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Economic Moat




PPL Managing Pandemic Headwinds, Reports Third-Quarter Earnings

Andrew Bischof, CFA, CPA Senior Equity Analyst

Analyst Note

| Andrew Bischof, CFA, CPA |

We are reaffirming our $27 per share fair value estimate and narrow economic moat rating after PPL reported third-quarter operating EPS of $0.58 compared with $0.61 in the same year-ago period. Management narrowed its 2020 EPS guidance to $2.40 to $2.50, down from $2.40 to $2.60 and issued guidance toward the low end of the range. We slightly increased our full-year expectations to within management's range, but it did not have a material impact on our fair value estimate.

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Company Profile

Business Description

PPL is a regulated utility with three key subsidiaries. The international regulated delivery segment operates distribution networks providing electricity service to customers in the United Kingdom. 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.

Two North Ninth Street
Allentown, PA, 18101-1179
T +1 610 774-5151
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 12,280