AES Reports Strong 2Q; Chile and Puerto Rico Problems Reduce Confidence in Our Earnings Estimates
We are reaffirming our fair value estimate of $12 per share after AES reported strong 2017 second-quarter adjusted earnings due in large part to improved margins driven by better plant availability in Argentina, the Dominican Republic, Mexico, and Puerto Rico. Adjusted EPS was $0.25 in the recently ended quarter versus $0.17 in the same period last year. Our full-year 2017 EPS estimate of $1.05 is unchanged. Our no-moat and stable moat trend ratings are also unchanged.ÂThe company's aggressive ...
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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