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Evergy Inc EVRG

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Morningstar’s Analysis

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Evergy Highlights Regulated Growth Potential During Investor Day

Travis Miller Strategist

Analyst Note

| Travis Miller |

We are reaffirming our $60 per share fair value estimate for Evergy after management released its initial outlook for 2022 and updated its five-year capital investment plan. Both are in line with our outlook. Management also reaffirmed its 2021 earnings guidance range of $3.20-$3.40, in line with our estimate. We are reaffirming our narrow moat and stable moat trend ratings.

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Company Profile

Business Description

Evergy is a regulated electric utility serving eastern Kansas and western Missouri. Major operating subsidiaries include Evergy Metro, Evergy Kansas Central, Evergy Missouri West, and Evergy Transmission Company. The utility has a combined rate base of approximately $15 billion, about half in Kansas and half split between Missouri and federal jurisdiction. Evergy operates and owns 94% of the 1,200 MW Wolf Creek nuclear plant that supplies about 17% of the company's net generation or purchased power. Coal and natural gas generation supply over 50% of total sales but is declining with planned coal plant retirements. Including purchased power contracts, Evergy gets about 27% of its power from renewables, mostly wind, making it one of the largest wind energy suppliers in the U.S.

1200 Main Street
Kansas City, MO, 64105
T +1 816 556-2200
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type High Yield
Employees 5,133