Management Meeting: Ameren Looks Beyond Missouri to Drive Growth
We are reaffirming our $44 fair value estimate, no-moat and stable moat trend ratings for Ameren after meeting with the company's senior management at the Edison Electric Institute Financial Conference in Phoenix, Arizona. Management reaffirmed its long-term 5% to 8% growth, consistent with our 6.5% estimate.We think downside is limited for Ameren's Missouri utility, which is earning within 50 basis points of its allowed return under Missouri's current regulatory construct. Any success in attai...
Ameren is a public utility holding company. Through its subsidiary, Union Electric Company, the company operates a rate-regulated electric generation, transmission, and distribution business and a rate-regulated natural gas distribution business in Missouri. Through its subsidiary, Ameren Illinois Company, the company operates rate-regulated electric transmission, electric distribution, and natural gas distribution businesses in Illinois. Through its Ameren Transmission Company of Illinois subsidiary, the company operates a Federal Energy Regulatory Commission rate-regulated electric transmission business. The company also has other subsidiaries that conduct other activities, such as providing shared services.
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