Morningstar

Morningstar, Inc.

Equity Bottom-Up

We are raising our PG&amp;E fair value estimate to $14.50 per share from $12.50 after analyzing reported bankruptcy exit plans from the company and its creditors. Both plans would preserve more postbankruptcy equity value than we had estimated
PG&amp;E's stock still trades near a 50% premium to our new fair value estimate, and we remain more bearish than other analysts. We are reaffirming our no moat, stable moat trend, and very high uncertainty ratings.

We estimate the creditors' reported plan would…

The 2017-18 Northern California wildfires have PG&amp;E in bankruptcy for the second time in 20 years. But this is not a typical bankruptcy, and we expect PG&amp;E to exit with substantial equity value, albeit much less than before the fires.With as much as $30 billion of wildfire liabilities looming, PG&amp;E will work through regulatory, legal, and political processes to determine winners and losers. PG&amp;E remains solvent, leaving creditors, shareholders, insurance companies, and fire victims to divvy up…

We are reaffirming our $12.50 fair value estimate and no-moat and stable moat trend ratings for PG&amp;E after several developments this week. Our valuation continues to reflect our estimate of PG&amp;E's postbankruptcy equity value
First, the California wildfire commission recommended reforming the state's inverse condemnation doctrine that holds utilities strictly liable for all damages involving their equipment. We consider inverse reform a requirement to restore PG&amp;E's credit profile and equity…

We are reaffirming our $12.50 fair value estimate and no-moat and stable moat trend ratings for PG&amp;E after the company  reported $1.04 per share of adjusted operating earnings in the first quarter. Our valuation continues to reflect our estimate of PG&amp;E's postbankruptcy equity value
In its first quarter operating in bankruptcy, PG&amp;E took no incremental charges for 2017-18 wildfire liabilities. We expect the next round of potential charges could come in the third quarter as regulatory, legal,…

We are reaffirming our $12.50 per share fair value estimate and no-moat and stable moat trend ratings for PG&amp;E after the company announced more leadership changes
We've long said PG&amp;E must build consensus among many stakeholders--most importantly shareholders and politicians--to maximize post-bankruptcy equity value. PG&amp;E's leadership changes earlier this month fell short, receiving rebukes from some large shareholders and politicians, notably California Governor Gavin Newsom.

We think PG&amp;E's…

United States

PG&E Corporation is a holding company that holds interests in energy based businesses.  The Company's holdings include a public utility operating in northern and central California that provides electricity and natural gas distribution; electricity generation, procurement, and transmission; and natural gas procurement, transportation, and storage.

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