Edison International (EIX): Relative valuation less compelling given wildfire exposure despite solid earnings execution; Neutral

研报英文原文证据摘录

Edison International (EIX): Relative valuation less compelling given wildfire exposure despite solid earnings execution; Neutral

Equity Research

3 August 2026 | 8:30PM EDT

Edison International (EIX): Relative valuation less compelling given

wildfire exposure despite solid earnings execution; Neutral

We remain Neutral rated on Edison International (EIX) following solid execution on Carly Davenport

+1(212)357-1914 |

earnings. Despite the strong performance, we remain on the sidelines until we gain carly.davenport@gs.com

Goldman Sachs & Co. LLC

clarity on potential wildfire reform during this California legislative session, which

Beatriz Abreu, CFA

concludes August 31st. Updates on the quarter reflected a shift in language around +1(212)357-0455 |

SCE’s involvement with the Eaton Fire, where we continue to look for progress on a beatriz.abreu@gs.comGoldman Sachs & Co. LLC

liabilities estimate and its compensation program. We believe legislative clarity is Jaya Patel

essential to underwrite wildfire exposure and lower EPS growth expectations of +1(212)357-9901Goldman Sachs & Co.| jaya.patel@gs.comLLC

5%-7% through 2030 relative to our coverage average of 8%. We see 12% total Ananya Jaison

return potential on our updated price target of $77, with the stock currently trading +1(332)245-7625 | ananya.jaison@gs.com

at a 36% discount to the group on our 2027 P/E relative to CA peer PCG at a 45% Goldman Sachs India SPL

discount.

Wildfire reform legislation remains critical to support financial visibility with

expected resolution by August 31st. Management acknowledged that a legislative

outcome remains uncertain at this point with a wide range of potential outcomes

including the possibility of only a partial legislative package this year, with additional