Alliant Energy Corp.: Managing a More Delicate Path in lowa: Crafting & Raising our EPS Ests Further

研报英文原文证据摘录

Alliant Energy Corp.: Managing a More Delicate Path in lowa: Crafting & Raising our EPS Ests Further

(bulls often point to the Janesville or Driftless areas of WI, in addition

to continued build in IA). While we do not have a read as to whether LNT will announce incremental We raise our estimates yet further on growing

data center development progress on the 2Q26 update, we feel reasonably confident LNT can confidence on Datacenter gains in 2H26. We

announce another large data center customer by the end of the year and as such increase the are now ~4% above Street by FY30, with clear

probability of the next installation in our model, driving FY30 EPS estimates +1% higher. There is upward bias, and persistence in this growth

visibility to achievable 9%+ EPS CAGR with a latent guidance increase at roll-forward this autumn; LNT into 2030s. Shares have gained already to

remains a Buy into the 2Q26 update. multi-year relative highs, but we anticipate

further re-rating potential. Reiterate our Buy

Consensus 2Q26 EPS should come down after processing weather, tax timing. We forecast 2Q

on our clear 9%+ EPS CAGR into FY30 &

EPS of 57¢ vs. Consensus 68¢, reflecting -8¢ of temporary income tax drag, slightly unfavorable

beyond.

weather, and higher YoY O&M that should ease in 2H26. These short-term EPS issues are not

structural and are highly likely to reverse, so we do not see risk of worsening investor sentiment

with the relatively lower print. Ramping load growth and the summer cooling season should help

support back-half weighted earnings; we forecast EPS of $3.41 for FY26.

Pretty light regulatory calendar... for now. LNT's proposed 1.2GW Riverhawk Energy Center is

pending regulatory approval to become operational in 2031; expect further gas build in IA to support