Morningstar

Morningstar, Inc.

Equity Bottom-Up

After taking a fresh look at Pembina Pipeline’s first-quarter earnings results, we are decreasing our U.S. fair value estimate to $35 from $36 due to changes in foreign currency exchange rates. However, we are maintaining our CAD 47 Canadian fair value estimate and narrow moat rating. The stock remains in 3-star territory, and we think that the market has appropriately recognized the company's growth potential, limiting the stock's upside. Future growth projects could be limited by the decline…

Narrow-moat Pembina Pipeline generated first-quarter adjusted EBITDA of CAD 773 million, a 12% year-over-year increase and an 8% increase sequentially. Adjusted EBITDA came in above our expectations, driven by a better-than-expected contribution from Pembina’s growth projects that were placed into service during 2018. Adjusted cash flow from operating activities for the quarter was also above our expectations of CAD 551 million, coming in at CAD 578 million. The adjusted cash flow was up 9% from…

PPL has attractive regulated growth opportunities that could produce 5.5% annual rate base growth through 2021, supported by PPL's regulated operations.During the next five years, PPL plans to spend $14.3 billion at its domestic and international utilities. This supports our projected 5% annual earnings growth from 2019 through 2021. However, we think it will be difficult to offset declining returns in the U.K and expect lower consolidated earnings in 2022 and 2023. PPL's international delivery…

We are reaffirming our $31 fair value estimate and narrow economic moat rating for PPL after the company reported first-quarter operating earnings per share of $0.70, compared with $0.74 in the year-ago period. Management reaffirmed 2019 EPS guidance of $2.30-$2.50, in line with our estimate. PPL's 5%-6% annual earnings growth target through 2020 is consistent with our forecast
Operating success at PPL's U.K. regulated subsidiary remains overshadowed by long-term concerns about the direction…

<p>PPL has attractive regulated growth opportunities that could produce 5.5% annual rate base growth through 2021, supported by PPL's regulated operations.During the next five years, PPL plans to spend $14.3 billion at its regulated utilities. This supports our projected 5% annual earnings growth from 2019 through 2021. However, we think it will be difficult to offset declining returns in the U.K and expect lower consolidated earnings in 2022 and 2023. PPL's international delivery segment operates…</p>

United States

PPL Corporation is an energy and utility holding company. The Company, through its subsidiaries, generates electricity from power plants in the northeastern and western United States, and markets wholesale and retail energy primarily in the northeastern and western portions of the United States, and delivers electricity in Pennsylvania and the United Kingdom.

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