Timing to Tax Year-Over-Year 2Q Results, But Story/Financials Remain on Track

研报英文原文证据摘录

Timing to Tax Year-Over-Year 2Q Results, But Story/Financials Remain on Track

rate relief (U-21860); 2) +7c from ongoing earnings growth at Vantage; (FY-Dec.) 2025A 2026E 2027E 2028E

and 3) +4c of IRM benefit at DTE Gas. See Exhibit 1 for a full review of the quarter.

EPS $7.36 $7.70 $8.32 $8.98

We expect investor attention will remain centered around the company's data

DPS $4.36 $4.66 $5.01 $5.41

center contract execution progress with ~2GW in advanced discussions, as well

as a smaller data center deal project at Vantage discussed on the 1Q26 call/ Consensus Estimates

AGA. Any additional execution above the ~2GWs would require incremental baseload 2025A 2026E 2027E 2028E

generation and/or storage, and timing dependent would be reflected in DTE's initial EPS $7.72 $8.34 $9.05

IRP filing expected 3Q26. While the Vantage opportunity would be relatively smaller Valuation

(hundreds of MWs vs. GW+ scale projects), proven execution on that front would further 2025A 2026E 2027E 2028E

support the segment's 2030 earnings projection of $150-160mm (post-2029 RNG tax

P/E 20.4x 19.5x 18.1x 16.7x

credit expiration). With local opposition to data center development in Michigan

remaining noisy as the company/its customers educate the communities on Div. Yield (%) 2.9% 3.1% 3.3% 3.6%

the long-term benefits of DC development, Vantage's opportunities outside of QTR. EPS Q1 Q2 Q3 Q4

Michigan add some geographic diversity to DTE's growth outlook. 2025A $2.10 $1.36 $2.25 $1.65

On the regulatory front we await the final revenue requirement from DTE's gas 2026E $1.95a $1.12 $2.43 $2.20

rate case ALJ PFD, though the known elements suggest a constructive outcome, as 2027E $2.20 $1.64 $2.62 $1.86

previously covered, and Staff testimony in its electric rate case (U-22046) is expected