The Southern Company (SO) analysis

Loading the Vaultflake…

Health is the debt of the network and of the plant that arrived late, not of a rate that lasts forever. Quality separates the electric bill margin from gas. Growth follows customers and assets already in the rate, not the plant headline. P/E is read against a year of a high rate, not against that year as normal. Shareholder return is the dividend, checked against cash. Do not read it as a return already guaranteed.

The P/E of a year of a high rate is not the earnings if the commission cuts it. EV/EBITDA is read with the plant's cost inside, even if it arrived late. Do not use NextEra's multiple, which also develops plants, as if the bill and the project were the same book. A dash if the SO cache is cold.

Limits of this report

Not advice on Southern. Vaultflake does not describe the plant and does not treat the rate as approved for decades. Read the filings. A past dividend is not a right. The table is a snapshot, not a target price.

Questions from this report