Analyst Note| Andrew Bischof, CFA, CPA |
We are reaffirming our $22 per share fair value estimate and stable, no moat ratings for AES after it reported first-quarter adjusted earnings of $0.21 per share compared with $0.28 in the same year-ago period. Management reaffirmed 2022 earnings guidance of $1.55 to $1.65 per share, in line with our estimate. Management also reaffirmed its 7% to 9% earnings growth rate through 2025. We expect AES to achieve the midpoint of this range.