D: Moving to No Rating

研报英文原文证据摘录

D: Moving to No Rating

Utilities

Utilities/Regulateds - Market Overweight

DOMINION ENERGY (D) May 18, 2026

D: Moving to No Rating Rating:

Not Rated

The Wolfe Byte Prior: Peer Perform Price:

Moving to Not Rated from Peer Perform, following the recently announced all- $67.56

stock acqusition of D. Price Target:

NA

View D Model

All-stock acquisition plus one-time cash payment; moving to Not Rated from View Comp Table

Peer Perform. On 5/18, NEE announced a tax-free, all-stock acquisition of D, with a

Company Informationconversion of 0.8138 NEE shares for each D share, which was a 23% premium based

52-Week Range $54 - $68

on the last Friday's close. At transaction closing, NEE will give a one-time $360M Market Cap. (MM) $59,416

cash payment ($0.40 per D share) to D shareholders, as the combined company will Enterprise Value (MM) $116,290

maintain NEE's existing dividend policy after closing. D will maintain its dividend Shares Out. (MM) 879.5 Avg. Value Traded (MM) $290.67

policy (annual indicated dividend is $2.67 per D share) until closing. If approved as Adj. Debt to Cap 63.7%

proposed, D customers will receive $2.25B in bill credits over 2 years after close SI% of Float 2.8%

FCF Yield (15.6)%

split 79% VA, 17% SC and 3% NC. The approval process is expected to take 12-18 EV/ EBITDA 17.6x

months. The pro forma company will be dual headquartered in Richmond and Juno

Beach, and D CEO Bob Blue will be president and CEO of the pro forma company's Price Performance

regulated utilities and a member of NEE's Board, along with three other members of D 16%YTD 22%LTM

D's Board. UTY Index 3% 8%

S&P 500 8% 25%

Pro forma company targets 9%+ EPS growth. The deal gives D shareholders a

pathway to 9%+ EPS growth through 2032, driven by 11% rate base growth. D 7068