Company Reports

We expect Alliant Energy to invest over $11 billion from 2024 to 2028, supporting 8% rate base growth. We forecast the company will achieve the top half of management's 5%-7% annual earnings growth target. Management estimates up to $14 billion of capital investment opportunities from 2028 to 2032, supporting growth beyond our forecast.

We are maintaining our $58 fair value estimate for narrow-moat-rated Alliant Energy after the company reported second-quarter operating earnings per share of $0.57, compared with $0.64 in the year-ago period. Results were affected by income tax expense timing, with the temporary impact having no impact on our full-year expectations.

We are maintaining our $58 fair value estimate for narrow-moat-rated Alliant Energy after the company reported first-quarter operating earnings per share of $0.62, compared with $0.65 in the year-ago period.

We expect Alliant Energy to invest over $11 billion from 2024-28, supporting our expectation that the company will achieve the top half of management's 5%-7% growth target. Management estimates continued significant capital investment opportunities in the second half of the decade, supporting growth beyond our forecast.

We are maintaining our $58 fair value estimate for Alliant Energy after the narrow-moat company reported full-year operating earnings per share of $2.88, compared with $2.73 in 2022. The company reaffirmed 2024 EPS guidance of $2.99-$3.13, in line with our estimate. Management also reaffirmed its long-term 5%-7% earnings growth target. We think the company can achieve the high end of that range.

We expect Alliant Energy to invest over $10 billion from 2023-27, supporting our expectation that the company will achieve the top half of management's 5%-7% growth target. Management estimates continued capital investment opportunities in the second half of the decade, supporting growth beyond our forecast.

With the U.N. Climate Change Conference, otherwise known as COP28, starting this week, we are reasserting our view that the market underappreciates utilities' critical role in limiting global warming.

We are maintaining our Alliant Energy $58 per share fair value estimate after the company reported third-quarter operating earnings per share of $1.05, compared with $0.93 in the same year-ago period. Management narrowed 2023 EPS guidance to $2.85 to $2.93, from $2.82 to $2.96. Our $2.90 per share estimate remains unchanged.

We are reaffirming our fair value estimates and economic moat ratings for all U.S. utilities after the sector fell nearly 5% on Monday. We think the sector's 11% drop since last week offers a rare opportunity for investors to buy high-quality utilities at very attractive prices.

Our forecast for Alliant Energy to invest over $10 billion from 2023-27 supports our estimate for the company to achieve the top half of management's 5%-7% growth target. Management estimates continued capital investment opportunities in the second half of the decade, supporting growth beyond our forecast.

We are maintaining our $58 per share fair value estimate for Alliant Energy after the company reported second-quarter earnings per share of $0.64, compared with $0.63 in the same year-ago period. Management reaffirmed 2023 EPS guidance of $2.82 to $2.96, in line with our expectations. Our narrow moat rating remains unchanged.

Our forecast for Alliant Energy to invest $10.5 billion from 2023-27 supports our estimate for the company to achieve the top half of management's 5%-7% growth target. Management estimates continued capital investment opportunities in the second half of the decade, supporting growth beyond our forecast.

We are maintaining our Alliant Energy $58 per share fair value estimate after the company reported first-quarter earnings per share of $0.65, down from $0.77 in the same year-ago period. Management reaffirmed 2023 EPS guidance of $2.82 to $2.96, in line with our expectations. Our narrow moat and stable moat trend remain unchanged.

Our forecast for Alliant Energy to invest $10.5 billion from 2023-27 supports our estimate for the company to achieve the high end of management's 5%-7% growth target. Management estimates continued capital investment opportunities in the second half of the decade, supporting growth beyond our forecast.

We are maintaining our $58 fair value estimate for Alliant Energy after the company reported 2022 earnings per share of $2.73, up 6% from 2021. Management reaffirmed its 2023 EPS guidance of $2.82-$2.96, in line with our expectations. Our narrow moat and stable moat trend ratings are unchanged.

We are increasing our Alliant Energy fair value estimate to $58 per share from $56 after the company reported third-quarter earnings per share of $0.93, down from $1.02 in the same year-ago period, and increased its capital investment plan. The company targets a 6% dividend increase in 2023, in line with our expectations. Our narrow moat and stable moat trend remain unchanged.

Our forecast for Alliant Energy to invest $10 billion in 2022-26 supports our estimate for the company to achieve the high end of management's 5%-7% growth target. Management estimates continued capital investment opportunities in the second half of the decade, supporting growth beyond our forecast.

We are reaffirming our fair value estimates for U.S. utilities after raising our 10-year annual U.S. electricity demand growth forecast to 1.4%, up from 1.2% in our previous forecast two years ago. We also are reaffirming our economic moat and moat trend ratings for all U.S. utilities.

Our initial analysis of the U.S. Inflation Reduction Act that President Joe Biden plans to sign on Aug. 16 has led us to reaffirm or make slight increases to our fair value estimates for U.S. utilities. We are reaffirming our moat and moat trend ratings.

Our forecast for Alliant Energy to invest nearly $8 billion in 2022-26 supports our estimate for the company to achieve the midpoint of management's 5%-7% target. Management estimates another $7 billion-$9 billion of capital investment opportunities in the second half of the decade, supporting growth beyond our forecast.