Management Meeting: Work Under Way at Pepco to Achieve Higher Returns
We are reaffirming our $30 fair value estimate, narrow moat rating, and stable moat trend rating for Exelon after meeting with senior management at the Edison Electric Institute Financial Conference in Phoenix, Arizona.Exelon's key near-term challenge is improving earned returns at the newly acquired Pepco utilities. We think Exelon must raise the Pepco utilities' earned returns by at least 200 basis points to make the deal value-accretive. This first round of rate cases under way in New Jersey...
Exelon is a utility services holding company engaged in the generation, delivery and marketing of energy through Exelon Generation Company, LLC and the energy distribution and transmission businesses through Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Potomac Electric Power Company, Delmarva Power & Light Company and Atlantic City Electric Company. Through its business services subsidiary Exelon Business Services Company, LLC, the company provides its subsidiaries with a variety of support services.
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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