AEP - Good story that sounds better each time

研报英文原文证据摘录

AEP - Good story that sounds better each time

Utilities

Utilities/Regulateds - Market Overweight

AMERICAN ELECTRIC POWER (AEP) June 21, 2026

AEP - Good story that sounds better each time Rating:

Outperform

The Wolfe Byte Price: $127.69

We visited AEP's mgmt this week. AEP is confident on its $78B 5yr capital plan Price Target:

and greater than 9% EPS CAGR through 2030, with at least $10B of capex upside. $153

AEP trades at a modest premium to the group but at a discount to high growth % Upside:

19.8%peers. Reit OP

View AEP Model

View Comp Table

High conviction on $78B capital plan through 2030, with at least $10B upside. Company Information

AEP has high conviction on its 5-year EPS CAGR of greater than 9% driven by its 52-Week Range $101 - $137

$78B capital plan. And AEP sees at least another $10B of upside, despite some noise Market Cap. (MM) $69,477

around one data center project in WY. AEP trades in line with the group on 2028-29E, Enterprise Value (MM) $122,250

Shares Out. (MM) 544.1

after pulling back when it issued $3B of forward equity. But AEP has solidified itself Avg. Value Traded (MM) $1,299.39

as a high-growth utility, and we think its new plan unveil on the 3Q26 call is a key SI% of Float 5.9%

catalyst. We see multiple expansion and EPS upside.

140Breaking down capex upside. AEP noted fuel cells related to a WY data center ($3B),

a Piketon OH transmission project (≥$4.2B) and generation investments. There were 135130

investor questions about the BE fuel cells for a WY data center, from which Crusoe 125120

was removed. But AEP noted the unnamed hyperscaler still can use the fuel cells 115110

elsewhere if they are not used in WY by 6/30. The lead utility BKH is still moving 105100

forward, implying the data center will likely be at that site.