Nothing nuke since Investor Day but confident outlook

研报英文原文证据摘录

Nothing nuke since Investor Day but confident outlook

Utilities

Utilities/Regulateds - Market Overweight

ENTERGY CORP (ETR) June 29, 2026

Nothing nuke since Investor Day but confident outlook Rating:

Outperform

The Wolfe Byte Price: $115.91

A fortnight since its Investor Day, ETR's messaging during investor meetings was Price Target:

high conviction on its 2026-30 EPS outlook and upside to its 8%+ EPS 2030-35 $126

CAGR. Mgmt sees new nuclear in its future mix but needs a customer. We like % Upside:

8.7%ETR's growth story. Reit Outperform.

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High conviction on EPS growth outlooks through 2035, even before new data Company Information

centers. Two weeks since its Investor Day, ETR provided more color on its 2026-30 52-Week Range $81 - $118

EPS CAGR of 13% and 8%+ CAGR through 2035 (off 2030), assuming its base case. Market Cap. (MM) $53,074

ETR's outlook does not assume any of its 7-12 GW data center pipeline and some of Enterprise Value (MM) $84,408

Shares Out. (MM) 457.9

its 3-5 GW of industrial growth pipeline. That said, ETR was confident in capturing Avg. Value Traded (MM) $341.73

more data center growth from both existing and new customers with 7 available SI% of Float 5.5%

turbines through 2032. We think double digit EPS growth will likely continue beyond

2030. ETR is proactively addressing customer benefits, pointing to its Fair Share Plus 125120

115program. We think ETR is being appropriately prudent on any new nuclear decisions.

On 2029E, ETR trades at a 2x premium to the group. We think ETR should trade 105

among the highest premiums, given big catalysts can come any time with ETR as data 10095

center winners keep on winning. Reit Outperform. 9085

Proactive on customer benefits from data centers; LA Gov's plan generally 75