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Morningstar‘s Stock Analysis AES

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Is it the right time to buy or sell?

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Economic Moat


Capital Allocation


IRA Adds Significant Renewable Energy Growth Potential to AES' Pipeline of Opportunities

Andrew Bischof, CFA, CPA Senior Equity Analyst

Analyst Note

| Andrew Bischof, CFA, CPA |

We are reaffirming our $22 per share fair value estimate and stable, no-moat ratings for AES after it reported third-quarter adjusted earnings of $0.63 per share compared with $0.50 in the same year-ago period. Management reaffirmed 2022 earnings guidance of $1.55 to $1.65 per share but said it expects to finish the year at or near the high end of the range. This is in line with our estimate. Management also reaffirmed its 7%-9% annual earnings growth rate target through 2025, which we expect AES to achieve.

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Key Statistics AES

Company Profile AES

Business Description

AES is a global power company operating across 14 countries and 4 continents. Its current generation portfolio as of year-end 2021 consists of over 31 gigawatts of generation, with the generation mix composed of renewables (43%), gas (32%), coal (23%), and oil (2%). The company has 3.5 gigawatts of generation under construction. AES has majority ownership and operates six electric utilities distributing power to 2.6 million customers.

4300 Wilson Boulevard, 11th Floor
Arlington, VA, 22203
T +1 703 522-1315
Industry Utilities - Diversified
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 8,450

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