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              "driver": "Renewable energy investments",
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          "method_notes": "Valuation via dividend discount model with 7% WACC, 3% growth, 14% upside; not investment advice.",
          "current_price": 74.35,
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            "Regulatory lag in cost recovery impacting short-term liquidity.",
            "High debt-to-equity ratio increases sensitivity to rising interest rates.",
            "Political pressure on utility rates limiting margin expansion."
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          "ticker": "EIX",
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              "prob": 0.6,
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              "impact": "HIGH",
              "direction": "POS"
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            {
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            {
              "driver": "Federal Interest Rate Trends",
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            {
              "driver": "California Electrification Mandates",
              "impact": "HIGH",
              "direction": "POS"
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            {
              "driver": "Securitization of Wildfire Costs",
              "impact": "MED",
              "direction": "POS"
            },
            {
              "driver": "Operational Efficiency Gains",
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              "direction": "POS"
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          "method_notes": "Valuation uses a 10.8x forward P/E multiple. Discrepancy noted between snapshot EPS and PE; used price-to-forward-earnings for target. Not investment advice.",
          "current_price": 74.35,
          "recommendation": "BUY",
          "thesis_bullets": [
            "Attractive 5.6% dividend yield provides significant total return support for investors.",
            "California's aggressive electrification mandates drive long-term rate base growth opportunities.",
            "Improved regulatory environment via CPUC provides clearer paths for wildfire cost recovery.",
            "Valuation remains discounted relative to national peers due to historical wildfire concerns.",
            "Strategic focus on grid modernization enhances operational resilience and long-term earnings potential."
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          "target_price_12m": 84
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