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The AES Corp AES

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Morningstar’s Analysis

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AES Adds 520 Net MW of Renewable PPAs in 2Q and May Sell a Piece of Fluence Energy Storage JV

Charles Fishman, CFA Equity Analyst

Analyst Note

| Charles Fishman, CFA |

We are reaffirming our $20 per share fair value estimate for The AES Corp after the company reported in-line second-quarter EPS, reaffirmed its 2020 EPS guidance range of $1.32-$1.42, and reaffirmed its 7%-9% EPS growth target through 2022. Adjusted EPS in the 2020 second quarter were $0.25 versus $0.26 in the same period last year.

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Company Profile

Business Description

AES is a global power company with businesses in 14 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 Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 21,000