Southern Co

SO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$34.00	Zdkqfm	Yxcjrgkvxv

Southern Company Earnings: More Capital Investment and Demand Growth Feeds Earnings Outlook

Travis Miller

Feb 15, 2024

We are reaffirming our $69 fair value estimate for Southern after the company reported $3.65 per share of operating earnings in 2023, up from $3.60 in 2022 and slightly higher than our estimate. On a weather-adjusted basis, earnings were up 6%, in line with our outlook and management's 5%-7% annual growth target. We are reaffirming our narrow moat rating.

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