Ameren Corp

AEE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$36.00	Crszc	Hxqspgn

Ameren Earnings: Upcoming Rate Case Decision in Illinois Key to Setting Regulatory Tone

Andrew Bischof

Nov 9, 2023

We are reaffirming our $86 per share fair value estimate after Ameren reported third-quarter operating earnings of $1.87, compared with $1.74 per share in the same year-ago period. Management narrowed its 2023 earnings guidance to $4.30 to $4.45 per share, up from the previous $4.25 to $4.45 range, which remains in line with our expectations. After declining 14% since its May high, Ameren's stock now trades at a 9% discount to our fair value estimate as of Nov. 9.

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