Report
Charles Fishman
EUR 100.00 For Business Accounts Only

Evergy Walks Back EPS Growth Target; No Change to Our FVE

We are reaffirming our $58 per share fair value estimate after Evergy reported 2018 pro forma results, initiated 2019 guidance, and adjusted its annual EPS growth through 2023 to 5%-7% off the midpoint of the new 2019 guidance of $2.90 per share. The EPS growth target had been 6%-8% off Westar Energy’s 2016 actual reported earnings of $2.43 per share. The walk-back was not received well by the market, and the shares were off over 7% in early trading.
The new guidance results in a 2021 EPS of $3....
Underlying
Evergy Inc.

Evergy is a public utility holding company. Through its subsidiary, Westar Energy, Inc., the company is a regulated electric utility that provides electricity to customers in the state of Kansas. The company's Kansas City Power & Light Company (KCP&L) subsidiary, is a regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas. KCP&L's subsidiary, Greater Missouri Operations Company, is a regulated electric utility that provides electricity to customers in the state of Missouri. The company, through its subsidiary, GPE Transmission Holding Company, LLC, partially owns Transource Energy, LLC, which is focused on the development of electric transmission projects.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Charles Fishman

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