2 models fit Ameren Corporation Common Stock and they agree: 2 of 2 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Premium(i)Bronze44
Valued as a utility: Dividend discount, P/E comparison, EV/EBITDA comparison, and Discounted cash flow.
ACCE opinionAmeren Corporation Common Stock (AEE)
Fair value (2 models)
$96.27
ACCE price target
$109
Rating
Overvalued
Horizon
12 months
Fair value published on 19 Oct 2026, 19:04 CEST; previously $104 since 11 Oct 2026, 00:00 CEST.
ACCE price target published on 18 Oct 2026, 00:00 CEST; previously $125 since 6 May 2026, 00:00 CEST.
Price used: $108 at the close on 23 Oct 2026, 22:00 CEST.
Models: P/E comparison and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
12.2% above
-10.9% to fair value
ACCE score
52
out of 100
Analysts
65% buy
17 covering
P/E
18.8x
forward 17.5x
1-year return
+3.6%
Dividend yield
2.74%
Ameren Corporation Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Ameren owns regulated electric and gas utilities in Missouri and Illinois, earning a return on the rate base its state commissions allow, which makes its earnings far steadier than most of the market. The structural case rests on that regulated model plus heavy grid spending: the company is rebuilding transmission and distribution to serve rising load from data centers and industrial customers, and every dollar invested expands the base on which it earns. The reported 6.2% revenue decline reflects pass-through fuel and purchased-power costs and weather more than any loss of customers, so it is a weak signal about the franchise. Trading at 18.4 times trailing earnings and 17.5 times forward, the stock is priced above its own rate-base earning power, and the 11.9% ROE and 25.2% operating margin are solid but not exceptional for the group. The score of 48 out of 100 and absence from major indices suggest the market is not yet paying up for the growth story, so the question for a PM is whether the load-growth capex plan and upcoming rate case outcomes justify a deeper look.