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Last Friday, The AES Corporation (NYSE: AES) held its quarterly conference call, where, for the first time, it provided guidance out to 2011. Earnings guidance proved a bit light but also very conservative.AES identified 14,000 MW+ of projects in construction but only 4,000 MW are assumed in 2011 guidance. The power generator provided 2011 EPS guidance of $1.95, but if you add profits due to the completion of the bulk of these projects, investors should add $0.50 to to $1.00.
Apply a 15x P/E on $3.00 EPS, that is a $45 stock. Not too bad. The cash flow generation and the ability to finance the construction on new power generation projects around the globe is impressive. This is a must-own stock for those who want to profit from power generation projects being constructed in the world's emerging markets.
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