CMS Energy's Investments in Michigan Drive Core Growth
We are reaffirming our $41 per share fair value estimate for CMS Energy after the company reported earning $2.33 per share on an adjusted basis for full-year 2018, up 7% as expected. We are also reaffirming our narrow moat and stable moat trend ratings. Management’s 2019 EPS guidance remains in line with our $2.49 estimate.Constructive regulation in Michigan remains the key investment case for CMS. The company recently reached a rare settlement in its electric rate case, supporting our 6% avera...
CMS Energy is a holding company. The company has several subsidiaries, including: Consumers Energy Company, an electric and gas utility that serves individuals and businesses operating in the alternative energy, automotive, chemical, food, and metal products industries, as well as a group of other industries; CMS Enterprises Company, through its subsidiaries and equity investments, is engaged in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production; and EnerBank USA, an industrial bank located in Utah that provides unsecured consumer installment loans, primarily for financing home improvements.
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