ETR: Analyst day provides long-term visibility into industry-leading EPS growth

研报英文原文证据摘录

ETR: Analyst day provides long-term visibility into industry-leading EPS growth

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Stephen D'Ambrisi (Analyst)

Brian Nolan (Associate)

Erin Limb (Associate)

June 9, 2026

Entergy Corporation

Analyst day provides long-term visibility into industry-leading EPS growth

NYSE: ETR | USD 108.11 | Outperform | Price Target USD 126.00

Sentiment: Positive

PM Summary: ETR's 2026 Investor Day delivered in line with to slightly ahead of investor expectations, with broadly positive

updates across capital, load growth, and EPS, though much of this was well-telegraphed heading into the event. We believe the

critical update in the deck came on slide 58, which shows a base EPS CAGR of >8% ('30-'35), with illustrative upside EPS CAGR

lines for sales growth opportunity & potential unlock scenarios that we estimate point to >10% & >12% CAGRs off '30 (based

on measurement of the bars, see Exhibit 1 below). When using 2025 $3.91 as a base, we estimate Management is guiding

to a 10-year base case EPS CAGR of ~10.4%, with upside CAGR opportunities in the 11.5-12.8% range - this level of growth is

unparalleled in the electric utility peer group. In our view, the extension of hypernormal growth rates will be the next leg of

the utility AI-driven trade, and ETR's extension of its >8% CAGR framework through 2035 reinforces their position as one of the

premier regulated utilities in the space.

Key Takeaways: ETR's 2026 Investor Day delivered an extension of explicit guidance through 2030 in line with prior Management

guidance and market expectations, but we believe the key focal point should be the extension of the >8% EPS CAGR off '30E &

the potential upside opportunities to drive continued hypernormal growth vs peers.