Southern Co Stock Research

Market Summary

USD68.24-0.35

Market Closed

-0.51%

SO Alerts

1 major insider sales recently.
Big jump in Earnings (Y/Y)
Losses in recent quarter

SO Stock Price

SO RSI Chart

SO Valuation

Market Cap

72.2B

Price/Earnings (Trailing)

21.06

Price/Sales (Trailing)

2.47

EV/EBITDA

12.04

Price/Free Cashflow

-44.53

SO Price/Sales (Trailing)

SO Profitability

EBT Margin

14.42%

Return on Equity

11.27%

Return on Assets

2.54%

Free Cashflow Yield

-2.25%

SO Fundamentals

SO Revenue

Revenue (TTM)

29.3B

Revenue Y/Y

22.2%

Revenue Q/Q

-15.89%

SO Earnings

Earnings (TTM)

3.4B

Earnings Y/Y

38.8%

Earnings Q/Q

-112.43%

Price Action

52 Week Range

58.8580.57

(Low)(High)

Last 7 days

-0.4%

Last 30 days

5.7%

Last 90 days

-5.6%

Trailing 12 Months

-1.0%

SO Financial Health

Current Ratio

0.66

Debt/Equity

1.67

Debt/Cashflow

0.12

SO Investor Care

Dividend Yield

4.05%

Dividend/Share (TTM)

2.7

Shares Dilution (1Y)

1.98%

Diluted EPS (TTM)

3.26

Peers (Alternatives to Southern)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
NEE	149.9B	21.0B	4.12%	-8.71%	36.15	7.15	22.77%	16.06%
DUK	72.9B	28.8B	-2.30%	-9.81%	29.7	2.53	16.84%	-31.41%
SO	72.2B	29.3B	5.70%	-1.01%	21.06	2.47	26.68%	48.46%
EIX	26.2B	17.2B	-0.15%	2.93%	31.79	1.52	15.53%	-10.92%
FE	22.3B	12.5B	-1.93%	-10.38%	55	1.79	11.92%	-68.36%
MID-CAP
PNW	8.7B	4.3B	5.31%	5.42%	17.47	2.02	13.68%	-21.25%
NRG	7.4B	31.5B	-3.99%	-10.52%	6.07	0.23	16.87%	-44.17%
OGE	7.0B	3.4B	-3.29%	-7.32%	10.57	2.08	-7.61%	-9.71%
IDA	5.2B	1.6B	1.27%	-5.27%	20.07	3.16	12.75%	5.47%
HE	4.0B	3.7B	-7.33%	-7.15%	16.56	1.08	31.28%	-2.03%
SJW	2.2B	620.7M	-2.88%	13.52%	29.73	3.54	8.19%	22.07%
SMALL-CAP
MSEX	1.3B	162.4M	-8.46%	-24.95%	30.74	8.03	13.48%	16.11%
UTL	864.1M	563.2M	-0.31%	14.18%	20.87	1.53	18.99%	14.68%
GNE	278.1M	315.5M	8.53%	89.87%	2.8	0.76	-13.25%	200.56%

Financials for Southern

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	4.6%	29,279	27,999	25,859	23,851	23,113
Costs and Expenses	3.5%	23,909	23,098	21,428	20,367	19,415
EBITDA	3.2%	10,045	9,731	9,162	8,156	-
EBITDA Margin	-1.3%	0.34*	0.35*	0.34*	0.36*	-
Earnings Before Taxes	8.5%	4,223	3,892	3,473	2,444	2,576
EBT Margin	3.8%	0.14*	0.14*	0.10*	0.11*	-
Interest Expenses	1.9%	1,758	1,726	1,670	1,714	1,718
Net Income	4.8%	3,428	3,271	2,900	2,165	2,309
Net Income Margin	0.2%	0.12*	0.12*	0.09*	0.10*	-
Free Cahsflow	8.0%	-1,621	-1,761	-225	-462	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	0.7%	134,891	134,005	130,769	128,639	127,534
Current Assets	0.5%	10,416	10,363	9,781	9,297	8,965
Cash Equivalents	-4.6%	1,917	2,009	1,724	1,662	1,798
Net PPE	1.1%	94,570	93,529	92,822	91,790	91,108
Goodwill	-2.3%	5,161	5,280	5,280	5,280	5,280
Liabilities	2.1%	100,359	98,287	97,514	95,719	94,967
Current Liabilities	22.8%	15,724	12,801	11,487	10,434	10,921
. Short Term Borrowings	86.6%	2,609	1,398	2,510	2,330	1,440
Long Term Debt	0.5%	50,656	50,427	51,204	50,633	50,120
Shareholder's Equity	-14.3%	30,408	35,476	33,013	32,629	27,874
Retained Earnings	5.6%	11,538	10,929	-	-	-
Additional Paid-In Capital	14.4%	13,673	11,950	-	-	-
Accumulated Depreciation	1.1%	35,297	34,922	35,203	34,645	34,079
Shares Outstanding	1.6%	1,082	1,065	1,063	-	-
Minority Interest	-6.3%	4,124	4,402	-	-	-

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	3.2%	6,302	6,105	6,844	6,519	6,169
Cashflow From Investing	-13.1%	-8,430	-7,455	-6,787	-6,665	-7,353
Cashflow From Financing	85.1%	2,336	1,262	61.00	18.00	1,945
Dividend Payments	1.4%	2,907	2,866	2,825	2,801	2,777

Risks for SO

What is the probability of a big loss on SO?

29.6%

Probability that Southern stock will be more than 20% underwater in next one year

19.2%

Probability that Southern stock will be more than 30% underwater in next one year.

Probability that Southern stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does SO drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Southern was unfortunately bought at previous high price.

Drawdowns

Returns for SO

Cumulative Returns on SO

8.5%

10-Year Cumulative Returns

8.9%

7-Year Cumulative Returns

13.5%

5-Year Cumulative Returns

10.9%

3-Year Cumulative Returns

What are the long-term rolling returns for SO?

FIve years rolling returns for Southern.

Annualized Returns

Which funds bought or sold SO recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-23	MetLife Investment Management, LLC	added	0.77	1,117,100	20,302,100	0.16%
2023-03-22	Campion Asset Management	reduced	-4.21	2,262	365,262	0.36%
2023-03-17	American Portfolios Advisors	reduced	-4.03	-107,013	1,154,670	0.05%
2023-03-15	B. Riley Wealth Advisors, Inc.	added	3.56	311,637	3,888,640	0.11%
2023-03-13	Claro Advisors LLC	added	75.02	631,167	1,469,170	0.48%
2023-03-10	MATHER GROUP, LLC.	added	1.45	66,619	1,085,620	0.02%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	3.8	11,154,900	134,978,000	0.15%
2023-03-08	SHEETS SMITH WEALTH MANAGEMENT	added	3.54	89,517	1,111,520	0.17%
2023-03-08	Capital Asset Advisory Services LLC	reduced	-14.83	-55,579	791,421	0.06%
2023-03-06	OLD MISSION CAPITAL LLC	new	-	317,274	317,274	0.01%

Latest Funds Activity

Are funds buying SO calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own SO

No. of Funds

Southern News

Schedule 13G FIlings of Southern

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	price t rowe associates inc /md/	5.5%	60,188,724	SC 13G
Feb 09, 2023	vanguard group inc	8.99%	97,914,225	SC 13G/A
Jan 31, 2023	blackrock inc.	7.4%	80,958,615	SC 13G/A
Feb 09, 2022	vanguard group inc	8.56%	90,764,249	SC 13G/A
Feb 08, 2022	blackrock inc.	7.2%	76,012,798	SC 13G/A
Feb 16, 2021	state street corp	4.95%	52,288,073	SC 13G/A
Feb 10, 2021	vanguard group inc	8.46%	89,404,302	SC 13G/A
Feb 05, 2021	blackrock inc.	7.0%	73,813,509	SC 13G/A
Feb 14, 2020	state street corp	5.46%	57,289,345	SC 13G
Feb 12, 2020	vanguard group inc	8.63%	90,580,750	SC 13G/A

SO Fair Value

Southern fair value in different scenarios

The table shows the Fair Value estimates for Southern for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	34.49 -49.46%	45.17 -33.81%	62.68 -8.15%	85.32 25.03%	108.70 59.29%
Current Inflation	37.77 -44.65%	44.86 -34.26%	69.84 2.34%	98.17 43.86%	129.43 89.67%
Very High Inflation	29.02 -57.47%	36.30 -46.81%	47.20 -30.83%	62.36 -8.62%	77.63 13.76%

Historical Southern Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Southern

View All Filings

Date Filed	Form Type	Document
Mar 15, 2023	3	Insider Trading
Mar 02, 2023	3/A	Insider Trading
Mar 02, 2023	4	Insider Trading
Mar 01, 2023	8-K	Current Report
Feb 24, 2023	8-K	Current Report
Feb 23, 2023	8-K	Current Report
Feb 17, 2023	4	Insider Trading
Feb 16, 2023	10-K	Annual Report
Feb 16, 2023	8-K	Current Report
Feb 15, 2023	4	Insider Trading

Latest Insider Trading transactions for SO

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-01	DAVIS MARTIN BERNARD	sold	-100,143	62.55	-1,601	evp and cio
2023-02-16	Cummiskey Christopher	sold	-85,381	66.6	-1,282	evp & cccs officer
2023-02-13	Connally Stan W	sold (taxes)	-998,156	67.13	-14,869	executive vice president, scs
2023-02-13	Wilson Anthony L	acquired	-	-	19,311	president & ceo, mpc
2023-02-13	Wilson Anthony L	sold (taxes)	-620,617	67.13	-9,245	president & ceo, mpc
2023-02-13	Greene Kimberly S,	acquired	-	-	40,274	chairman, president & ceo, gas
2023-02-13	Anderson Bryan D	acquired	-	-	6,883	evp & pres. external affairs
2023-02-13	WOMACK CHRISTOPHER C	acquired	-	-	26,696	president, gpc
2023-02-13	Kerr, II James Y	sold (taxes)	-1,207,060	67.13	-17,981	evp, chief legal officer & cco
2023-02-13	Kuczynski Stephen E	acquired	-	-	44,233	pres. & ceo, southern nuclear

About Southern

SO Income Statement

2022-12-31

Consolidated Statements of Income - Southern - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Revenues:
Total operating revenues	$ 29,279	$ 23,113	$ 20,375
Operating Expenses:
Other operations and maintenance	6,630	6,088	5,413
Depreciation and amortization	3,663	3,565	3,518
Taxes other than income taxes	1,411	1,290	1,234
Estimated loss on Plant Vogtle Units 3 and 4	183	1,692	325
Impairment charges	251	2	0
Gain on dispositions, net	(57)	(186)	(65)
Total operating expenses	23,909	19,415	15,490
Operating Income	5,370	3,698	4,885
Other Income and (Expense):
Allowance for equity funds used during construction	224	190	149
Earnings from equity method investments	151	76	153
Interest expense, net of amounts capitalized	(2,022)	(1,837)	(1,821)
Impairment of leveraged leases	0	(7)	(206)
Other income (expense), net	500	456	336
Total other income and (expense)	(1,147)	(1,122)	(1,389)
Earnings Before Income Taxes	4,223	2,576	3,496
Income taxes (benefit)	795	267	393
Net Income	3,428	2,309	3,103
Dividends on preferred stock of subsidiaries	11	15	15
Net loss attributable to noncontrolling interests	(107)	(99)	(31)
Consolidated Net Income	$ 3,524	$ 2,393	$ 3,119
Earnings per share —
Basic (in dollars per share)	$ 3.28	$ 2.26	$ 2.95
Diluted (in dollars per share)	$ 3.26	$ 2.24	$ 2.93
Average number of shares of common stock outstanding — (in millions)
Basic (in shares)	1,075	1,061	1,058
Diluted (in shares)	1,081	1,068	1,065
Retail electric revenues
Operating Revenues:
Total operating revenues	$ 18,197	$ 14,852	$ 13,643
Wholesale electric revenues
Operating Revenues:
Total operating revenues	3,641	2,455	1,945
Other electric revenues
Operating Revenues:
Total operating revenues	747	718	672
Natural Gas
Operating Revenues:
Total operating revenues	5,962	4,380	3,434
Natural gas
Operating Expenses:
Cost of sales	3,004	1,619	972
Other revenues
Operating Revenues:
Total operating revenues	732	708	681
Operating Expenses:
Cost of sales	396	357	327
Fuel
Operating Expenses:
Cost of sales	6,835	4,010	2,967
Purchased power
Operating Expenses:
Cost of sales	$ 1,593	$ 978	$ 799

SO Balance Sheet

2022-12-31

Consolidated Balance Sheets - Southern - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 1,917	$ 1,798
Receivables —
Customer accounts	2,138	1,806
Unbilled revenues	1,012	711
Other accounts and notes	637	523
Accumulated provision for uncollectible accounts	(71)	(78)
Materials and supplies	1,664	1,543
Fossil fuel for generation	575	450
Natural gas for sale	438	362
Prepaid expenses	347	330
Assets from risk management activities, net of collateral	115	151
Regulatory assets – asset retirement obligations	332	219
Natural gas cost under recovery	108	266
Other regulatory assets	860	653
Other current assets	344	231
Total current assets	10,416	8,965
Property, Plant, and Equipment:
In service	117,529	115,592
Less: Accumulated depreciation	35,297	34,079
Plant in service, net of depreciation	82,232	81,513
Other utility plant, net	599	0
Nuclear fuel, at amortized cost	843	824
Construction work in progress	10,896	8,771
Total property, plant, and equipment	94,570	91,108
Other Property and Investments:
Goodwill	5,161	5,280
Nuclear decommissioning trusts, at fair value	2,145	2,542
Equity investments in unconsolidated subsidiaries	1,443	1,282
Other intangible assets, net of amortization	406	445
Miscellaneous property and investments	602	653
Total other property and investments	9,757	10,202
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	1,531	1,701
Deferred charges related to income taxes	866	824
Prepaid pension costs	2,290	1,657
Unamortized loss on reacquired debt	238	258
Deferred under recovered fuel clause revenues	2,056	410
Regulatory assets – asset retirement obligations, deferred	5,764	5,466
Other regulatory assets, deferred	5,918	5,577
Other deferred charges and assets	1,485	1,366
Total deferred charges and other assets	20,148	17,259
Total Assets	134,891	127,534
Current Liabilities:
Securities due within one year	4,285	2,157
Notes payable	2,609	1,440
Accounts payable	3,525	2,169
Customer deposits	502	479
Accrued taxes —
Accrued income taxes	60	50
Other accrued taxes	764	641
Accrued interest	614	533
Accrued compensation	1,127	1,070
Asset retirement obligations	694	697
Operating lease obligations	197	250
Other regulatory liabilities	382	563
Other current liabilities	965	872
Total current liabilities	15,724	10,921
Long-Term Debt	50,656	50,120
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	10,036	8,862
Deferred credits related to income taxes	5,235	5,401
Accumulated deferred ITCs	2,133	2,216
Employee benefit obligations	1,238	1,550
Operating lease obligations, deferred	1,388	1,503
Asset retirement obligations, deferred	10,146	10,990
Other cost of removal obligations	1,903	2,103
Other regulatory liabilities, deferred	733	485
Other deferred credits and liabilities	1,167	816
Total deferred credits and other liabilities	33,979	33,926
Total Liabilities	100,359	94,967
Cumulative preferred stock
Redeemable preferred stock	0	291
Common Stockholders' Equity:
Common stock	5,417	5,279
Paid-in capital	13,673	11,950
Treasury, at cost	(53)	(47)
Retained earnings (accumulated deficit)	11,538	10,929
Accumulated other comprehensive loss	(167)	(237)
Total common stockholders' equity	30,408	27,874
Noncontrolling Interests	4,124	4,402
Total Stockholders' Equity (See accompanying statements)	34,532	32,276
Total Liabilities and Stockholders' Equity	134,891	127,534
Commitments and Contingent Matters
Redeemable Preferred Stock, $100 par or stated value
Cumulative preferred stock
Redeemable preferred stock	0	48
Redeemable Preferred Stock, $1 par value
Cumulative preferred stock
Redeemable preferred stock	$ 0	$ 243