Evergy Inc.: Post 1Q: EPS CAGR Continues Inflecting

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Evergy Inc.: Post 1Q: EPS CAGR Continues Inflecting

sdaqour view. The stock in our view could be trending towards a 10%+ EPS CAGR by the end of this

52 Week range USD 85.27-63.29year if mgmt executes another DC deal; 3) Regulatory execution path is limited given minimal

GRCs this year outside of MO Metro, and we see the GRC set-up for Kansas materially improving

with the large load increases coming to the jurisdictions, keeping rates at or below CPI; and 4)

Valuation is still there. EVRG trades at 16.5x our 2028E EPS, but we think a premium is

increasingly warranted on the current EPS plan as it begins to trend north of the sector average.

We reiterate our OW rating and $89/sh price target.

Push Back Has Been on Near-Term Execution... EVRG Can Prove This Out in 2026. Investors Source: IDC

have been more frequently flagging historical execution as a reason to not yet be on board with Link to Barclays Live for interactive charting

mgmt now penciling out a more robust EPS CAGR long term. But mgmt has already

demonstrated this quarter they were able to offset headwinds from weather with large load North America Power & Utilities

customer revenues now showing up (4.7% weather norm demand) and expected to grow more Nicholas Campanella

meaningfully through the base plan. Mgmt continues to have a bias towards the midpoint of the +1 212 526 6123

$4.14-4.34 FY26 guidance this year and we think will execute at our above the trajectory they're nicholas.campanella@barclays.com

currently guiding to the Street. With recent equity raises from peers (ETR / AEP) after 1Q results, BCI, US

EVRG has been highlighted by some investors as a heavy equity issuer. While there is $3.3bn of Michael Lonegan

+1 212 526 8462

michael.lonegan1@barclays.com

BCI, US

Barclays Capital Inc.