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Consolidated Edison Inc ED

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Con Ed Confirms Likely Divestiture of StageCoach; Lowering Fair Value Estimate

Charles Fishman, CFA Equity Analyst

Analyst Note

| Charles Fishman, CFA |

We are lowering our fair value estimate to $78 per share from $79 following comments in Consolidated Edison’s 2020 10-K confirming our view that the company will likely divest its gas transmission investments. The Con Edison Transmission segment, or CET, contributed $0.17 per share to consolidated results in 2020, about 4% of adjusted earnings before parent and other.

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Company Profile

Business Description

Con Ed is a holding company for Consolidated Edison Company of New York, or CECONY, and Orange & Rockland, or O&R. These utilities provide steam, natural gas, and electricity to customers in southeastern New York--including New York City--and small parts of New Jersey. The two utilities generate roughly 90% of Con Ed's earnings. The other 10% of earnings comes from investments in renewable energy projects and gas and electric transmission. These investments have resulted in Con Ed becoming the second- largest owner of utility-scale PV solar capacity in the U.S.

Contact
4 Irving Place, Room 700
New York, NY, 10003
T +1 212 460-4600
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 14,071

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