Report
Andrew Bischof
EUR 100.00 For Business Accounts Only

Missouri's regulatory environment is improving.

We are reaffirming our $55 per share fair value estimate, no-moat rating, and stable moat trend after Ameren reported second-quarter operating EPS of $0.97, compared with $0.79 in the same year-ago period.
Management increased its 2018 earnings guidance range to $3.15 to $3.35, up from the prior range of $2.95-$3.15 per share. Management reaffirmed its long-term 5%-7% EPS growth through 2022, driven by 7% annual rate base growth. We plan on increasing our 2018 EPS estimate in line with managemen...
Underlying
Ameren Corporation

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.

Provider
Morningstar
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.

Analysts
Andrew Bischof

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