The AES Corporation AES
Verdict: Sell. Fair value $14.37 against a price of $14.82 on 5 Jan 2026, 3% below the price.
In plain words
The case for: Narrow competitive moat provides durability. Industry tailwinds with growing market.
The case against: 2024 Net Income surged ~600% ($0.24B to $1.69B) while Revenue declined 3.1% ($12.68B to $12.28B)..... Net Income has swung violently from -$0.55B (2022) to +$1.69B (2024) despite relatively flat.... Operating Cash Flow data was not provided, preventing verification of cash conversion. Given the....
Main risks
- Revenue declined 3.2% in 2024, indicating top-line pressure despite profitability improvements
- Historical earnings volatility is high, with significant net losses recorded in 2021 and 2022
- Critical balance sheet data (Debt, Equity, Assets) is missing, preventing assessment of solvency and capital efficiency
- 2024 Net Income surged ~600% ($0.24B to $1.69B) while Revenue declined 3.1% ($12.68B to $12.28B)....
- Net Income has swung violently from -$0.55B (2022) to +$1.69B (2024) despite relatively flat...
- 2024 Net Income surged ~600% ($0.24B to $1.69B) while Revenue declined 3.1% ($12.68B to $12.28B). This extreme disconnect suggests earnings are driven by non-operating one-time items rather than core business growth.