PG&E Leadership Changes Represent Critical Step to Avoiding Shareholder Conflict
We are reaffirming our $12.50 per share fair value estimate and no-moat and stable moat trend ratings for PG&E after the company announced more leadership changes.We've long said PG&E must build consensus among many stakeholders--most importantly shareholders and politicians--to maximize post-bankruptcy equity value. PG&E's leadership changes earlier this month fell short, receiving rebukes from some large shareholders and politicians, notably California Governor Gavin Newsom.
We th...
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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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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