reports
- Charles Fishman
Morningstar | Can EVs, Pot, and Data Save U.S. Electricity Demand?
U.S. electricity demand has flatlined during the last decade, but we think it will spring to life. We forecast three emerging electricity demand sources—data centers, electric vehicle charging, and marijuana production—will approach 6% of total U.S. electricity demand by 2030, offsetting energy efficiency gains and resulting in 1.25% total annual electricity demand growth through 2030. We are reaffirming our fair value estimates and moat ratings for all U.S. utilities. Utilities will have ...
- Charles Fishman
Can EVs, Pot, and Data Save U.S. Electricity Demand?
U.S. electricity demand has flatlined during the last decade, but we think it will spring to life. We forecast three emerging electricity demand sources—data centers, electric vehicle charging, and marijuana production—will approach 6% of total U.S. electricity demand by 2030, offsetting energy efficiency gains and resulting in 1.25% total annual electricity demand growth through 2030. We are reaffirming our fair value estimates and moat ratings for all U.S. utilities. Utilities will have t...
- Charles Fishman
Morningstar | Management Meeting: Increased Confidence Evergy Will Ach...
We are increasing our fair value estimate to $58 from $55 per share after Evergy reported strong pro forma 2018 third-quarter earnings, increased its dividend, and reaffirmed its 6%-8% EPS growth guidance through 2021. Following the earnings release, we had the opportunity to meet with Evergy’s CEO Terry Bassham and CFO Tony Somma at the Edison Electric Financial Conference in San Francisco. Discussion at the EEI meeting gave us additional confidence the recently completed merger would achiev...
- Charles Fishman
Morningstar | Management Meeting: Increased Confidence Evergy Will Ach...
We are increasing our fair value estimate to $58 from $55 per share after Evergy reported strong pro forma 2018 third-quarter earnings, increased its dividend, and reaffirmed its 6%-8% EPS growth guidance through 2021. Following the earnings release, we had the opportunity to meet with Evergy’s CEO Terry Bassham and CFO Tony Somma at the Edison Electric Financial Conference in San Francisco. Discussion at the EEI meeting gave us additional confidence the recently completed merger would achiev...
- Charles Fishman
Management Meeting: Increased Confidence Evergy Will Achieve Merger Sa...
We are increasing our fair value estimate to $58 from $55 per share after Evergy reported strong pro forma 2018 third-quarter earnings, increased its dividend, and reaffirmed its 6%-8% EPS growth guidance through 2021. Following the earnings release, we had the opportunity to meet with Evergy’s CEO Terry Bassham and CFO Tony Somma at the Edison Electric Financial Conference in San Francisco. Discussion at the EEI meeting gave us additional confidence the recently completed merger would achieve...
- Charles Fishman
Morningstar | Evergy Reports Strong Results Following Merger; Raising ...
We are increasing our fair value estimate to $55 from $52 per share after Evergy reported strong pro forma earnings, reaffirmed post-merger share repurchase plans, and issued guidance of 6%-8% EPS growth through 2021. Although favorable weather contributed more than half of the strong results in the quarter, the merger-related tax benefits were larger than we anticipated. Pro forma 2018 second-quarter EPS was $0.90 versus $0.59 in the same period last year. Warm weather (cooling degree days wer...
- Charles Fishman
Morningstar | EPS growth driven by share buybacks and synergies after ...
A merger of equals two years in the making finally closed on June 4, 2018 when Great Plains Energy and Westar Energy combined to create Evergy. The merger creates a regulated utility with a solid balance sheet, significant investment opportunities in wind energy and transmission, and more flexibility to meet environmental requirements.Evergy's service territory encompasses healthy economies in Kansas and Missouri. We expect the underlying strength of the Kansas City economy to drive continued de...
- Charles Fishman
EPS growth driven by share buybacks and synergies after merger.
We are reaffirming our $30 per share fair value estimate for Great Plains Energy as we believe the announcement that Missouri Gov. Eric Greitens would resign is unlikely to derail the merger with Westar Energy. Last week, regulators in Missouri and Kansas approved the merger. Ten days are required before regulatory decisions are effective in Missouri, making the Missouri approval effective on Sunday, June 3. Thus, we expect the all-stock merger of equals, creating Evergy Inc., to close the week ...
- Charles Fishman
Evergy Reports Strong Results Following Merger; Raising FVE to $55
We are increasing our fair value estimate to $55 from $52 per share after Evergy reported strong pro forma earnings, reaffirmed post-merger share repurchase plans, and issued guidance of 6%-8% EPS growth through 2021. Although favorable weather contributed more than half of the strong results in the quarter, the merger-related tax benefits were larger than we anticipated. Pro forma 2018 second-quarter EPS was $0.90 versus $0.59 in the same period last year. Warm weather (cooling degree days were...
- Charles Fishman
Initiating Coverage of Evergy
We are reaffirming our $30 per share fair value estimate for Great Plains Energy as we believe the announcement that Missouri Gov. Eric Greitens would resign is unlikely to derail the merger with Westar Energy. Last week, regulators in Missouri and Kansas approved the merger. Ten days are required before regulatory decisions are effective in Missouri, making the Missouri approval effective on Sunday, June 3. Thus, we expect the all-stock merger of equals, creating Evergy Inc., to close the week ...
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