JPMC Utilities Daily: 24 July: CNA, RWE, IBE

Research evidence excerpt

JPMC Utilities Daily: 24 July: CNA, RWE, IBE

J P M O R G A N Europe Equity Research

24 July 2026

JPMC Utilities Daily

24 July: CNA, RWE, IBE

ACSector Headlines EuropeanJavier GarridoUtilities & Clean Energy

(34-91) 516-1557

javier.x.garrido@jpmorgan.com

J.P. Morgan Securities plc

AC• Centrica: 19% TSR at 13x FY27E earnings with an underlevered balance Pavan Mahbubani, CFA

sheet - we stay OW (Research Available) (44-20) 7134-3056

pavan.mahbubani@jpmorgan.com

• RWE: Affirmed at BBB+ by Fitch; Outlook stable J.P. Morgan Securities plc

• Iberdrola: Fitch said Caruna acquisition is credit neutral and business positive Alejandra Botbol

(44-20) 3493-8711

alejandra.botbol@jpmorgan.com

Sector News Samanvitha(91-22) 6157-5846Theegela

samanvitha.theegela@jpmchase.com

J.P. Morgan India Private Limited

Mukund Verma

(44-20) 7742-4181

Centrica: 19% TSR at 13x FY27E earnings with an mukund.verma@jpmorgan.com

underlevered balance sheet - we stay OW (Research J.P. Morgan Securities plc

Available) Specialist Sales contact details:

We remain Overweight Centrica, with 40% upside potential to our Price Target, Ian Mitchell - Specialist Sales -

and would use yesterday’s share price weakness as a buying opportunity. Our European Energy

estimates imply a 15% EPS CAGR 2026-2030 with a 3.8% dividend yield. While (44-20) 7134-1356

ian.e.mitchell@jpmorgan.com

the lowered outlook for Optimisation in 2027 is disappointing, the market

yesterday applied a ~12x earnings multiple to a segment which is typically valued

at a fraction of this level. Even without any improvement in Optimisation to 2030,

we estimate that Centrica would deliver a 12% EPS CAGR, with over half of the

EPS growth coming from infrastructure investments with contracted revenue