California Wildfire Legislation Mitigates Future Risk for Edison Shareholders
We are reaffirming our $68 fair value estimate, narrow moat, and stable moat trend for Edison International after considering recent legislative and regulatory policy developments that are in line with our expectations.Edison's 31% stock rally since early 2019 leaves it now slightly overvalued based on our fair value estimate as of mid-July. Edison was 19% undervalued at its low in January. New wildfire insurance legislation, supportive credit reports, and regulatory rate clarity have removed m...
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.
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