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Avangrid Inc AGR

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Morningstar’s Analysis

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Avangrid Reports Full-Year Earnings; Texas Wind Holds Up During Cold Weather

Andrew Bischof, CFA, CPA Senior Equity Analyst

Analyst Note

| Andrew Bischof, CFA, CPA |

We are reaffirming our $45 fair value estimate and stable, narrow moat rating after Avangrid reported full-year adjusted earnings per share of $2.02 compared with $2.07 in the same year-ago period. Management reaffirmed its 2021 EPS guidance of $2.15-$2.35, in line with our estimates, as well as its 6%-8% annual growth rate through 2025.

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Company Profile

Business Description

Avangrid operates two business units, Networks and Renewables. Networks operates eight regulated electric and natural gas utilities across New York, Maine, Connecticut, and Massachusetts, serving over 3 million customers. It is the combination of Iberdrola's U.S. regulated units and UIL Holdings. Renewables has historically focused on developing onshore wind projects but is looking to make significant developments in solar and offshore wind over the next five years. It operates more than 7.6 gigawatts of renewable energy across the U.S. Spanish utility Iberdrola spun off Avangrid's predecessor, Iberdrola USA, in 2015. Iberdrola owns 81.5% of Avangrid.

180 Marsh Hill Road
Orange, CT, 06477
T +1 207 629-1200
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type High Yield
Employees 7,031