Westar's Weak Earnings Obscure Healthy, Growing Business Going Into Merger
We are reaffirming our $46.50 fair value estimate and narrow moat and stable moat trend ratings for Westar Energy after the company announced earning $2.27 per share in 2017. Earnings were about 10% lower than our estimate, primarily due to a write-off related to the tax cut legislation and unfavorable weather. Lower operating costs helped offset some of the weakness, and we believe Westar's core business growth potential remains on track.Our fair value estimate is based on the stock-for-stock ...
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