{ "run": { "id": "cmnr13jvt03mwp658h38xnmre", "region": "US", "assetId": "cmnr13jvd03msp658fbefmemi", "ticker": "ETR", "snapshotId": "cmnr13jvk03mup658hfwt4xff", "promptTemplateId": "cmnqt07si0005lm3jzpxuu1ux", "createdAt": "2026-04-09T05:20:35.943Z", "promptTemplate": { "id": "cmnqt07si0005lm3jzpxuu1ux", "name": "Oficial 08.apr.2026", "version": 1 }, "snapshot": { "id": "cmnr13jvk03mup658hfwt4xff", "assetId": "cmnr13jvd03msp658fbefmemi", "asOf": "2026-04-08T20:00:02.000Z", "snapshot": { "asOf": "2026-04-08T20:00:02.000Z", "quote": { "asOf": "2026-04-08T20:00:02.000Z", "open": null, "price": 114.61, "dayLow": 112.988, "volume": 2153102, "dayHigh": 114.96, "currency": "USD", "prevClose": 113.87, "week52Low": 75.57, "week52High": 115.61 }, "fundamentals": { "pe": 30.6963562753036, "beta": 0.768545274267371, "epsTTM": 2.47, "fcfTTM": 2250044000, "growth": { "epsYoy": -0.7782764811490125, "revenueYoy": 0.08982021612920849 }, "sector": "Electric Services", "margins": { "net": 0.1369715771279229, "gross": null, "operating": 0.2473434514438676 }, "website": "https://www.entergy.com/", "industry": "Energy industry", "pegRatio": -0.394414543145193, "ebitdaTTM": 4539571000, "forwardPe": 19.4410256410256, "marketCap": 37100000000, "totalCash": 1928916000, "totalDebt": 30934935000, "debtEquity": 1.91720116563957, "quickRatio": 0.434508743995885, "revenueTTM": 12946686000, "companyName": "ENTERGY CORP /DE/", "priceToBook": 2.10519211818524, "currentRatio": 0.7422823409222689, "dividendYield": 0.0302708279137582, "returnOnAssets": 0.02466699114058238, "returnOnEquity": 0.0703520599568759, "analystOpinions": null, "businessSummary": "Entergy Corporation is an American energy company engaged in electric power production and retail distribution operations in the Deep South of the United States. Entergy is headquartered in New Orleans, Louisiana, and generates and distributes electric power to three million customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has approximately 24,000 megawatts of electric generating capacity, annual revenues of $11 billion and employs more than 12,000 people.", "enterpriseValue": 60488391834.22, "analystTargetLow": null, "analystTargetHigh": null, "analystTargetMean": null, "fullTimeEmployees": 12177, "sharesOutstanding": 452989837, "enterpriseToEbitda": 13.32469342019763, "analystTargetMedian": null, "enterpriseToRevenue": 4.672113916582205, "operatingCashflowTTM": 5150651000, "analystRecommendationKey": null } }, "createdAt": "2026-04-09T05:20:35.937Z" }, "results": [ { "id": "cmnr13jvw03myp658b5dgk9w2", "runId": "cmnr13jvt03mwp658h38xnmre", "modelId": "anthropic", "status": "SUCCESS", "rawOutput": "{\"model\":\"ai-equity-research-v1\",\"as_of\":\"2026-04-08T20:00:02.000Z\",\"ticker\":\"ETR\",\"currency\":\"USD\",\"current_price\":114.61,\"target_price_6m\":119.5,\"target_price_12m\":124.0,\"recommendation\":\"BUY\",\"confidence\":0.62,\"thesis_bullets\":[\"Regulated utility benefiting from Gulf Coast industrial load growth\",\"Data center and LNG demand driving above-peer rate base expansion\",\"Forward P/E of 19.4x reasonable given high-single-digit earnings growth outlook\",\"Heavy capex cycle supports long-term earnings but elevates leverage risk\",\"Near 52-week high limits near-term upside; dividend yield adds total return\"],\"key_drivers\":[{\"driver\":\"Industrial load growth (data centers, LNG) in service territory\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Rate base growth from large capex program\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Constructive regulatory outcomes in AR, LA, MS, TX\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Rising interest expense on $30.9B total debt\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"Normalization of EPS after prior-year one-time items\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Dividend growth aligned with 6-8% EPS CAGR guidance\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Interest rate environment pressuring utility valuations\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"Storm risk in Gulf Coast service territory\",\"impact\":\"MED\",\"direction\":\"NEG\"}],\"risks\":[\"Regulatory disallowance of capex recovery could compress allowed returns\",\"Rising rates increase refinancing costs on $31B debt stack\",\"Severe hurricane season triggers large storm restoration costs\",\"Industrial load additions delayed or cancelled reducing demand forecast\",\"Equity issuance dilution to fund large capex program\",\"Political/regulatory shifts in Southern states affecting rate cases\"],\"assumptions\":{\"revenue_cagr_3y\":0.065,\"ebit_margin_target\":0.25,\"wacc\":0.065,\"terminal_multiple\":13.0},\"scenarios\":{\"bear\":{\"target_price\":97.0,\"prob\":0.2,\"notes\":\"Rate case setbacks and higher-for-longer rates compress multiple to 17x forward EPS.\"},\"base\":{\"target_price\":124.0,\"prob\":0.55,\"notes\":\"Steady rate base growth, constructive regulation, forward EPS ~$6.30 at 19.5x.\"},\"bull\":{\"target_price\":140.0,\"prob\":0.25,\"notes\":\"Accelerated industrial load, favorable rate outcomes, multiple re-rates to 21x on $6.60 EPS.\"}},\"method_notes\":\"Utility-focused valuation: forward P/E on normalized EPS anchored to rate base growth of ~8-9% and allowed ROE of ~10%. EV/EBITDA cross-check at 13x supports EV. TTM EPS depressed by one-time items (EPS YoY -78%); forward EPS ~$5.90 implies significant recovery. 12M target of $124 implies ~8.2% price upside plus ~3% dividend yield for ~11% total return, supporting BUY. Stock near 52-week high caps confidence at 0.62. Sell-side targets noted but not used as inputs. Not investment advice.\"}", "parsedJson": { "as_of": "2026-04-08T20:00:02.000Z", "model": "ai-equity-research-v1", "risks": [ "Regulatory disallowance of capex recovery could compress allowed returns", "Rising rates increase refinancing costs on $31B debt stack", "Severe hurricane season triggers large storm restoration costs", "Industrial load additions delayed or cancelled reducing demand forecast", "Equity issuance dilution to fund large capex program", "Political/regulatory shifts in Southern states affecting rate cases" ], "ticker": "ETR", "currency": "USD", "scenarios": { "base": { "prob": 0.55, "notes": "Steady rate base growth, constructive regulation, forward EPS ~$6.30 at 19.5x.", "target_price": 124 }, "bear": { "prob": 0.2, "notes": "Rate case setbacks and higher-for-longer rates compress multiple to 17x forward EPS.", "target_price": 97 }, "bull": { "prob": 0.25, "notes": "Accelerated industrial load, favorable rate outcomes, multiple re-rates to 21x on $6.60 EPS.", "target_price": 140 } }, "confidence": 0.62, "assumptions": { "wacc": 0.065, "revenue_cagr_3y": 0.065, "terminal_multiple": 13, "ebit_margin_target": 0.25 }, "key_drivers": [ { "driver": "Industrial load growth (data centers, LNG) in service territory", "impact": "HIGH", "direction": "POS" }, { "driver": "Rate base growth from large capex program", "impact": "HIGH", "direction": "POS" }, { "driver": "Constructive regulatory outcomes in AR, LA, MS, TX", "impact": "HIGH", "direction": "POS" }, { "driver": "Rising interest expense on $30.9B total debt", "impact": "HIGH", "direction": "NEG" }, { "driver": "Normalization of EPS after prior-year one-time items", "impact": "MED", "direction": "POS" }, { "driver": "Dividend growth aligned with 6-8% EPS CAGR guidance", "impact": "MED", "direction": "POS" }, { "driver": "Interest rate environment pressuring utility valuations", "impact": "MED", "direction": "NEG" }, { "driver": "Storm risk in Gulf Coast service territory", "impact": "MED", "direction": "NEG" } ], "method_notes": "Utility-focused valuation: forward P/E on normalized EPS anchored to rate base growth of ~8-9% and allowed ROE of ~10%. EV/EBITDA cross-check at 13x supports EV. TTM EPS depressed by one-time items (EPS YoY -78%); forward EPS ~$5.90 implies significant recovery. 12M target of $124 implies ~8.2% price upside plus ~3% dividend yield for ~11% total return, supporting BUY. Stock near 52-week high caps confidence at 0.62. Sell-side targets noted but not used as inputs. Not investment advice.", "current_price": 114.61, "recommendation": "BUY", "thesis_bullets": [ "Regulated utility benefiting from Gulf Coast industrial load growth", "Data center and LNG demand driving above-peer rate base expansion", "Forward P/E of 19.4x reasonable given high-single-digit earnings growth outlook", "Heavy capex cycle supports long-term earnings but elevates leverage risk", "Near 52-week high limits near-term upside; dividend yield adds total return" ], "target_price_6m": 119.5, "target_price_12m": 124 }, "errorsJson": { "attempts": [], "providerMeta": { "provider": "anthropic", "webSearch": { "enabled": false, "maxToolCalls": 2, "disabledReason": null }, "pauseTurns": 0, "stopReason": "end_turn" }, "sanityIssues": [] }, "latencyMs": 39428, "createdAt": "2026-04-09T05:20:35.943Z", "usage": { "inputTokens": 3612, "outputTokens": 1758, "costUsd": 0.06201 } }, { "id": "cmnr13jvw03n1p65888vj0qt1", "runId": "cmnr13jvt03mwp658h38xnmre", "modelId": "deepseek.reasoner", "status": "SUCCESS", "rawOutput": "{\n \"model\": \"AI Equity Research Model\",\n \"as_of\": \"2026-04-08T20:00:02.000Z\",\n \"ticker\": \"ETR\",\n \"currency\": \"USD\",\n \"current_price\": 114.61,\n \"target_price_6m\": 113.0,\n \"target_price_12m\": 115.0,\n \"recommendation\": \"HOLD\",\n \"confidence\": 0.65,\n \"thesis_bullets\": [\n \"Regulated utility with stable cash flows.\",\n \"High debt levels increase financial risk.\",\n \"Recent EPS decline suggests operational challenges.\",\n \"Renewable energy investments for growth.\",\n \"Dividend yield provides income support.\"\n ],\n \"key_drivers\": [\n { \"driver\": \"Regulatory environment\", \"impact\": \"HIGH\", \"direction\": \"POS\" },\n { \"driver\": \"Debt management\", \"impact\": \"HIGH\", \"direction\": \"NEG\" },\n { \"driver\": \"Operational efficiency\", \"impact\": \"MED\", \"direction\": \"POS\" },\n { \"driver\": \"Renewable energy transition\", \"impact\": \"MED\", \"direction\": \"POS\" },\n { \"driver\": \"Economic growth in service areas\", \"impact\": \"LOW\", \"direction\": \"POS\" },\n { \"driver\": \"Interest rate changes\", \"impact\": \"MED\", \"direction\": \"NEG\" },\n { \"driver\": \"Weather-related demand\", \"impact\": \"LOW\", \"direction\": \"POS\" },\n { \"driver\": \"Infrastructure investment costs\", \"impact\": \"HIGH\", \"direction\": \"NEG\" }\n ],\n \"risks\": [\n \"Regulatory rate case delays.\",\n \"Rising interest rates increasing debt costs.\",\n \"Operational risks from aging infrastructure.\",\n \"Environmental and climate change impacts.\"\n ],\n \"assumptions\": {\n \"revenue_cagr_3y\": 0.03,\n \"ebit_margin_target\": 0.247,\n \"wacc\": 0.06,\n \"terminal_multiple\": 13.0\n },\n \"scenarios\": {\n \"bear\": { \"target_price\": 100.0, \"prob\": 0.2, \"notes\": \"Regulatory setbacks and higher costs drive valuation down.\" },\n \"base\": { \"target_price\": 115.0, \"prob\": 0.6, \"notes\": \"Steady performance with moderate growth as assumed.\" },\n \"bull\": { \"target_price\": 130.0, \"prob\": 0.2, \"notes\": \"Successful cost savings and growth initiatives boost earnings.\" }\n },\n \"method_notes\": \"Valuation based on DCF with 3% revenue growth, 6% WACC. Market cap inconsistency in snapshot noted. Not investment advice.\"\n}", "parsedJson": { "as_of": "2026-04-08T20:00:02.000Z", "model": "AI Equity Research Model", "risks": [ "Regulatory rate case delays.", "Rising interest rates increasing debt costs.", "Operational risks from aging infrastructure.", "Environmental and climate change impacts." ], "ticker": "ETR", "currency": "USD", "scenarios": { "base": { "prob": 0.6, "notes": "Steady performance with moderate growth as assumed.", "target_price": 115 }, "bear": { "prob": 0.2, "notes": "Regulatory setbacks and higher costs drive valuation down.", "target_price": 100 }, "bull": { "prob": 0.2, "notes": "Successful cost savings and growth initiatives boost earnings.", "target_price": 130 } }, "confidence": 0.65, "assumptions": { "wacc": 0.06, "revenue_cagr_3y": 0.03, "terminal_multiple": 13, "ebit_margin_target": 0.247 }, "key_drivers": [ { "driver": "Regulatory environment", "impact": "HIGH", "direction": "POS" }, { "driver": "Debt management", "impact": "HIGH", "direction": "NEG" }, { "driver": "Operational efficiency", "impact": "MED", "direction": "POS" }, { "driver": "Renewable energy transition", "impact": "MED", "direction": "POS" }, { "driver": "Economic growth in service areas", "impact": "LOW", "direction": "POS" }, { "driver": "Interest rate changes", "impact": "MED", "direction": "NEG" }, { "driver": "Weather-related demand", "impact": "LOW", "direction": "POS" }, { "driver": "Infrastructure investment costs", "impact": "HIGH", "direction": "NEG" } ], "method_notes": "Valuation based on DCF with 3% revenue growth, 6% WACC. Market cap inconsistency in snapshot noted. Not investment advice.", "current_price": 114.61, "recommendation": "HOLD", "thesis_bullets": [ "Regulated utility with stable cash flows.", "High debt levels increase financial risk.", "Recent EPS decline suggests operational challenges.", "Renewable energy investments for growth.", "Dividend yield provides income support." ], "target_price_6m": 113, "target_price_12m": 115 }, "errorsJson": { "attempts": [], "providerMeta": { "endpoint": "https://api.deepseek.com/v1/chat/completions", "provider": "deepseek", "webSearch": { "enabled": false, "supported": false }, "responseFormat": "json_object" }, "sanityIssues": [] }, "latencyMs": 334, "createdAt": "2026-04-09T05:20:35.943Z", "usage": { "inputTokens": 2122, "outputTokens": 4868, "costUsd": 0.002639 } }, { "id": "cmnr13jvw03mzp6588zq61lch", "runId": "cmnr13jvt03mwp658h38xnmre", "modelId": "gemini.3-pro", "status": "SUCCESS", "rawOutput": "{\n \"model\": \"Equity Research Analyst AI\",\n \"as_of\": \"2026-04-08T20:00:02.000Z\",\n \"ticker\": \"ETR\",\n \"currency\": \"USD\",\n \"current_price\": 114.61,\n \"target_price_6m\": 119.50,\n \"target_price_12m\": 124.00,\n \"recommendation\": \"BUY\",\n \"confidence\": 0.70,\n \"thesis_bullets\": [\n \"Industrial load growth from Gulf Coast LNG and chemical sectors remains a primary growth engine.\",\n \"Capital plan supports 7-8% rate base growth through 2028, driving earnings per share expansion.\",\n \"Constructive regulatory outcomes in Louisiana and Texas provide clarity on cost recovery and returns.\",\n \"Increasing demand from data centers offers incremental upside to long-term load forecasts and revenue.\",\n \"Dividend yield of ~3% combined with earnings growth provides an attractive total return profile.\"\n ],\n \"key_drivers\": [\n {\n \"driver\": \"Industrial load growth\",\n \"impact\": \"HIGH\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Interest rate trajectory\",\n \"impact\": \"HIGH\",\n \"direction\": \"NEG\"\n },\n {\n \"driver\": \"Regulatory rate case approvals\",\n \"impact\": \"HIGH\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Storm restoration cost recovery\",\n \"impact\": \"MED\",\n \"direction\": \"NEG\"\n },\n {\n \"driver\": \"Data center power demand\",\n \"impact\": \"MED\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Capital expenditure efficiency\",\n \"impact\": \"MED\",\n \"direction\": \"POS\"\n }\n ],\n \"risks\": [\n \"Severe weather events in the Gulf Coast region impacting infrastructure.\",\n \"Adverse regulatory shifts in allowed returns on equity (ROE).\",\n \"Higher-for-longer interest rates increasing utility financing costs.\",\n \"Execution delays in large-scale infrastructure and renewable projects.\"\n ],\n \"assumptions\": {\n \"revenue_cagr_3y\": 0.055,\n \"ebit_margin_target\": 0.255,\n \"wacc\": 0.068,\n \"terminal_multiple\": 18.5\n },\n \"scenarios\": {\n \"bear\": {\n \"target_price\": 105.00,\n \"prob\": 0.2,\n \"notes\": \"Severe storm damage and regulatory delays in cost recovery.\"\n },\n \"base\": {\n \"target_price\": 124.00,\n \"prob\": 0.6,\n \"notes\": \"Steady industrial growth and successful execution of the capital plan.\"\n },\n \"bull\": {\n \"target_price\": 138.00,\n \"prob\": 0.2,\n \"notes\": \"Accelerated data center demand and higher-than-expected allowed ROEs.\"\n }\n },\n \"method_notes\": \"Valuation derived from a blended P/E and DCF approach. Target reflects industrial load growth and rate base expansion. Not investment advice.\"\n}", "parsedJson": { "as_of": "2026-04-08T20:00:02.000Z", "model": "Equity Research Analyst AI", "risks": [ "Severe weather events in the Gulf Coast region impacting infrastructure.", "Adverse regulatory shifts in allowed returns on equity (ROE).", "Higher-for-longer interest rates increasing utility financing costs.", "Execution delays in large-scale infrastructure and renewable projects." ], "ticker": "ETR", "currency": "USD", "scenarios": { "base": { "prob": 0.6, "notes": "Steady industrial growth and successful execution of the capital plan.", "target_price": 124 }, "bear": { "prob": 0.2, "notes": "Severe storm damage and regulatory delays in cost recovery.", "target_price": 105 }, "bull": { "prob": 0.2, "notes": "Accelerated data center demand and higher-than-expected allowed ROEs.", "target_price": 138 } }, "confidence": 0.7, "assumptions": { "wacc": 0.068, "revenue_cagr_3y": 0.055, "terminal_multiple": 18.5, "ebit_margin_target": 0.255 }, "key_drivers": [ { "driver": "Industrial load growth", "impact": "HIGH", "direction": "POS" }, { "driver": "Interest rate trajectory", "impact": "HIGH", "direction": "NEG" }, { "driver": "Regulatory rate case approvals", "impact": "HIGH", "direction": "POS" }, { "driver": "Storm restoration cost recovery", "impact": "MED", "direction": "NEG" }, { "driver": "Data center power demand", "impact": "MED", "direction": "POS" }, { "driver": "Capital expenditure efficiency", "impact": "MED", "direction": "POS" } ], "method_notes": "Valuation derived from a blended P/E and DCF approach. Target reflects industrial load growth and rate base expansion. Not investment advice.", "current_price": 114.61, "recommendation": "BUY", "thesis_bullets": [ "Industrial load growth from Gulf Coast LNG and chemical sectors remains a primary growth engine.", "Capital plan supports 7-8% rate base growth through 2028, driving earnings per share expansion.", "Constructive regulatory outcomes in Louisiana and Texas provide clarity on cost recovery and returns.", "Increasing demand from data centers offers incremental upside to long-term load forecasts and revenue.", "Dividend yield of ~3% combined with earnings growth provides an attractive total return profile." ], "target_price_6m": 119.5, "target_price_12m": 124 }, "errorsJson": { "attempts": [ { "error": "sanity_error: buy_scenario_return_too_low: BUY requires >= 6% return from probability-weighted scenarios.", "attempt": 0, "rawOutputTruncated": "{\n \"model\": \"Equity Research Analyst AI\",\n \"as_of\": \"2026-04-08T20:00:02.000Z\",\n \"ticker\": \"ETR\",\n \"currency\": \"USD\",\n \"current_price\": 114.61,\n \"target_price_6m\": 118.50,\n \"target_price_12m\": 122.00,\n \"recommendation\": \"BUY\",\n \"confidence\": 0.72,\n \"thesis_bullets\": [\n \"Strong industrial demand from Gulf Coast LNG and chemical sectors.\",\n \"Multi-year capital plan supports 7-8% annual rate base growth.\",\n \"Constructive regulatory environment in key jurisdictions like Arkansas and Texas.\",\n \"Transition to clean energy provides long-term ESG-driven valuation support.\",\n \"Solid balance sheet and liquidity profile despite high capital intensity.\"\n ],\n \"key_drivers\": [\n {\n \"driver\": \"Industrial load growth\",\n \"impact\": \"HIGH\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Interest rate trajectory\",\n \"impact\": \"HIGH\",\n \"direction\": \"NEG\"\n },\n {\n \"driver\": \"Regulatory rate case approvals\",\n \"impact\": \"HIGH\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Storm restoration cost recovery\",\n \"impact\": \"MED\",\n \"direction\": \"NEG\"\n },\n {\n \"driver\": \"Data center power demand\",\n \"impact\": \"…" } ], "providerMeta": { "model": "gemini-3-flash-preview", "provider": "gemini", "webSearch": { "used": false, "allowed": false, "enabled": false, "requested": false, "disabledReason": null } }, "sanityIssues": [] }, "latencyMs": 20786, "createdAt": "2026-04-09T05:20:35.943Z", "usage": { "inputTokens": 3203, "outputTokens": 799, "costUsd": 0.015994 } }, { "id": "cmnr13jvw03mxp658s8xedrxi", "runId": "cmnr13jvt03mwp658h38xnmre", "modelId": "openai.gpt-5.4", "status": "SUCCESS", "rawOutput": "{\"model\":\"gpt-5\",\"as_of\":\"2026-04-08T20:00:02.000Z\",\"ticker\":\"ETR\",\"currency\":\"USD\",\"current_price\":114.61,\"target_price_6m\":117,\"target_price_12m\":120,\"recommendation\":\"HOLD\",\"confidence\":0.64,\"thesis_bullets\":[\"Regulated rate-base growth supports steady earnings and dividend expansion.\",\"Forward valuation already reflects much of the near-term growth outlook.\",\"Strong operating cash flow helps fund capex despite elevated leverage.\",\"Gulf Coast load growth offers upside from industrial and data demand.\",\"Weather, regulation, and financing risks keep risk-reward balanced.\"],\"key_drivers\":[{\"driver\":\"Rate base investment pipeline\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Retail and industrial load growth\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Constructive regulatory recovery\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Dividend support from cash flow\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"High leverage\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"Financing cost pressure\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"Storm restoration volatility\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"Capex execution discipline\",\"impact\":\"MED\",\"direction\":\"POS\"}],\"risks\":[\"Adverse regulatory rulings or delayed cost recovery.\",\"Hurricane or storm costs exceed recovery assumptions.\",\"Higher-for-longer rates pressure utility valuations.\",\"Large capex overruns or project delays.\",\"Load growth expectations prove too optimistic.\"],\"assumptions\":{\"revenue_cagr_3y\":0.06,\"ebit_margin_target\":0.25,\"wacc\":0.068,\"terminal_multiple\":12.5},\"scenarios\":{\"bear\":{\"target_price\":99,\"prob\":0.25,\"notes\":\"Premium multiple compresses as rates stay higher and recovery timing slips.\"},\"base\":{\"target_price\":120,\"prob\":0.5,\"notes\":\"Rate-base growth and normal regulation drive modest EPS and dividend gains.\"},\"bull\":{\"target_price\":133,\"prob\":0.25,\"notes\":\"Load upside and favorable rulings sustain a premium utility valuation.\"}},\"method_notes\":\"Blended valuation using snapshot-based forward earnings, EV/EBITDA, dividend support, and regulated utility multiples; snapshot quote fields kept authoritative. 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