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1. Company Snapshot

1.a. Company Description

Consolidated Edison, Inc., through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States.It offers electric services to approximately 3.5 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,555 customers in parts of Manhattan.The company also supplies electricity to approximately 0.3 million customers in southeastern New York and northern New Jersey; and gas to approximately 0.1 million customers in southeastern New York.


In addition, it operates 533 circuit miles of transmission lines; 15 transmission substations; 64 distribution substations; 87,564 in-service line transformers; 3,924 pole miles of overhead distribution lines; and 2,291 miles of underground distribution lines, as well as 4,350 miles of mains and 377,971 service lines for natural gas distribution.Further, the company owns, operates, and develops renewable and energy infrastructure projects; and provides energy-related products and services to wholesale and retail customers, as well as invests in electric and gas transmission projects.It primarily sells electricity to industrial, commercial, residential, and government customers.


The company was founded in 1823 and is based in New York, New York.

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1.b. Last Insights on ED

Consolidated Edison's recent performance was driven by its investments in clean energy infrastructure, smart grid technologies, and EV charging stations, which are expected to drive future growth. The company's status as a government-sanctioned monopoly in a densely populated region provides stability and predictable income, with a consistent dividend growth streak of 51 years. Additionally, the company's adjusted earnings remain strong, despite a decline in net income.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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American Century Companies Inc. Has $16.81 Million Stock Position in Consolidated Edison Inc $ED

Dec -03

Source: defenseworld.net

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Consolidated Edison Inc (NYSE:ED) Given Average Recommendation of “Reduce” by Analysts

Nov -30

Source: defenseworld.net

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Consolidated Edison: A Tricky Balancing Act

Nov -27

Source: seekingalpha.com

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Trump Softens Tone After 'Very Productive' Meeting With NYC Mayor-Elect Zohran Mamdani On Affordability Crisis

Nov -22

Source: feeds.benzinga.com

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Trump and NYC's new socialist mayor call for Con Edison to lower rates, causing stock drop

Nov -22

Source: foxbusiness.com

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Consolidated Edison Rides on Investments & Renewable Energy Expansion

Nov -21

Source: zacks.com

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Market Today: Nvidia (NVDA) crushes Q3; WBD bid heats up

Nov -19

Source: gurufocus.com

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First Look: Nvidia Earnings Loom, Retail and AI Moves Drive Headlines

Nov -19

Source: gurufocus.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.79%)

6. Segments

Consolidated Edison Company of New York, Inc. (CECONY) - Electric

Expected Growth: 3.4%

Con Edison's electric services segment will experience steady growth driven by increasing demand for electricity, infrastructure upgrades, and a focus on clean energy solutions, supporting a growth hypothesis of 3.4%.

Orange and Rockland Utilities, Inc. (O&R) - Electric

Expected Growth: 5.2%

O&R's growth is driven by increasing demand for electric services, infrastructure upgrades, and energy efficiency initiatives, as well as Consolidated Edison's strong brand presence and diversified revenue streams.

Consolidated Edison Company of New York, Inc. (CECONY) - Gas

Expected Growth: 4.7%

ConEdison's gas operations will benefit from increasing natural gas demand, driven by conversions from oil to gas, and growth in the Northeast region, particularly in New York City, where CECONY is the primary gas supplier.

Orange and Rockland Utilities, Inc. (O&R) - Gas

Expected Growth: 4.1%

Growing demand for natural gas, increasing investment in infrastructure, and focus on clean energy drive O&R's gas services segment.

Consolidated Edison Company of New York, Inc. (CECONY) - Steam

Expected Growth: 4.3%

Consolidated Edison Company of New York’s steam services benefits from increasing demand for reliable and efficient energy solutions, driven by urbanization and infrastructure development in the New York metropolitan area.

Con Edison Transmission

Expected Growth: 3.7%

Consolidated Edison’s transmission segment benefits from increasing demand for electricity, infrastructure upgrades, and renewable energy integration, driving growth.

Other

Expected Growth: 5.4%

Con Edison’s Other segment is expected to grow driven by increasing demand for energy storage and renewable energy solutions. Additionally, the company’s investments in electric vehicle infrastructure and energy efficiency programs will also drive growth.

Consolidation Adjustments

Expected Growth: 4.4%

Consolidated Edison, Inc. growth is driven by increasing electricity demand, infrastructure investments, and cost savings from energy efficiency programs.

7. Detailed Products

Electricity

Consolidated Edison, Inc. generates, purchases, and sells electricity to residential, commercial, and industrial customers in New York City and Westchester County.

Natural Gas

The company distributes natural gas to customers in New York City and Westchester County, providing a clean and efficient source of energy for heating, cooking, and powering appliances.

Steam

Consolidated Edison, Inc. provides steam service to commercial and industrial customers in Manhattan, offering a reliable and efficient source of energy for heating, cooling, and powering industrial processes.

Renewable Energy

The company develops, owns, and operates renewable energy projects, including solar, wind, and hydroelectric power facilities, to provide clean and sustainable energy solutions.

Energy Efficiency

Consolidated Edison, Inc. offers energy efficiency programs and services to help customers reduce their energy consumption, lower their energy bills, and minimize their environmental impact.

8. Consolidated Edison, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Consolidated Edison, Inc. operates in a highly regulated industry, which limits the threat of substitutes. However, the increasing adoption of renewable energy sources and energy-efficient technologies poses a moderate threat to the company's traditional business model.

Bargaining Power Of Customers

Consolidated Edison, Inc. serves a large customer base, which reduces the bargaining power of individual customers. Additionally, the company's regulated business model limits the ability of customers to negotiate prices.

Bargaining Power Of Suppliers

Consolidated Edison, Inc. relies on a diverse range of suppliers for fuel, equipment, and services. While the company has some bargaining power due to its large scale, suppliers may still exert some pressure on prices and terms.

Threat Of New Entrants

The utility industry is highly regulated, and new entrants face significant barriers to entry, including high capital costs and regulatory hurdles. This limits the threat of new entrants to Consolidated Edison, Inc.'s business.

Intensity Of Rivalry

Consolidated Edison, Inc. operates in a competitive industry, with several other utility companies serving the same region. While the company has a strong market position, it still faces competition from other utilities and alternative energy providers.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 54.17%
Debt Cost 4.88%
Equity Weight 45.83%
Equity Cost 5.63%
WACC 5.22%
Leverage 118.21%

11. Quality Control: Consolidated Edison, Inc. passed 0 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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American Electric Power

A-Score: 6.9/10

Value: 5.7

Growth: 4.6

Quality: 6.8

Yield: 7.0

Momentum: 7.5

Volatility: 10.0

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Edison

A-Score: 6.4/10

Value: 8.3

Growth: 5.3

Quality: 7.5

Yield: 9.0

Momentum: 1.0

Volatility: 7.3

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Duke Energy

A-Score: 6.4/10

Value: 5.5

Growth: 4.7

Quality: 4.6

Yield: 7.0

Momentum: 6.5

Volatility: 10.0

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Southern

A-Score: 6.0/10

Value: 2.5

Growth: 4.8

Quality: 5.5

Yield: 7.0

Momentum: 6.5

Volatility: 10.0

1-Year Total Return ->

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ConEd

A-Score: 5.9/10

Value: 6.1

Growth: 4.2

Quality: 4.9

Yield: 7.0

Momentum: 3.0

Volatility: 10.0

1-Year Total Return ->

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PSEG

A-Score: 5.5/10

Value: 5.0

Growth: 3.8

Quality: 4.6

Yield: 6.0

Momentum: 3.5

Volatility: 10.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

96.22$

Current Price

96.22$

Potential

-0.00%

Expected Cash-Flows