Ameren Corp. (AEE): First Take: 1Q21 beat even excluding timing-related items, 2021 and growth guidance reiterated; Buy, MC testing with 100 characters
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Exhibit 1
| AEE | 12m Price Target: $36.00 | Price: $36.15 | Downside: 0.4% |
| Market cap: $8.9bn |
| Enterprise value: $15.5bn |
| 3m ADTV: NA |
| United States |
| Americas Utilities |
| M&A Rank: 3 |
GS Forecast
| 12/12 | 12/13E | 12/14E | 12/15E | |
|---|---|---|---|---|
| Revenue ($ mn) | 6,828.0 | 5,853.1 | 6,092.1 | 6,255.0 |
| EBITDA ($ mn) | 1,415.0 | 1,834.8 | 2,013.5 | 2,147.1 |
| EBIT ($ mn) | 640.0 | 1,126.3 | 1,275.7 | 1,380.0 |
| EPS ($) | 2.13 | 1.96 | 2.32 | 2.56 |
| P/E (X) | 15.1 | 18.4 | 15.6 | 14.1 |
| EV/EBITDA (X) | 10.4 | 8.4 | 8.0 | 7.8 |
| FCF yield (%) | 5.8 | (0.3) | (4.3) | (1.1) |
| Dividend yield (%) | 5.0 | 4.4 | 4.4 | 4.5 |
| Net debt/EBITDA (X) | 4.8 | 3.5 | 3.6 | 3.6 |
| 6/13 | 9/13E | 12/13E | 3/14E | |
| EPS ($) | 0.44 | 1.25 | 0.05 | 0.24 |
Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 20 Dec 2013 close.
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