The bullish firm believes that Southern is one of the highest quality regulated electric utilities and considers its core Southeast market as one of the more attractive service territories, given above average customer growth, a diverse regional economy, and constructive regulation, which provide a solid foundation for SO's utility business and lead to a substantial future infrastructure investment. The Company also stands to benefit from an improving balance sheet, an excellent record of operating performance, a regulated profile, and sufficient levels of cash flow to support future capital expenditures. As per the firm, SO shares warrant a 10–15% premium to peers given a comparable and more transparent EPS growth outlook, better than average regulatory environments, and an efficient management team.