Dominion Energy: Waiting for Merger to Launch: 2Q26 Preview. Maintain Buy

研报英文原文证据摘录

Dominion Energy: Waiting for Merger to Launch: 2Q26 Preview. Maintain Buy

NORTH AMERICA | Power & Utilities

Dominion Energy EquityJulyResearch6, 2026

TARGET | ESTIMATE CHANGEWaiting for Merger to Launch: 2Q26 Preview.

RATING BUYMaintain Buy

PRICE $69.75^

Maintain Buy on D. Mixed data points for regulatory approval since

announcement but net constructive. Proxy and VA/SC merger applications in PRICE TARGET | % TO PT $79.00 ($76.00) | +13%

next weeks are key data points. Proxy will show NEE growth and whether others 52W HIGH-LOW $70.17 - $55.36

bid on D. VA transmission ROE risk and CT nuclear asset potential the two key FLOAT (%) | ADV MM (USD) 98.6% | 541.95

fundamentals drivers are monitoring. 2Q large miss but not key for shares. Lift MARKET CAP $62.1B

LT estimates ~2¢ on mark-to-market. TICKER D ^Prior trading day's closing price unless otherwise

noted.

Deal spread tightens: we stay constructive on D and comfortable on NEE. We reiterate Buy on

shares of Dominion Energy. The unadjusted spread vs NextEra Energy has tightened to ~3% from

FY (Dec) CHANGE TO JEFe JEF vs CONS

-8% initially as investors get more comfortable in the standalone value for Dominion. NextEra shares

2026 2027 2026 2027

have stabilized at a ~5% 2029 P/E premium versus utilities peers. Initial data points for the merger

approval are mixed. Dominion quantified 'only' ~$10 monthly residential bill credit, below the ~$30/month EPS NA NA NM NM

JEFe we initially calculated. We have seen some opposition to the transaction on the national stage DPS NA NA NM -1%

but in Virginia somewhat positive on the margin. Adverse draft text for the VA merger review timeline

was removed in the final bill. VA Governor has shown support for Dominion by appointing Virginia utility 2026 ($) Q1A Q2 Q3 Q4 FY