Ameren Corp

AEE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$91.00	Pfxrhm	Zgchnjb

Ameren Earnings: Transmission and Economic Development Opportunities Could Help Offset Illinois

Andrew Bischof

Aug 2, 2024

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.

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