Eversource Energy

ES: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$59.00	Kczcj	Gdvsywdc

Eversource: Offshore Wind Exit Progressing; Stock Remains One of Cheapest US Utilities

Travis Miller

Mar 22, 2024

We are reaffirming our $73 fair value estimate for Eversource Energy after several developments in the past month primarily involving the company's offshore wind projects. We are also reaffirming our no-moat rating. Eversource is one of the cheapest US utilities in our coverage, trading at a 20% discount to our fair value estimate as of March 21 after falling 28% since April 2023.

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