PG&E Corp

PCG: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$41.60	Xgmr	Xzjmbgwg

PG&E: Few Surprises in Rate Case Decision; Undergrounding Pushed Back

Travis Miller

Nov 19, 2023

We are raising our fair value estimate for PG&E to $15.50 per share from $15 after California regulators approved electric and gas rate increases in 2023-26 mostly in line with our estimate. We also increased our allowed return on equity for 2024 and 2025 to reflect likely adjustments based on higher interest rates. We are maintaining our no-moat rating.

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