S-4 Dominion Merger Clues: Who Else Bid for D? And More... 2Q26 Preview

研报英文原文证据摘录

S-4 Dominion Merger Clues: Who Else Bid for D? And More... 2Q26 Preview

USA | Power & Utilities

NextEra Energy, Inc. EquityJulyResearch14, 2026

TARGET CHANGES-4 Dominion Merger Clues: Who Else Bid for D?

RATING HOLDAnd More... 2Q26 Preview

PRICE $88.38^

NEE shares have lost most of their premium since the D deal was announced:

now a ~5% 2029 pro-forma P/E premium. Proxy indicating strong standalone PRICE TARGET | % TO PT $94.00 ($93.00) | +6%

growth and SO bid on D. VA/SC merger applications soon are key data 52W HIGH-LOW $98.75 - $69.24

points. Mixed data points for regulatory approval since announcement but net FLOAT (%) | ADV MM (USD) 97.4% | 1,079.27

constructive. Stand-alone execution on DC campuses remains the focus: we MARKET CAP $188.8B

continue to expect large data center deals in 2026 (at least in Florida). Remain TICKER NEE ^Prior trading day's closing price unless otherwise

Hold. noted.

NEE de-rate stabilization post deal announcement. NextEra shares have stabilized at a ~7% 2029 FY (Dec) CHANGE TO JEFe JEF vs CONS

P/E premium versus utilities peers or ~5% assuming ~2pp accretion from the transaction. NEE has 2026 2027 2026 2027

underperformed since announcing the deal, losing most of its premium. We are more constructive on EPS* NA NM NA NA

NEE after the underperformance, assuming the D acquisition is approved without major further ratepayer EPS NA NA NA NA

credits. Initial data points for the merger approval are mixed. Dominion quantified 'only' ~$10 monthly

residential bill credit, below the ~$30/month JEFe we initially calculated. We have seen some opposition *Adj EPS

to the transaction on the national stage but in Virginia somewhat positive on the margin. Adverse draft

text for the VA merger review timeline was removed in the final bill.