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Pinnacle West Capital Corp PNW

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Morningstar’s Analysis

Valuation
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1-Star Price

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5-Star Price

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Economic Moat

PREMIUM

Stewardship

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Hot Q2 Weather More Than Offsets Coronavirus Impact for Pinnacle West

Charles Fishman, CFA Equity Analyst

Analyst Note

| Charles Fishman, CFA |

We are reaffirming our $89 per share fair value estimate after narrow-moat Pinnacle West Capital reported strong second-quarter earnings and management reaffirmed its earnings and capital expenditure guidance.

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Company Profile

Business Description

Pinnacle West is a holding company whose principle subsidiary is Arizona Public Service. APS is a vertically integrated regulated utility that provides electric service to 1.3 million customers over a 35,000-square-mile service territory in Arizona, including the city of Phoenix. Approximately 35% of power sold comes from the company's 29% interest in the nearly 4-gigawatt Palo Verde nuclear plant. Operated by APS, Palo Verde is the largest nuclear plant in the U.S. APS has invested approximately $675 million in the utility-scale photovoltaic solar plants as part of the AZ Sun Program, resulting in 170 MW of solar capacity owned by APS and over 1,000 MW of contracted solar energy from power purchase agreements.

Contact
400 North Fifth Street, P.O. Box 53999
Phoenix, AZ, 85072-3999
T +1 602 250-1000
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 6,210

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