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The AES Corp AES

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Morningstar’s Analysis

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AES Again Bumps Renewable Energy Targets and Announces Agreement With Google’s Virginia Data Centers

Charles Fishman, CFA Equity Analyst

Analyst Note

| Charles Fishman, CFA |

We are reaffirming our $25 per share fair value estimate for The AES Corp after the company reported flattish 2021 first-quarter EPS, reaffirmed 2021 adjusted earnings guidance, and reiterated its 7%-9% average annual EPS growth target through 2025. Adjusted first quarter EPS were $0.01 lower primarily due to a higher effective tax rate versus the same period last year.

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Company Profile

Business Description

AES is a global power company with businesses in 13 countries. It has a portfolio of more than 100 power plants and wind and solar farms. Its current construction program will increase its net generating capacity to over 35 gigawatts. AES also has majority ownership and operates six electric utilities distributing power to 2.4 million customers in the U.S. and El Salvador. AES is one of the world leaders in utility-scale energy storage in its Fluence joint venture with Siemens.

4300 Wilson Boulevard, 11th Floor
Arlington, VA, 22203
T +1 703 522-1315
Sector Utilities
Industry Utilities - Diversified
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 21,000