Foreigners Keep Utility M&A Rumors Swirling Around WGL
We are reaffirming our $61 per share fair value estimate and stable narrow moat rating for WGL Holdings after another report identified it as an acquisition target.However, our fair value could jump to $80-$85 based on our probability-adjusted estimate of a potential deal price around $90-$95 per share. This would be about a 25% premium to WGL's pre-rumor stock price, in line with other recent utilities deals. We think reported suitor, Canada's AltaGas, could pay this mostly with stock and make...
WGL Holdings is a holding company. Through its wholly owned subsidiaries, the company sells and delivers natural gas and provide energy-related products and services to customers. The company's segments include regulated utility, which is a regulated public utility that sells and delivers natural gas to retail customers; retail energy-marketing, which sells wind and other renewable energy credits and carbon offsets to retail customers; commercial energy systems, which focuses on energy efficient solutions for its customers; and midstream energy services, which focuses in the investment, management, development and optimization of natural gas storage and transportation midstream infrastructure projects.
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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