Exelon Corporation (EXC)

In the modal base case, Exelon executes its multi-year capital investment program across its six operating utilities, expanding rate base steadily while maintaining authorized returns on equity across its jurisdictions. Tariff riders and formula rates facilitate predictable revenue and earnings growth, while steady operating cash flow supports the ongoing capital buildout and dividend distributions. Under this central projection, the target is $59.44 with an estimated probability of 60.0%, providing an implied return of 45.9% relative to $40.73 and aligning with $59.44.

• Rate base compounding driven by steady capital investment in transmission and distribution infrastructure
• Authorized returns on equity maintained in line with historical regulatory compacts
• Operating margins sustained by formula rate trackers and cost recovery mechanisms
• Refinancing executed in line with market cost of capital benchmarks