1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
We are reaffirming our $70 fair value estimate for Edison International after management initiated a 5%-7% annual earnings growth outlook for 2021-25, in line with our estimate. Management also initiated 2021 earnings per share guidance of $4.42-$4.62, which is slightly higher than our estimate but not enough to affect our fair value estimate. We are maintaining our narrow moat and stable moat trend ratings.
Edison International is the parent company of Southern California Edison, an electric utility that supplies power to 5 million customers in a 50,000-square-mile area of Southern California, excluding Los Angeles. Edison Energy owns interests in nonutility businesses that deal in energy-related products and services. In 2014, Edison International sold its wholesale generation subsidiary Edison Mission Energy out of bankruptcy to NRG Energy.
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