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Holly LaFon
Holly LaFon
Articles (9418)  | Author's Website |

Mario Gabelli Comments on Evergy Inc.

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February 04, 2019 | About:
Evergy Inc. (NYSE:EVRG) (3.5%) (EVRG – $56.77 – NYSE) was formed in June 2018 via the Great Plains Energy and Westar merger of equals. The combined company serves 1.6 million electric customers in Missouri and Kansas, with 13.1 GWs of generation, including 3.1 GWs of wind. The companies expect the transaction to be accretive (to respective stand-alone earnings) in the first year after closing and then generate 6%-8% annual earnings growth, which is higher than stand-alone 4%-6% projections. Management has identified $160 million in annual merger savings by 2022. EVRG has $1.25 billion in cash on its balance sheet, which the combined company plans to use to buy-back 30 million shares per year over the following two years.

From Mario Gabelli (Trades, Portfolio)'s Gabelli Utilities Fund fourth-quarter 2018 commentary.

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Holly LaFon
I'm a financial journalist with a Master of Science in journalism from Medill at Northwestern University.

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