Entergy Initiates In-Line Utility Guidance; Equity Needs Due to Tax Reform Larger Than We Expected
We are reaffirming our $79 per share fair value estimate and no-moat rating after Entergy reported stronger-than-expected 2017 earnings and established in-line 2018 utility, parent and other, or UP&O, segment guidance. Operational earnings in 2017 were $7.20 per share, well above our estimate of $6.80 and the consensus estimate of $6.89 per share. However, UP&O’s full-year adjusted earnings of $4.57 per share was only $0.09 higher than our estimate.Consolidated operational earnings incl...
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