NEE – First step the Do-Minions, next step the moon!

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NEE – First step the Do-Minions, next step the moon!

Utilities

Utilities/Regulateds - Market Overweight

NEXTERA ENERGY (NEE) May 18, 2026

NEE – First step the Do-Minions, next step the moon! Rating:

Outperform

The Wolfe Byte Price: $89.04

NEE is buying D in an all-stock 0.8138x exchange. NEE adds attractive Southeast Price Target:

scale, accretion at 9%+ EPS growth, credit flexibility. Synergies/capex are upsides. $100

Rate credits are large, but help approvals. The 5% stock dip felt a bit overdone, % Upside:

12.3%but there is deal overhang.

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NEE acquiring D in all-stock deal that was 23% premium to Friday. Merger Monday Company Information

delivered on Friday's Financial Times report. NEE announced a takeout of Dominion 52-Week Range $67 - $98

at an 0.8138x exchange ratio. The all-stock deal was a 23% premium to D's close on Market Cap. (MM) $185,679

Friday, but NEE fell today, as merger overhang temporarily clouds what was already Enterprise Value (MM) $299,645

Shares Out. (MM) 2,085.3

a premier standalone story. NEE will also pay $360M in cash to D and offer $2.25B Avg. Value Traded (MM) $1,068.10

in rate credits over 2 years to customers. There is strong strategic rationale to adding Adj. Debt to Cap 59.1%

D's asset base, with financial accretion pushing the pro forma EPS CAGR to 9%+. SI% of Float 2.3% FCF Yield 1.9%

Investors may need time to warm-up during a long approval process, to what is now EV/ EBITDA 19.2x

an energy mega-cap that is unmatched in scale/scope. Outperform.

Price Performance

D platform is attractive. NEE's Florida pure play presence is tough to beat, but D's YTD LTM

Southeast focus is highly strategic. We like the generation mix of gas, renewable, and NEE 11% 19% UTY Index 4% 10%

nuclear.