Equity Research Report: Eversource Energy (ES US)
Research into Boston’s main energy provider. A valuation case study as coursework for Equity Analysis and Portfolio Management
Eversource is an energy provider that services customers in Massachusetts, Connecticut and New Hampshire. As part of my SMU Equity Analysis and Portfolio Management class, my group mates and I compiled a research report providing an overview of the company, the industry and competetive landscape and a full fledged financial analysis into the firm. We coupled this with a financial model that consisted of a three statement financial model, DCF analysis and comparables analysis.
The Tearsheet
Key Points
Analysis as of Q4 2023 | Current Price $53.04 | Target Price $98.57 | Upside 85%
CAGR of 6.56% over the 10 year forecast period
Aggressive Growth: Over USD 6bn in capital expenditures planned until 2026
Active M&A: 3 acquisitions of smaller firms to add to ES’ growing operating portfolio over the last 5 years. Further acquisitions to strenghten dominant competetive positioning.
Robust Financials: Strong revenue growth, consistent gross profit and net income margins. Efficient credit management.
