Morningstar

Morningstar, Inc.

Equity Bottom-Up

Pinnacle West has been able to exceed management's targeted 9.5% return on book equity on a weather-adjusted basis the past few years, and we have a high level of confidence that it can continue to achieve this level of return.Helping Pinacle West is the 2017 decision by the Arizona Corporation Commission approving a constructive rate base settlement for wholly owned Arizona Public Service and the overwhelming voter rejection of Proposition 127 in November 2018, likley requiring much higher…

We are reaffirming our $91 per share fair value estimate after Pinnacle West reported strong 2019 first-quarter earnings and reaffirmed 2019 earnings guidance and projected rate base growth through 2021. Our 2019 EPS estimate of $4.85 remains at the midpoint of the guidance range of $4.75-$4.95
Although management slightly modified its capital expenditure allocations, annual capital expenditure guidance through 2021 was roughly the same as presented during the year-end conference call in…

United States

Pinnacle West Capital Corporation is a utility holding company.  The Company, through its subsidiary, provides either retail or wholesale electric service to most of the State of Arizona. The Company, through a subsidiary, also is involved in real estate development activities in the western United States.

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