But Wait, There's More

研报英文原文证据摘录

But Wait, There's More

Utilities: Electric Utilities

Entergy Corporation

TD SECURITIES (USA) LLC COMPANY UPDATE

June 11, 2026

Price: $110.48 (06/10/2026) But Wait, There's More

Price Target: $127.00

BUY (1)

ESG SCORE: 58/100

Shelby Tucker, CFA THE TD COWEN INSIGHT

646 562 1322

ETR's growth is driven by an extended pipeline supporting >8% EPS CAGR, but conversion

shelby.tucker@tdsecurities.com

timing and cyclicality remain risks. Hyperscalers validate execution strength, yet larger,

Isaac von Hallberg concentrated projects increase downside. Upside hinges on flawless execution, and

646 562 1464 sustainability depends on regulatory alignment, load ramp, and consistent delivery. We

isaac.vonhallberg@tdsecurities.com

increase '29 and '30 EPS ests but maintain our PT.

Key Data

Symbol NYSE: ETR The rolling pipeline continues to build and appears self-replenishing rather than finite, with

Beta: 0.49 conversions offset by new inflows. Management emphasized a more diversified opportunity

52-Week Range: $117.91-$80.92 set, including ~7-12 GW of data center demand and ~3-5 GW of industrial load. However,

Market Cap: $50.6B conversion to realized load remains uncertain given the scale and capital intensity of these

Net Debt (MM): $30,487.4 projects, nor does it fully eliminate cyclicality risk. Nonetheless, the pipeline reflects credible

Cash/Share: $(6.81) growth visibility with improving diversification and sustained deal momentum.

Dil. Shares Out (MM): 462.5 Large load partners reinforced ETR's execution advantage: ETR can energize infrastructure

Enterprise Value

$81,896.4 ahead of customer build timelines. Data center scale is shifting materially from ~10 MW

(MM):

BV/Share: $37.89 facilities to multi-GW campuses. ETR established a new Meta agreement: 7 new gas-fired