NEE / D – I Guess You're Just What I NEE-Ded?

研报英文原文证据摘录

NEE / D – I Guess You're Just What I NEE-Ded?

May 16, 2026

COMPANY TICKER RATING PT % UPSIDE

Priced as of 05/15/26

Investment Conclusion

NEE

We remain Outperform-rated on NextEra Energy. The company has the combination of a best in class, high growth

utility in a balanced regulatory environment and the dominant renewables development operation in the country.

Moreover, NEE also has one of the strongest balance sheets in the sector (FFO/Debt of 17-18% on S&P/Moody’s

basis) with only modest equity needs. The stock's multiple fell in 1H25, as the Trump administration created a massive

overhang around clean energy tax credits in OBBB, as well as tariff impacts on renewables development. That said,

we still have wind/solar tax credit visibility through the end of the decade (and beyond for storage). The stock has

now fully moved past the initial overhang of a Trump election win and its implications for renewables. Further, NEE

has a number of growth avenues across nuclear, gas, and transmission as well. They recently proved this out with an

attractively priced Duane Arnold restart contract with GOOG. Finally, don't forget the FP&L utility business is best in

class and just got approval for its 4-year rate settlement that sets attractive rate relief and cost of capital parameters,

while maintaining a reasonable customer bill trajectory. The December Analyst day laid out an 8%+ EPS growth rate

that extends out to 2035. NEE's differentiation in serving large data center customers is its scale and diversification

across solution types, while emphasizing its development capabilities to bring new generation that meets new load.

We like that NEE isn't necessarily a concentrated play on one area, but a company that can be flexible over the

longterm.