2H26 Calendar To Drive Upside Invts; Raise Est, Reit Buy

研报英文原文证据摘录

2H26 Calendar To Drive Upside Invts; Raise Est, Reit Buy

for addition to base plan driving growth Exhibit 1 - OGE - FY2 (2028) PE Multiple %

higher. Premium/Discount (5-Year Average)

XLPL Tariff direct customer benefit along with GOOGL contract a precursor for even more data

center activity. See both as gating factors. OGE engaged in negotiations with GOOGL which resulted

in the executed special contract and provided the foundational regulatory framework within the

XLPL tariff was developed, as well as informed by HB2992. We estimate ~$3/month customer .

Source: Jefferies LLC and FactSet

credit. High likelihood OGE can replicate its GOOGL tariff with other potential data centers. See very favorable fact pattern in 2H

supporting re-rating of shares yet further.Upcoming rate case risks manageable as are mid-term elections for now. See a mid-single digit

EPS estimates well above Street.rate request as noncontroversial. We have not heard of any real anti-utility and/or affordability

platforms by candidates yet but to monitor as we head into primaries next month. Julien Dumoulin-Smith * | Equity Analyst

+1 (281) 774-2066 | jds@jefferies.com

See B/S strength maintained throughout the plan. Model FFO/debt at ~17% each year, consistent Paul Zimbardo * | Equity Analyst

with OGE targets and also Moody's recent lowered threshold. Assume upside capex financed with +1 (212) 778-8497 | pzimbardo@jefferies.com

45% equity. Brian Russo, CFA * | Equity Analyst

+1 (212) 778-8559 | brusso@jefferies.com

Update PT to $60 (vs $59) on FY29 m2m peer electric average P/E roll-forward. Still at an

inline FY29 P/E multiple or -3%/+1% discount/premium to JEFe/cons, see favorable risk-reward Ivana Ergovic * | Equity Analyst

+1 (212) 284-2175 | iergovic@jefferies.com