Company Reports

We are reaffirming our $78 fair value estimate for Edison International after the company reported earnings per share of $1.13 on an adjusted basis in the first quarter, up from $1.09 in the first quarter of 2023. We are reaffirming our narrow moat rating.

California's quest to eliminate carbon emissions from the economy by 2045 offers Edison International more growth opportunities than most utilities. However, Edison must navigate the political, regulatory, and operating challenges in California to make it payoff for investors.

We are reaffirming our $78 fair value estimate for Edison International after the company reported earnings per share of $4.76 on an adjusted basis in 2023, slightly higher than our estimate and at the top end of management's guidance range. We are reaffirming our narrow moat rating.

We are raising our fair value estimate for Edison International to $78 from $75 after adjusting our ratemaking assumptions in 2024 and beyond to reflect California regulators' recent increase in Edison's allowed cost of capital used to set customer rates. We are reaffirming our narrow moat rating.

California's quest to eliminate carbon emissions from the economy by 2045 offers Edison International more growth opportunities than most utilities. However, Edison must navigate the political, regulatory, and operating challenges in California to make it payoff for investors.

California's quest to eliminate carbon emissions from the economy by 2045 offers Edison International more growth opportunities than most utilities. The key for investors is whether Edison can navigate the political, regulatory, and operating challenges all California utilities face.

We are reaffirming our $74 fair value estimate for Edison International after the board approved a 5.8% dividend increase for 2024 to $3.12 per share, annualized.

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 reaffirming our $74 fair value estimate for Edison International after management reported $1.38 per share of core earnings during the third quarter of 2023, down from $1.48 in the same quarter last year. Year-to-date earnings are mostly flat from last year and on track to meet our full-year forecast, in line with management's $4.55-$4.85 EPS guidance. We are reaffirming our narrow moat rating.

California's quest to eliminate carbon emissions from the economy by 2045 offers Edison International more growth opportunities than most utilities. The key for investors is whether Edison can navigate the political, regulatory, and operating challenges all California utilities face.

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.

In 2022, battery electric vehicles represented nearly 10% of global auto sales, up from a little less than 6% in 2021. Much of the growth occurred in China, which has been a leader in EV sales over the past decade. However, with national EV subsidies in China expiring in 2022 and far lower sales in the U.S. and Europe, the market questions if EV sales can continue to grow without subsides.

We are reaffirming our $74 fair value estimate for Edison International after the company announced it had filed a request with California regulators to recover $2.4 billion of costs from mudslides and fires in 2017-18. We are reaffirming our narrow moat rating.

We are reaffirming our $74 fair value estimate for Edison International after reviewing regulatory updates and earnings during the second quarter. We are reaffirming our narrow moat rating.

We are reaffirming our $74 fair value estimate for Edison International after management reported $1.09 per share of core earnings during the first quarter of 2023, up from $1.07 last year. We are reaffirming our narrow moat and stable moat trend ratings.

California's quest to eliminate carbon emissions from the economy by 2045 offers Edison International more growth opportunities than most utilities. The key for investors is whether Edison can navigate the political, regulatory, and operating challenges all California utilities face.

We are reaffirming our $73 fair value estimate for Edison International after management reported $4.63 per share of core earnings in 2022, in line with our estimate and management's guidance range. We are reaffirming our narrow moat and stable moat trend ratings.

We are reaffirming our $73 fair value estimate for Edison International after the board approved a 5.4% dividend increase to $2.95 per share annualized for 2023. This is in line with our expectations and implies a 4.5% yield as of Dec. 8. We are reaffirming our narrow moat and stable moat trend ratings.

California's aggressive clean energy goals, including the state's quest to eliminate carbon emissions from the economy by 2045, offer Edison International more growth opportunities than most utilities. The key for investors is whether Edison can navigate the political, regulatory, and operating challenges all California utilities face.

We are reaffirming our $73 fair value estimate for Edison International after management reported $1.48 per share of core earnings in the third quarter, raised 2022 earnings guidance, and maintained its 5%-7% annual earnings growth target through 2025. We are reaffirming our narrow moat and stable moat trend ratings.