PPL's U.K. distribution network utility is the focus of investor concern.
We are reaffirming our $39 per share fair value estimate and narrow economic moat after PPL reported third-quarter operating earnings of $0.56 per share, compared with $0.63 in the same year-ago period. Management increased 2017 guidance to $2.10-$2.25 per share of ongoing earnings, up from $2.05-$2.25. Management reaffirmed its 5%-6% earnings growth expectations through 2020 and 4% dividend growth over the same period, both consistent with our forecasts. Weaker earnings at the U.S. utilities fr...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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