Ameren

1. Business Risk: The energy industry as a whole is highly cyclical and dependent on constantly shifting market trends. Thus, Ameren's investments and strategies may not always align with changing trends leading to a decline in its stock value.

2. Financial Risk: Ameren is vulnerable to higher borrowing costs and lower credit ratings if it fails to manage its debt and liquidity correctly, leading to an undervaluation of its stock.

3. Regulatory Risk: Regulatory changes can cause major impacts to Ameren's operations, leading to changes in its financial performance, and consequently increased risks to its valuation.

4. Competition Risk: As Ameren faces increasing competition from other energy companies in the markets it serves, this could lead to greater price competition as well as lower revenues and profit margins, resulting in lower valuations.

5. Political Risk: Ameren is exposed to political risks in its various operations due to changes in local or federal regulations, or other forms of governmental intervention which can change the financial and operational outlook for the company, leading to a decreased valuation.