Scana, Dominion Still Look Cheap Despite Merger's Regulatory Overhang
We are reaffirming our $60 fair value estimate for Scana and our $87 fair value estimate for Dominion Energy after reviewing regulatory documents filed since Dominion announced an all-stock acquisition offer on Jan. 3 worth $14.6 billion, including debt. We are reaffirming our moat and moat trend ratings for both companies.We continue to think Scana is one of the cheapest U.S. utilities in our coverage for two reasons. First, Scana's stock price as of Jan. 8 reflects a 15% discount to the impli...
SCANA is a holding company. Through its regulated subsidiaries, the company is engaged in the generation, transmission, distribution and sale of electricity in South Carolina and in the purchase, transmission and sale of natural gas in North Carolina and South Carolina. Through its non-regulated subsidiary, the company markets natural gas to retail customers in Georgia and to wholesale customers in the southeast. In addition, the company's subsidiary, SCANA Services, Inc. provides primarily administrative and management services to the company's other subsidiaries.
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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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