ALLIANT ENERGY CORP. $58 (New York symbol LNT; Income Portfolio, Utilities sector; Shares outstanding: 110.9 million; Market cap: $6.4 billion; Price-to-sales ratio: 2.0; Dividend yield: 3.5%; TSINetwork Rating: Average; www.alliantenergy.com) sells electricity and natural gas to 1.4 million residential and business customers in Wisconsin, Iowa and southern Minnesota.
In September 2013, the company agreed to sell its Minnesota electric and natural gas distribution businesses in two separate deals. These operations represent less than 4% of its customer base. Alliant will hang on to its power plants in Minnesota.
In all, the company will receive $128 million when these deals close later this year. The cash will help it upgrade its plants to comply with tougher environmental regulations. Right now, coal accounts for 47% of Alliant’s fuel needs, followed by natural gas (39%), wind (8%), oil (5%) and hydroelectric (1%). The company also buys power from nuclear plants and other suppliers.
Meanwhile, accelerating economic growth and falling unemployment in Iowa and Wisconsin have increased demand for the company’s electricity and natural gas.
In 2013, Alliant’s earnings before one-time items rose 8.3%, to $366.3 million, or $3.31 a share. In 2012, it earned $338.2 million, or $3.05. Revenue gained 5.9%, to $3.3 billion from $3.1 billion.
Alliant expects to spend $3.6 billion on upgrades to its power plants and other operations over the next four years, including $945 million in 2014. That’s 18.4% higher than the $798.3 million it spent in 2013.
These are large outlays for Alliant, whose 2013 cash flow was $863.3 million. However, regulators will likely let it pass along some of these costs to its customers. As well, these improvements will improve its efficiency and lower its operating expenses.
The company expects to earn $3.25 to $3.55 a share in 2014. The stock trades at 17.1 times the midpoint of that range. That’s still a reasonable p/e ratio in light of its improving outlook. The $2.04-a-share dividend yields 3.5%.
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