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Ameren Corporation — Intrinsic Value & Fair Price

AEE
NYSEUtilitiesRegulated ElectricCIK 0001002910amereninvestors.comAbout AEE
Last close · Oct 16, 2026106.08+2.32 (+2.24%)
Market cap$29.4B
Model value · P/E · own history
112.49
Ameren closed at $106.08 — undervalued by 6% vs model.
104.41the model's range121.84

P/E · own history leads for a regulated utility. From its own five-year median P/E applied to its earnings.

Other models
49.53 – 191.07
Wall St. target
116.00 9% below
Below model, 1y
14 of 20 days

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
2.79%
Past 2 years
low 2.47%high 3.24%
Dividends per share, a year at a time
$2.17Sep ’21$2.32Sep ’22$2.48Sep ’23$2.64Sep ’24$2.80Sep ’25$2.96TTM
Coverage
—
Raised
12 years in a row
Growth, 5 yrs
6.5% a year
Last change
+5.6% · Mar 2026
Every payment, with ex-dates · latest $0.75, paid Sep 30, 2026

Research on AEE

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How it is valued

Valued asRegulated utility
Low/slowing growth (~8% recent)Moderate margins (17% net margin)Pays dividendsHighly cyclical earningsNegative free cash flow
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for utilities
P/E
19.8×
EV / EBITDA
12.2×
FCF yield
-2.9%
Dividend yield, TTM
2.79%
Beta
0.45
Cost of capital (WACC)
6.48%
Full financials

Analyst actions

third-party, quoted
10-14Truist Financial · target116.00
10-13KeyBanc · target116.00
09-30Mizuho Securities · target113.00
07-23Keybanc · “Overweight” from “Sector Weight”upgrade
Ratings, targets and estimates

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just AEE. No account.

About Ameren

Operating across the United States, Ameren Corporation functions as a utility holding company. The enterprise organizes its operations into four primary divisions: Ameren Missouri, Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Ameren Transmission. Its fundamental business involves the rate-regulated production, transmission, and supply of electricity, in addition to the rate-regulated distribution and transmission of natural gas. Ameren generates power using a variety of sources, including coal, nuclear energy, and natural gas, supplemented by renewable alternatives such as hydroelectric, wind, methane gas, and solar. Its customer base encompasses residential homes, commercial businesses, and industrial operations. Established in 1881, Ameren Corporation is headquartered in St. Louis, Missouri.

CEO
Martin J. Lyons Jr.
Headquarters
Saint Louis, MO
Employees
8,913
IPO
1998-01-02
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.