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Southern Co SO

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Southern Increases Projected Vogtle Cost; Maintaining Our Fair Value Estimate

Charles Fishman, CFA Equity Analyst

Analyst Note

| Charles Fishman, CFA |

We are reaffirming our fair value estimate of $60 per share after Southern reported solid second-quarter adjusted earnings per share of $0.78 versus $0.80 in the same period last year, reaffirmed guidance, and updated the status of construction at Vogtle. The results were actually quite good considering the $0.10 per share headwind from mild weather and the same amount due to lower revenue from the economic impact of COVID-19.

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Company Profile

Business Description

Southern Co. is one of the largest utilities in the U.S. The company distributes electricity and natural gas to approximately 9 million customers in nine states. It owns 50 gigawatts of generating capacity, primarily for serving regulated customers in Georgia, Alabama, and Mississippi. Wholly owned unregulated Southern Power Co. owns over 11 gigawatts of mostly renewable energy capacity and sells the electricity primarily under long-term power sales agreements. The solar and wind farms are located in Southern's regulated jurisdictions but also in Texas, California, and other states.

Contact
30 Ivan Allen Jr. Boulevard, Northwest
Atlanta, GA, 30308
T +1 404 506-5000
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2019
Stock Type High Yield
Employees 27,943

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