Les Bon Temps Roulez: Key Themes for Investor Day

Research evidence excerpt

Les Bon Temps Roulez: Key Themes for Investor Day

Investment Thesis

We view ETR as a major electric player in the utilities space, as it continues to announce new projects to not only expand its portfolio

from population growth to data center contracts, but also to constantly improve and update its current position on the grid to

ensure reliability to its customers. Its data center contracts with high-quality hyperscalers have been formed strategically in whichUTILITIES ratepayers actually benefit from new projects rather than bear all the costs upfront. ETR's projects are supplemented by its growing

capital spending plan with a majority of incremental investments allocated to Entergy-Arkansas, which not only announced a major

data center contract, but also has several projects in place to accommodate overall load-growth. Entergy Lousiana is a key driver

though, supporting the Hyperion data center and unlocking additional capital and room to grow. ETR's subsidiaries are located inEQUITY states that are experiencing population growth, notably Texas, in which ETR has taken initiative through its SETEX plan to add to

its pipeline and also make upgrades to its current facilities to deliver reliable power to customers. A key risk within ETR's outlook:

data center uncertainty. However, we note that ETR's visibility on its high-quality data center contracts and focus on giving back

to customers positions it competitively in the utilities space.

Upcoming Catalysts Price PerformanceRESEARCH

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