Favorable Currency Hedges Protect PPL From Brexit Impact
We are reaffirming our $35 fair value estimate and narrow economic moat and stable moat trend ratings after PPL reported second-quarter operating earnings per share of $0.56, compared with $0.49 in the year-ago period. Management reaffirmed 2016 guidance of $2.25-$2.45, in line with our $2.39 estimate. Management initiated 2017 guidance of $2.05-$2.25, below our expectations. Management reaffirmed its long-term 5-6% earnings growth expectations from 2017-20, in line with our 5.6% annual earnings...PPL is a utility holding company. Through its regulated utility subsidiaries, the company delivers electricity to customers in United Kingdom, Pennsylvania, Kentucky, and Virginia; delivers natural gas to customers in Kentucky; and generates electricity from power plants in Kentucky. The company's segments are: United Kingdom Regulated, which has regulated electricity distribution operations in United Kingdom; Kentucky Regulated, which is engaged in the regulated generation, transmission, distribution and sale of electricity in Kentucky and Virginia, and the distribution and sale of natural gas in Kentucky; and Pennsylvania Regulated, which delivers electricity in eastern and central Pennsylvania.
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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