Morningstar - WGL Holdings Inc. (WGL) WGLs Regulated Utility Growth Shows Why AltaGas Finds the Company Attractive

Report

Morningstar

Travis Miller

EUR 101.80 For Business Accounts Only

WGL's Regulated Utility Growth Shows Why AltaGas Finds the Company Attractive

We are reaffirming our $88 fair value estimate and narrow moat and stable moat trend ratings for WGL Holdings after the company reported earnings per share of $0.26 on an ongoing basis in the fiscal third quarter, up from $0.23 in the same quarter of 2016. Our fair value estimate remains a function of the $88.25 per share cash purchase offer from AltaGas in January.
Earnings through the first three quarters are $3.29 per share, up $0.11, or 3.5%, from the first nine months of fiscal 2016. Resul...

03/08/2017 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

Travis Miller

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AltaGas closes its cash acquisition of WGL Holdings.

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WGL's Regulated Utility Growth Shows Why AltaGas Finds the Company Attractive

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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