Cut Through the Red Tape and Scana's Earnings Are Solid; Stock Undervalued
We are reaffirming our $60 fair value estimate and narrow, stable moat ratings after Scana reported 2017 earnings that included a $1.1 billion pretax write-off for its terminated nuclear project yet showed a mostly healthy core business, as we expected. Although accounting earnings show an $0.83 per share loss for the year, earnings excluding nuclear project and tax reform charges were $4.20 per share, in line with our outlook.Our fair value estimate continues to include a 75% likelihood that r...
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