Morningstar - Evergy (A2JNBV) Westar Keeps Increasing Earnings as Great Plains Merger Approvals Loom

Report

Morningstar

Travis Miller

EUR 147.86 For Business Accounts Only

Westar Keeps Increasing Earnings as Great Plains Merger Approvals Loom

We are reaffirming our $55 fair value estimate and narrow moat and stable moat trend ratings after Westar Energy announced earnings per share of $1.09 in the third quarter, up from $0.97 per share in the third quarter of 2015. Our fair value estimate is based on a 75% probability that Great Plains will close its acquisition of Westar by mid-2017 at the proposed cash and stock offer that we value at $60 per share.Â
We are reaffirming our $40 per share stand-alone fair value estimate for Westar. M...

02/11/2016 13 EN

Underlying

Evergy

Westar Energy is an electric utility in Kansas. As of Dec 31 2017, the company provided electric generation, transmission and distribution services to approximately 708,000 customers in Kansas. The company provides these services in central and northeastern Kansas, including the cities of Topeka, Lawrence, Manhattan, Salina and Hutchinson. Kansas Gas and Electric Company, the company's wholly owned subsidiary, provides these services in south-central and southeastern Kansas, including the city of Wichita. The company also supplies electric energy at wholesale to municipalities and electric cooperatives in Kansas, and has contracts for the sale or purchase of wholesale electricity with other utilities.

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US95709T1007 United States

Provider

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.

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Analysts

Travis Miller

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Westar Keeps Increasing Earnings as Great Plains Merger Approvals Loom

Monthly LMI Update Independent Investment Research

Feasibility Study Results in December to be a Catalyst for this Junior

Westar and Great Plains wrap up all regulatory approvals.

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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