Longer-Dated (Multiple/EPS) Upside — On the Road With EXC Management

研报英文原文证据摘录

Longer-Dated (Multiple/EPS) Upside — On the Road With EXC Management

June 21, 2026 | 22:02 ET~

Exelon

EXC-NSDQ Rating Price: Jun-18 Target Total Rtn Utilities, Power & Renewables

Market Perform $45.81 $48.00 8%

James M. Thalacker Analyst

james.thalacker@bmo.com (347) 668-8970

Edward M DeArias, CFA VP Associate

Longer-Dated (Multiple/EPS) Upside — On the Road edward.dearias@bmo.com (347) 274-1556

Holly Rohlfs Senior AssociateWith EXC Management

holly.rohlfs@bmo.com (332) 274-9870

Bottom Line: Ethan Corcoran Senior Associate

We hosted EXC for a series of investor meetings with EVP/CFO Jeanne Jones, EVP/ ethan.corcoran@bmo.com (347) 839-1752

Transmission and Development Carim Khouzami, and Director/IR Nikki Southwell Legal Entity: BMO Capital Markets Corp.

in attendance. Management reiterated confidence in achieving its 5–7% EPS growth

2YR Price Volume Chart

outlook through 2029, with expectations at the high end of the range, supported by 55

the repositioned capital plan, cost reductions, and continued load growth-related 50

opportunities. While management remains laser-focused on execution, they continued 45

to highlight incremental investment opportunities including competitive transmission 40 30

and potentially battery ownership while noting an incrementally more constructive 20

35 10

dialogue with political/stakeholders in PA/NJ.

30 0

Dec Jun Dec Jun

Key Points LHS: Price ($) / RHS: Volume (mm) Source: FactSet

Company Data in $

Although EXC's path to multiple expansion remains incumbent on both regulatory

Dividend $1.68 Shares O/S (mm) 1,023.2

and financial execution over the next 12-18 months, management's revised

financial plan, sharpened stakeholder engagement, and potential upside Yield 3.7% Market Cap (mm) $46,873