FirstEnergy Reaches Settlement With FES Creditors; Reaffirming $40 per Share FVE
We are reaffirming our $40 per share fair value estimate and narrow moat rating after FirstEnergy reported strong 2018 first-quarter operating earnings, reaffirmed 2018 guidance, and announced an agreement-in-principal with key FirstEnergy Solutions creditors. FES had filed for Chapter 11 bankruptcy on March 31; however, at that time management had indicated discussions with creditors were ongoing. We believe the agreement avoids years of litigation that would have been an overhang on FirstEnerg...FirstEnergy is a public utility holding company. The company and its subsidiaries are principally involved in the transmission, distribution and generation of electricity. The company's reportable operating segments are comprised of: Regulated Distribution, which distributes electricity through the company's utility operating companies and also controls regulated electric generation capacity located primarily in West Virginia, Virginia and New Jersey; and Regulated Transmission, which provides transmission infrastructure owned and operated by the transmission companies and certain of the company's utilities to transmit electricity from generation sources to distribution facilities.
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