversal of reserves taken against reimbursements in 2016 that was recognized in the fourth quarter.AES ...
AES is a holding company. Through its subsidiaries, the company operates a portfolio of electricity generation and distribution businesses. The first business line is generation, where the company owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries. The second business line is utilities, where the company owns and/or operates utilities to generate or purchase, distribute, transmit and sell electricity to end-user customers in the residential, commercial, industrial and governmental sectors within a defined service area. In certain circumstances, the company's utilities also generates and sells electricity on the wholesale market.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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