PG&E's Growth Outlook Still Bright but Already Priced Into Premium Valuation
We are reaffirming our $54 per share fair value estimate, no-moat rating, and stable moat trend after the company reported earning $3.76 per share in 2016 on an adjusted basis, up from $3.12 in 2015 and in line with our expectation. Our $3.63 per share earnings estimate for 2017 is near the midpoint of management's guidance range.With a constructive decision in the Gas Transmission and Storage rate case and resolution of all gas-related matters, we think investors should turn their focus to the...
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.
We have operations in 27 countries.
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