The AES Corp

AES: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$88.00	Hwl	Fkkwwxttr

IRA Adds Significant Renewable Energy Growth Potential to AES' Pipeline of Opportunities

Andrew Bischof

Nov 4, 2022

We are reaffirming our $22 per share fair value estimate and stable, no-moat ratings for AES after it reported third-quarter adjusted earnings of $0.63 per share compared with $0.50 in the same year-ago period. Management reaffirmed 2022 earnings guidance of $1.55 to $1.65 per share but said it expects to finish the year at or near the high end of the range. This is in line with our estimate. Management also reaffirmed its 7%-9% annual earnings growth rate target through 2025, which we expect AES to achieve.

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