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Morningstar’s Analysis

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PPL Progressing Well on Closing U.K. Transaction; Reports First-Quarter Earnings

Andrew Bischof, CFA, CPA Senior Equity Analyst

Analyst Note

| Andrew Bischof, CFA, CPA |

We are reaffirming our $30 per share fair value estimate and narrow economic moat after PPL reported first-quarter operating earnings of $0.28 per share, compared with $0.27 in the same year-ago period. PPL reported a $2.1 billion special item related to a non-cash net loss on the sale of its U.K. utility business related to the realization of accumulated other comprehensive losses. The U.K. business is now reported in discontinued operations.

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Company Profile

Business Description

PPL is a regulated utility with three key subsidiaries. The Pennsylvania regulated delivery and transmission segment provides distribution to customers in central and eastern Pennsylvania. LG&E and KU are involved in regulated electricity generation, transmission, and distribution in Kentucky. PPL has agreed to sell its international regulated delivery segment, which operates distribution networks providing electricity service to customers in the U.K.

Contact
Two North Ninth Street
Allentown, PA, 18101-1179
T +1 610 774-5151
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type High Yield
Employees 19,238

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