Company Reports

We reaffirm our fair value estimates and economic moat ratings for US utilities as we assess potential partnerships between data centers and nuclear plants.

We are reaffirming our $79 fair value estimate for narrow-moat-rated Ameren after the company reported second-quarter operating earnings per share of $0.97 compared with $0.90 in the year-ago period. Ameren reaffirmed its 2024 EPS guidance of $4.52-$4.72, in line with our expectations. Its 6%-8% annual earnings growth target through 2028, with 2024 as the base, is unchanged. We expect earnings to be in the bottom half of the range. Ameren now trades at a slight premium to our fair value estimate after rallying 18% from its February low. Ameren trades in line with the utilities sector median 18 P/E ratio as of Aug. 1.

We are upgrading Ameren's moat to narrow from none, as Missouri regulation has significantly improved. Missouri is where the company's largest and most important subsidiary operates.

Ameren is a regulated utility that operates in Illinois and Missouri, two historically challenging regulatory environments. Improving regulation in Missouri has created significant investment opportunities. However, Illinois has continued to be difficult, though management has proven to be adept at managing through regulatory challenges.

We are reaffirming our $78 fair value estimate for no-moat-rated Ameren after the company reported first-quarter operating earnings per share of $0.98 compared with $1.00 in the year-ago period.

Ameren is a regulated utility that operates in Illinois and Missouri, two historically challenging regulatory environments. Improving regulation in Missouri has created significant investment opportunities. However, Illinois has continued to be challenging, with the unfavorable first ruling under traditional ratemaking.

We are maintaining our $78 per share fair value estimate after Ameren reported full-year operating earnings per share of $4.38 in 2023, compared with $4.14 in 2022.

We are lowering our Ameren fair value estimate to $78 per share from $83 after the company received its Illinois rate case decision, the first under recent legislation that supports traditional ratemaking.

Ameren is a regulated utility that operates in Illinois and Missouri, two historically challenging regulatory environments. Improving regulation in Missouri has created significant investment opportunities. However, Illinois has continued to be challenging, with the unfavorable first ruling under traditional ratemaking.

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.

Ameren is a regulated utility that operates in Illinois and Missouri, two historically challenging regulatory environments. Improving regulation in Missouri has created significant investment opportunities, supporting the company's five-year $19.7 billion capital investment plan. However, Illinois could prove to be challenging given recent rate case outcomes.

We are reaffirming our $86 per share fair value estimate after Ameren reported third-quarter operating earnings of $1.87, compared with $1.74 per share in the same year-ago period. Management narrowed its 2023 earnings guidance to $4.30 to $4.45 per share, up from the previous $4.25 to $4.45 range, which remains in line with our expectations. After declining 14% since its May high, Ameren's stock now trades at a 9% discount to our fair value estimate as of Nov. 9.

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.

We are maintaining our $86 per share fair value estimate for Ameren after the company filed its Missouri integrated resource plan, or IRP, with state regulators.

Ameren is a regulated utility that operates in Illinois and Missouri, two historically challenging but rapidly improving regulatory jurisdictions. With improving rate regulation come significant investment opportunities, supporting the company's five-year $19.7 billion capital investment plan.

We are reaffirming our $86 fair value estimate after Ameren reported second-quarter operating earnings per share of $0.90 compared with $0.80 in the year-ago period. Management reaffirmed its 2023 EPS guidance of $4.25-$4.45, in line with our expectations. After declining 7% since its mid-May high, Ameren stock now trades at a slight discount to our our fair value estimate.

Ameren is a regulated utility that operates in Illinois and Missouri, two historically challenging but rapidly improving regulatory jurisdictions. With improving rate regulation come significant investment opportunities, supporting the company's five-year $19.7 billion capital investment plan.

We are reaffirming our $86 per share fair value estimate after Ameren reported first-quarter operating earnings of $1.00 per share, compared with $0.97 in the same year-ago period. Management reaffirmed 2023 EPS guidance of $4.25 to $4.45, in line with our expectations.

Ameren is a regulated utility that operates in Illinois and Missouri, two historically challenging but rapidly improving regulatory jurisdictions. With improving rate regulation come significant investment opportunities, supporting the company's five-year $19.7 billion capital investment plan. Looking beyond the current plan, Ameren has its sights set on more than $28 billion of additional investment opportunities, providing a long runway of growth for the company.

We are reaffirming our $85 per share fair value estimate after Ameren reported full-year 2022 operating EPS of $4.14, compared with $3.84 per share in 2021.