Morningstar - AES Corporation (AES) Decent Third-Quarter Results for AES, but Problems in Chile

Report

Morningstar

Charles Fishman

EUR 147.86 For Business Accounts Only

Decent Third-Quarter Results for AES, but Problems in Chile

We are reaffirming our fair value estimate of $12 per share after AES reported decent third-quarter earnings and reaffirmed its 2016 earnings guidance and 2017-18 outlook. Our no-moat and stable moat trend ratings are unchanged. Adjusted earnings were $0.32 per share in the recently ended quarter versus $0.38 per share last year, but the main difference was from a $0.06 per share equity earnings gain from a restructuring at Guacolda in Chile in 2015.
The earnings call was mostly positive except ...

04/11/2016 13 EN

Underlying

AES Corporation

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.

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US00130H1059 New York Stock Exchange United States

Provider

Morningstar

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.

We have operations in 27 countries.

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Analysts

Charles Fishman

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Decent Third-Quarter Results for AES, but Problems in Chile

AES Corporation, (The): Update to credit analysis

AES Corp: 1 director

Moody's assigns Prime-3 short term rating to AES Corporation's new commercial paper program

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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