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EIX

Edison International

$47.07

-6.84 (-12.69%)

20:22
11/15/18
11/15
20:22
11/15/18
20:22

Edison International provides update on California fire restoration efforts

Southern California Edison today provided an update on the restoration efforts resulting from the Woolsey and Hill wildfires. The company's top priority continues to be the safety of customers, first responders, employees and communities. Our thoughts and prayers are with all of those across the state affected by the wildfires. The company's Emergency Operations Center continues to deploy resources and crews to assist first responders and has been restoring power in communities affected by the wildfires in Ventura and Los Angeles counties where fire officials say it is safe to do so. The Woolsey and Hill fires impacted a total of 45,470 customers. To date, SCE has restored power to 39,094 of those customers, or 86 percent. As of 3 p.m. today, there are still 6,376 customers without power. SCE has replaced 249 of the 775 power poles and other electrical equipment that were destroyed or damaged in the Woolsey and Hill fires and crews have installed almost 19 miles of wire.

EIX Edison International
$47.07

-6.84 (-12.69%)

11/13/18
EDJN
11/13/18
DOWNGRADE
EDJN
Sell
Edison International downgraded to Sell from Hold at Edward Jones
Edward Jones analyst Andrew Smith downgraded Edison International to Sell from Hold.
11/12/18
MSCO
11/12/18
NO CHANGE
MSCO
Morgan Stanley estimates $2B-$4B in insured losses from Camp Fire
Morgan Stanley analysts Kai Pan and Stephen Byrd estimate $2B-$4B in insured losses from the Camp Fire, adding that total economic losses will be higher but insurance penetration is very high as fire losses are covered under standard homeowners polices. Given the incident report issued by PG&E (PCG) and other reports, the focus currently appears to be on PG&E equipment, the analysts added. In a bearish case, damage from the Camp Fire spreads and PG&E shareholders are fully liable for all damages, fully liable for 2017 wildfires, and there is a permanent 30% discount to peers, in which case Pan and Byrd believe PG&E stock would be valued at $37 per share. In a "moderate" case, they assign a 75% probability of full shareholder liability for Camp Fire damages, damages grow by 25% from the current level, and the stock trades at a permanent 15% discount to peers, in which case they believe PG&E would be valued at $59 per share. Pan and Byrd believe PG&E shares now reflect $17B for 2017-18 fires plus a permanent 25% discount to peers. In terms of Edison International (EIX), the analyst sees $5B for 2017-18 fires plus a permanent 20% discount to peers being reflected in the stock. In the bearish case, they see Edison being valued at $57 per share and in the moderate case they see it valued at $70 per share.
10/11/18
ARGS
10/11/18
NO CHANGE
Target $80
ARGS
Buy
Edison International price target raised to $80 from $75 at Argus
Argus analyst Gary Hovis raised his price target on Edison International to $80 and kept his Buy rating, saying the company is seeing "increased revenue from the recovery of its investments in infrastructure projects and alternative energy facilities". The analyst also points to the company's "favorable regulatory environment and the retirement of its San Onofre nuclear plant" while noting that its valuation is "attractive" at 15.6-times his expected FY19 earnings - a discount to average multiple for "comparable electric utilities with fully regulated operations". Hovis expects Edison International to outperform other utilities in the rising interest rate environment.
11/15/18
RHCO
11/15/18
NO CHANGE
Target $75
RHCO
Buy
Edison International price target lowered to $75 from $78 at SunTrust
SunTrust analyst Ali Agha lowered his price target on Edison International to $75 to reflect the bigger than expected overhang on the company from the California wildfire exposure. The analyst estimates the total liabilities from the Hill and Woolsey fires around $1.9B, with nearly 500 structures and over 100K acres burnt. Agha also keeps his Buy rating on Edison International, saying the plunge in its stock price has taken its implied earnings multiple discount relative to its peer group to about 25%.

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M

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