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.