Initiating Coverage of Avangrid, Shares Modestly Undervalued
We are initiating coverage of Avangrid with a fair value estimate of $53 per share, narrow moat and stable moat trend.Avangrid investors must be comfortable with regulated operations across the Northeast and the outlook for the U.S. renewable energy growth. Avangrid's regulated utility segment, or Networks, operates eight regulated electric and natural gas utilities across New York, Maine, Connecticut, and Massachusetts. Roughly two thirds of Avangrid's $12 billion investment plan during the n...
Avangrid is an energy services holding company engaged in the regulated energy distribution business through its subsidiary, Avangrid Networks, Inc. (Networks), and in the renewable energy generation business through its subsidiary, Avangrid Renewables Holding, Inc. (ARHI). ARHI in turn holds subsidiaries including Avangrid Renewables, LLC (Renewables). Networks owns and operates its regulated utility businesses through its subsidiaries, including electric transmission and distribution and natural gas distribution, transportation and sales. Renewables operates a portfolio of renewable energy generation facilities primarily using onshore wind power and also solar, biomass and thermal power.
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