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Ameren Corp AEE

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Morningstar’s Analysis

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Ameren Reports Solid 2020 Results; Long-Term Growth Opportunities Significant

Andrew Bischof, CFA, CPA Senior Equity Analyst

Analyst Note

| Andrew Bischof, CFA, CPA |

We are reaffirming our $77 per share fair value estimate, no-moat rating, and stable moat trend after Ameren reported full-year operating EPS of $3.50, compared with $3.35 in 2019. Earnings were in line with our estimate and management's $3.40 to $3.55 guidance range. The company initiated a 2021 EPS guidance range of $3.65 to $3.85. We plan to slightly lower our estimates for 2021 but do not expect it to have a material impact on our fair value.

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Company Profile

Business Description

Ameren owns rate-regulated generation, transmission, and distribution networks that deliver electricity and natural gas in Missouri and Illinois. It serves nearly 2.5 million electricity customers and roughly 1.0 million natural gas customers.

1901 Chouteau Avenue
St. Louis, MO, 63103
T +1 314 621-3222
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Slow Growth
Employees 9,183