California Governor's Wildfire Plan a Positive for Utilities, but Risks Still Abound for PG&E
California Governor Gavin Newsom's wildfire task force issued recommendations on April 12 that were in line with our expectations. We're reaffirming our fair value estimates for California utilities PG&E, Edison International, and Sempra Energy.We think it's too early for investors to assume the report or the governor's support will increase PG&E's post-bankruptcy value beyond our $12.50 per share fair value estimate. We think the 21% jump in PG&E's stock price April 12 was an overr...
Edison International is a holding company. Through its subsidiary, Southern California Edison Company (SCE), which is an investor-owned public utility, the company is primarily engaged in the business of supplying and delivering electricity to southern California. The company is also the parent company of Edison Energy Group, Inc., a holding company for Edison Energy, LLC, which is engaged in the business of providing energy services to commercial and industrial customers. SCE supplies electricity to its customers through transmission and distribution networks. Its transmission facilities include sub-transmission facilities and are located primarily in California but also in Nevada and Arizona.
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.
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