Report
Travis Miller
EUR 101.80 For Business Accounts Only

Uncertainty Hangs as PG&E Awaits Wildfire Investigation Reports

We are reaffirming our $52 fair value estimate and no-moat and stable moat trend ratings for PG&E after the company reported earning $1.12 per share on an adjusted basis in the third quarter. However, the primary focus for investors remains PG&E's possible role in the 2017 Northern California wildfires last month.
We recently cut our fair value estimate after incorporating an estimated $5 billion gross pretax estimate for potential liabilities related to PG&E's involvement in the fir...
Underlying
PG&E Corporation

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.

Provider
Morningstar
Morningstar

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.

Analysts
Travis Miller

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