Southern Surprises With $5 Billion-Plus Equity but Should Be Accretive With Regulatory Frameworks
We are reaffirming our $51 fair value estimate and stable, narrow moat rating for Southern Co. after the company reported strong 2017 adjusted earnings per share of $3.02, $0.06 higher than our estimate and the consensus estimate. Southern initiated a modestly disappointing 2018 adjusted EPS guidance range of $2.80-$2.95, well below our $3.00 estimate.Tax reform and other one-time events are more than offsetting $0.15 EPS growth from Southern’s regulated businesses, but we are confident that t...
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