Cutting Our PG&E FVE, but Bankruptcy No Death Knell at This Point
Our new fair value estimate for PG&E is $11 per share after considering possible bankruptcy scenarios. We think this is a unique circumstance where shareholders retain postbankruptcy equity value. We are reaffirming our no-moat and very high uncertainty ratings.We think the most likely near-term scenario is a fourth-quarter 2018 accounting charge that cuts PG&E's book equity well below its allowed regulatory capital structure. PG&E would have to issue a large amount of equity to re...
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.
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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