Morningstar - WGL Holdings Inc. (WGL) WGL Outperforms Our 2016 Forecasts and Initiates 2017 Guidance Above Our Forecast

Report

Morningstar

Mark Barnett

EUR 147.86 For Business Accounts Only

WGL Outperforms Our 2016 Forecasts and Initiates 2017 Guidance Above Our Forecast

We are reaffirming our $60 per share fair value estimate and stable narrow moat rating for WGL Holdings after it concluded an impressive performance in 2016 and initiated a 2017 earnings per share guidance range that is slightly higher than our outlook. We are reaffirming our 7% annualized earnings-growth rate from 2015 through 2020. Thus, the outperformance in 2016 and stronger 2017 outlook don't have a material impact on our fair value estimate.
Management outearned even its own $3.00-$3.20 EP...

17/11/2016 13 EN

Underlying

WGL Holdings Inc.

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.

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US92924F1066 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

Mark Barnett

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WGL Outperforms Our 2016 Forecasts and Initiates 2017 Guidance Above Our Forecast

WGL Holdings, Inc.: Update following downgrade to Baa1, negative

Moody's downgrades WGL Holdings to Baa1 and Washington Gas Light to A2; outlooks remain negative

AltaGas closes its cash acquisition of WGL Holdings.

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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