Competing PG&E Bankruptcy Exit Plans Frame Lost Equity Value Range; Still-Bearish Outlook
We are raising our PG&E fair value estimate to $14.50 per share from $12.50 after analyzing reported bankruptcy exit plans from the company and its creditors. Both plans would preserve more postbankruptcy equity value than we had estimated.PG&E's stock still trades near a 50% premium to our new fair value estimate, and we remain more bearish than other analysts. We are reaffirming our no moat, stable moat trend, and very high uncertainty ratings.
We estimate the creditors' reported plan...
PG&E is a holding company that conducts its business through Pacific Gas and Electric Company (Utility), a public utility engaged in the sale and delivery of electricity and natural gas to customers. The Utility generates electricity and provides electric transmission and distribution services throughout its service territory in northern and central California to residential, commercial, industrial, and agricultural customers. The Utility provides natural gas transportation services to small commercial and residential customers and to industrial, commercial, and natural gas-fired electric generation facilities that are connected to the Utility's gas system in its service territory.
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