속보 • May 18
Constellation Energy Surpasses Q1 Profit Forecast With Calpine Acquisition and New Power Projects Constellation Energy reported Q1 2026 adjusted EPS of $2.74, which was above analyst expectations, with revenue of $11.12b that was 64% higher year over year, helped by the Calpine acquisition.
The Calpine deal added gas, solar and other generation assets, and the company cited about $2 per share of annualized earnings accretion from the transaction while also executing about $5b of asset sales to meet PJM regulatory commitments.
Constellation brought the 105 MW Pastoria Solar Project in California and the 460 MW Pin Oak Creek Energy Center in Texas into commercial operation, reaffirmed 2026 adjusted operating EPS guidance of $11.00 to $12.00, and repurchased about 1.2 million shares.
Taken together, the Calpine integration, new generation projects and share repurchases signal management’s focus on scale, earnings accretion and capital returns while keeping within regulatory requirements.
Investors may want to watch how the company balances large-scale growth projects like the Crane Clean Energy Center restart with ongoing data center demand and future free cash flow generation against any changes in regulation or power market conditions. Reported Earnings • May 12
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: US$4.49 (up from US$0.38 in 1Q 2025). Revenue: US$11.1b (up 64% from 1Q 2025). Net income: US$1.59b (up US$1.47b from 1Q 2025). Profit margin: 14% (up from 1.7% in 1Q 2025). Revenue exceeded analyst estimates by 28%. Earnings per share (EPS) also surpassed analyst estimates by 73%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Electric Utilities industry in the US. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • May 01
Fourth quarter dividend of US$0.43 announced Shareholders will receive a dividend of US$0.43. Ex-date: 15th May 2026 Payment date: 5th June 2026 Dividend yield will be 0.5%, which is lower than the industry average of 3.6%. Payout Ratios Payout ratio: 21%. Cash payout ratio: 49%. 공시 • Apr 30
Constellation Energy Corporation Declares Dividend, Payable on June 5, 2026 Constellation Energy Corporation declared a quarterly dividend of $0.4265 per share on Constellation’s common stock. The dividend is payable on June 5, 2026, to shareholders of record as of 5 p.m. Eastern time on May 15, 2026. 공시 • Apr 11
Constellation Energy Corporation to Report Q1, 2026 Results on May 11, 2026 Constellation Energy Corporation announced that they will report Q1, 2026 results on May 11, 2026 Buy Or Sell Opportunity • Mar 20
Now 28% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to US$282. The fair value is estimated to be US$394, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 7.2% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. 공시 • Mar 20
Constellation Energy Corporation, Annual General Meeting, Apr 28, 2026 Constellation Energy Corporation, Annual General Meeting, Apr 28, 2026. Major Estimate Revision • Mar 19
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from US$36.4b to US$32.6b. EPS estimate fell from US$10.89 to US$10.68 per share. Net income forecast to grow 65% next year vs 15% growth forecast for Electric Utilities industry in the US. Consensus price target of US$394 unchanged from last update. Share price rose 4.9% to US$316 over the past week. Recent Insider Transactions Derivative • Mar 03
Insider exercised options and sold US$8.5m worth of stock On the 1st of March, Michael Koehler exercised 30k options at a strike price of around US$272 and sold these shares for an average price of US$287 per share. This trade did not impact their existing holding. Michael currently holds less than 1% of total shares outstanding. Company insiders have collectively sold US$106m more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • Mar 03
Consensus revenue estimates increase by 42% The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from US$25.9b to US$36.6b. EPS estimate unchanged at US$10.89. Net income forecast to grow 61% next year vs 18% growth forecast for Electric Utilities industry in the US. Consensus price target broadly unchanged at US$394. Share price rose 11% to US$327 over the past week. Declared Dividend • Feb 26
Fourth quarter dividend increased to US$0.43 Dividend of US$0.43 is 10.0% higher than last year. Ex-date: 9th March 2026 Payment date: 20th March 2026 Dividend yield will be 0.5%, which is lower than the industry average of 3.6%. Payout Ratios Payout ratio: 21%. Cash payout ratio: 48%. New Risk • Feb 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 126% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.1% net profit margin). Shareholders have been diluted in the past year (16% increase in shares outstanding). 공시 • Feb 25
Constellation Energy Corporation Declares Quarterly Dividend, Payable on March 20, 2026 Constellation Energy Corporation declared a quarterly dividend of $0.4265 per share on common stock, payable on March 20, 2026, to shareholders of record as of 5 p.m. Eastern time on March 9, 2026. New Risk • Feb 24
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 9.1% Last year net profit margin: 16% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (9.1% net profit margin). Shareholders have been diluted in the past year (16% increase in shares outstanding). Reported Earnings • Feb 24
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: US$7.41 (down from US$11.90 in FY 2024). Revenue: US$25.5b (up 8.3% from FY 2024). Net income: US$2.32b (down 38% from FY 2024). Profit margin: 9.1% (down from 16% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Electric Utilities industry in the US. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. 공시 • Feb 18
Constellation Energy Corporation to Report Q4, 2025 Results on Feb 24, 2026 Constellation Energy Corporation announced that they will report Q4, 2025 results at 12:30 PM, US Eastern Standard Time on Feb 24, 2026 Recent Insider Transactions Derivative • Feb 12
President exercised options and sold US$48m worth of stock On the 9th of February, Joseph Dominguez exercised options to acquire 176k shares at no cost and sold these for an average price of US$272 per share. This trade did not impact their existing holding. For the year to December 2022, Joseph's total compensation was 8% salary and 92% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2025, Joseph has owned 149.83k shares directly. Company insiders have collectively sold US$99m more than they bought, via options and on-market transactions in the last 12 months. 공시 • Feb 11
Constellation Energy Corporation Announces Appointment of Alan Armstrong to Board Committees, Effective February 10, 2026 Constellation Energy Corporation reported the election of Alan Armstrong to the Board of Directors, effective January 1, 2026. On February 10, 2026, Alan Armstrong was appointed to serve on the Compensation Committee and the Nuclear Oversight Committee. Buy Or Sell Opportunity • Feb 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 29% to US$250. The fair value is estimated to be US$317, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$287, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 19x in the Electric Utilities industry in the US. Total returns to shareholders of 243% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$297 per share. New Risk • Jan 20
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 5.5% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (5.5% operating cash flow to total debt). High level of non-cash earnings (27% accrual ratio). Minor Risk Shareholders have been diluted in the past year (16% increase in shares outstanding). New Risk • Jan 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (16% increase in shares outstanding). 공시 • Jan 07
U.S. Nuclear Regulatory Commission Greenlights Constellation’S $167 Million Digital Modernization Plan for Limerick Clean Energy Center; State-Of-The-Art Technology Upgrades Will Enhance Reliability, Diagnostic Capability and Cyber Resilience Constellation announced the U.S. Nuclear Regulatory Commission (NRC) has approved a License Amendment Request for the Limerick Clean Energy Center’s Digital Modernization Project, a first-of-its-kind upgrade across major control and protection systems that will enhance reliability, diagnostic capability and cyber resilience at one of the nation’s top-rated nuclear facilities. This approval comes at a critical time as Constellation works to preserve and expand nuclear generation in Pennsylvania.
The Digital Modernization Project replaces select analog instrumentation and control equipment with state-of-the-art digital platforms designed to improve equipment monitoring, provide a broader range of automation and support additional operational flexibility with enhanced reliability. These upgrades will help Limerick deliver around-the-clock, carbon-free electricity to power homes, businesses and new data-driven industries that are creating jobs in the region. This is the first large-scale demonstration of a digital safety system upgrade at an operating U.S. nuclear plant, supported by the U.S. Department of Energy’s (DOE’s) Light Water Reactor Sustainability Program. The Digital Modernization Project installation will be done in phases and carefully managed to ensure safety and operational continuity. Physical installation of the digital control rooms is planned to occur during upcoming refueling outages. During these scheduled outages, Limerick will welcome thousands of additional skilled craft workers to support the work, providing a boost to the local economy through a surge in spending on lodging, dining and services. Located along the Schuylkill River in Montgomery County, Pennsylvania (about 35 miles northwest of Philadelphia), Limerick’s two nuclear units provide up to 2,317 megawatts of reliable, carbon-free electricity, enough to power more than 1.7 million homes. The station supports local jobs and economic activity, while contributing to regional clean-energy goals. 공시 • Dec 17
the Nuclear Regulatory Commission Approves 20-Year Initial License Renewal for Constellation's Clinton Clean Energy Center The Nuclear Regulatory Commission (NRC) has approved a 20-year initial license renewal for Constellation's Clinton Clean Energy Center and a 20-year subsequent license renewal for its Dresden Clean Energy Center, following a rigorous review of maintenance activities, plant equipment and safety systems at the two Illinois facilities. The approvals allow Clinton to operate through 2047 and the Dresden reactors to operate through 2049 and 2051. Constellation, the nation's largest operator of clean, reliable nuclear power, is investing more than $370 million to relicense the plants, installing upgrades to increase efficiency and ensure safety and reliability for decades to come. At Clinton, two new auxiliary transformers and two advanced equipment chillers are delivering higher system reliability, while upgrades to the plant's condensate polisher system offer greater protection from component degradation. At Dresden, operators are now using next-generation feedwater level control technology to enhance reactor safety, while a new main power transformer purchased for the plant will deliver electrical system monitoring and control. With these and other upgrades in place, Clinton and Dresden continue to operate at higher levels of safety, reliability and efficiency than the day they came online. While these license renewals give Constellation the regulatory approval needed to operate Clinton and Dresden for another two decades, actual operation is contingent on each plant's financial viability. At Clinton, the facility's carbon-free energy is secure as a result of the 20-year agreement with Meta announced in August. The deal supports the continued operation, expansion and relicensing of the 1,121-megawatt Clinton facility following the expiration of the state's Zero Emission Credit (ZEC) program in May 2027. 공시 • Nov 12
Constellation Energy Corporation Announces Peter Oppenheimer Intends to Retire from its Board, Effective December 31, 2025 On November 9, 2025, Peter Oppenheimer notified the Board of Directors of Constellation Energy Corporation of his intent to retire from the Board. His retirement is effective December 31, 2025. New Risk • Nov 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 59% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 09
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: US$2.97 (down from US$3.83 in 3Q 2024). Revenue: US$6.57b (flat on 3Q 2024). Net income: US$930.0m (down 23% from 3Q 2024). Profit margin: 14% (down from 18% in 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.7%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Electric Utilities industry in the US. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 57% per year, which means it is significantly lagging earnings growth. Declared Dividend • Nov 02
Second quarter dividend of US$0.39 announced Shareholders will receive a dividend of US$0.39. Ex-date: 17th November 2025 Payment date: 5th December 2025 Dividend yield will be 0.4%, which is lower than the industry average of 3.6%. 공시 • Oct 30
Constellation Energy Corporation Declares Dividend, Payable on December 5, 2025 The Board of Directors of Constellation Energy Corporation declared a quarterly dividend of $0.3878 per share on Constellation’s common stock. The dividend is payable on December 5, 2025, to shareholders of record as on November 17, 2025. Price Target Changed • Oct 18
Price target increased by 7.3% to US$381 Up from US$355, the current price target is an average from 12 analysts. New target price is approximately in line with last closing price of US$387. Stock is up 43% over the past year. The company is forecast to post earnings per share of US$8.37 for next year compared to US$11.90 last year. Buy Or Sell Opportunity • Oct 09
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to US$383. The fair value is estimated to be US$314, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 75%. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. 공시 • Sep 30
Constellation Appoints Alan Armstrong to Board of Directors, Effective Jan. 1, 2026 Constellation has announced the election of Alan S. Armstrong to its board of directors, effective Jan. 1, 2026. Armstrong is currently executive chairman of the board of directors for Williams, a major U.S. energy infrastructure company that primarily focuses on natural gas gathering, processing and transmission. Armstrong served as the company’s president and CEO for 14 years prior to being named its board chair earlier this year. Prior to being named Williams CEO in 2011, Armstrong led the company’s North American midstream and olefins businesses through a period of growth and expansion as Senior Vice President – Midstream. Previously, he served in a number of operational and commercial roles in various business units at Williams. He joined the company in 1986 as an engineer. A respected industry leader, Armstrong currently serves as chair of the National Petroleum Council and is a founding member of Natural Allies for a Clean Energy Future. He also serves as board member for BOK Financial Corp. Armstrong earned his bachelor’s degree in civil engineering from the University of Oklahoma where he currently serves as chair of The University of Oklahoma Foundation. 공시 • Sep 04
Constellation Energy Corporation Announces Chief Nuclear Officer Changes Constellation Energy Corporation announced the appointment of Chris Mudrick as the company’s new chief nuclear officer, effective September 29, 2025. Mudrick succeeds Dave Rhoades, who is retiring at the end of the year after serving in the role since 2021. Chris Mudrick has served as senior vice president of generation growth since returning to Constellation last year after serving the previous four years as chief nuclear officer at Bruce Power in Canada. Since rejoining Constellation, he has overseen the Crane Clean Energy Center restart and supported numerous growth and data economy initiatives. Mudrick spent more than 30 years in leadership positions at Constellation prior to joining Bruce Power. Declared Dividend • Aug 08
Second quarter dividend of US$0.39 announced Shareholders will receive a dividend of US$0.39. Ex-date: 18th August 2025 Payment date: 5th September 2025 Dividend yield will be 0.5%, which is lower than the industry average of 3.6%. 공시 • Aug 06
Constellation Energy Corporation Declares Quarterly Dividend, Payable on September 5, 2025 The Board of Directors of Constellation Energy Corporation declared a quarterly dividend of $0.3878 per share on Constellation’s common stock. The dividend is payable on Sept. 5, 2025, to shareholders of record as of 5 p.m. Eastern time on Aug. 18, 2025. 공시 • Jun 18
Constellation Energy Corporation Receives Regulatory Approval from the New York State Public Service Commission Constellation announced it has received regulatory approval from the New York State Public Service Commission (PSC) for its previously announced acquisition of Calpine Corporation. The approval represents the most recent key step forward in Constellation’s plans to combine the nation’s largest zero-emissions nuclear fleet with Calpine’s premier portfolio of low-emission natural gas and geothermal assets. The deal will establish a coast-to-coast platform capable of supporting growing demand for around-the-clock, sustainable power. Earlier this month, the deal cleared regulatory review with Texas’ Public Utilities Commission. The transaction — expected to close in the fourth quarter of 2025 — now awaits approval from the Federal Energy Regulatory Commission and the Department of Justice, along with other customary closing conditions. Reported Earnings • May 07
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: US$0.38 (down from US$2.79 in 1Q 2024). Revenue: US$6.79b (up 10% from 1Q 2024). Net income: US$118.0m (down 87% from 1Q 2024). Profit margin: 1.7% (down from 14% in 1Q 2024). Revenue exceeded analyst estimates by 25%. Earnings per share (EPS) missed analyst estimates by 82%. Revenue is expected to decline by 2.8% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in the US are expected to grow by 4.9%. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 69% per year, which means it is significantly lagging earnings growth. Declared Dividend • May 02
Fourth quarter dividend of US$0.39 announced Shareholders will receive a dividend of US$0.39. Ex-date: 16th May 2025 Payment date: 6th June 2025 Dividend yield will be 0.6%, which is lower than the industry average of 3.6%. 공시 • Apr 30
Constellation Energy Corporation Declares Quarterly Dividend, Payable on June 6, 2025 The Board of Directors of Constellation Energy Corporation declared a quarterly dividend of $0.3878 per share on Constellation’s common stock. The dividend is payable on June 6, 2025, to shareholders of record as of May 16, 2025. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$223, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 18x in the Electric Utilities industry in the US. Total returns to shareholders of 293% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$288 per share. Price Target Changed • Apr 15
Price target decreased by 7.1% to US$297 Down from US$320, the current price target is an average from 14 analysts. New target price is 43% above last closing price of US$208. Stock is up 12% over the past year. The company is forecast to post earnings per share of US$9.44 for next year compared to US$11.90 last year. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$171, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 19x in the Electric Utilities industry in the US. Total returns to shareholders of 174% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$288 per share. 공시 • Mar 20
Constellation Energy Corporation, Annual General Meeting, Apr 29, 2025 Constellation Energy Corporation, Annual General Meeting, Apr 29, 2025. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$268, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 18x in the Electric Utilities industry in the US. Total returns to shareholders of 497% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$272 per share. Recent Insider Transactions • Feb 23
Senior VP & Controller recently sold US$1.2m worth of stock On the 20th of February, Matthew Bauer sold around 4k shares on-market at roughly US$310 per share. This transaction amounted to 45% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Declared Dividend • Feb 20
Fourth quarter dividend increased to US$0.39 Dividend of US$0.39 is 10% higher than last year. Ex-date: 7th March 2025 Payment date: 18th March 2025 Dividend yield will be 0.5%, which is lower than the industry average of 3.6%. Reported Earnings • Feb 18
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: US$11.90 (up from US$5.03 in FY 2023). Revenue: US$23.6b (down 5.4% from FY 2023). Net income: US$3.75b (up 131% from FY 2023). Profit margin: 16% (up from 6.5% in FY 2023). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to stay flat during the next 3 years compared to a 4.8% growth forecast for the Electric Utilities industry in the US. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has increased by 96% per year, which means it is tracking significantly ahead of earnings growth. 공시 • Feb 18
Constellation Energy Corporation Declares Quarterly Dividend, Payable on March 18, 2025 Constellation Energy Corporation declared a quarterly dividend of $0.3878 per share on common stock, payable on March 18, 2025, to shareholders of record as of 5 p.m. Eastern time on March 7, 2025. Recent Insider Transactions Derivative • Feb 13
President exercised options and sold US$69m worth of stock On the 10th of February, Joseph Dominguez exercised options to acquire 214k shares at no cost and sold these for an average price of US$322 per share. This trade did not impact their existing holding. For the year to December 2022, Joseph's total compensation was 8% salary and 92% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2024, Joseph has owned 153.59k shares directly. Company insiders have collectively sold US$162m more than they bought, via options and on-market transactions in the last 12 months. New Risk • Jan 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (62% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). 공시 • Jan 16
New York Joins Constellation in Pursuit of Energy Department Funding for Advanced Nuclear Reactor Constellation commends the State of New York’s newly unveiled policies aimed at expanding the deployment of advanced nuclear energy to reach its goal of providing abundant, clean, reliable and affordable electricity for all New Yorkers. The New York State Energy Research and Development Authority (NYSERDA) has joined Constellation on a grant proposal to the U.S. Department of Energy (DOE) to support the company’s efforts to seek an early site permit from the Nuclear Regulatory Commission for one or more advanced nuclear reactors at the Nine Mile Point Clean Energy Center in Oswego, New York. If granted, the DOE funding would be used to pursue an early site permit at Nine Mile Point. An early site permit from the NRC approves a site for future development of a nuclear power plant. The permit is valid for 10 to 20 years, and the company can apply for a construction and operating license at any time during the permit period. Price Target Changed • Jan 13
Price target increased by 7.7% to US$301 Up from US$279, the current price target is an average from 14 analysts. New target price is 7.8% above last closing price of US$279. Stock is up 147% over the past year. The company is forecast to post earnings per share of US$9.88 for next year compared to US$5.02 last year. Buy Or Sell Opportunity • Jan 10
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to US$305. The fair value is estimated to be US$244, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to decline by 0.8% per annum. Earnings are forecast to grow by 6.4% per annum over the same time period. 공시 • Jan 10
Constellation Energy Reportedly Near $30 Billion Deal to Acquire Calpine Constellation Energy Corporation (NasdaqGS:CEG) is nearing a roughly $30 billion deal to acquire power producer Calpine Corporation, people familiar with the matter said, a move that would significantly expand Constellation's generation assets at a time of rising U.S. power demand. The transaction could be announced as early as January 8, 2025, said the people. Constellation is expected to pay mostly stock, with a small cash component, said one, adding the purchase price would include around $12 billion of Calpine debt which the buyer will absorb. The deliberations are ongoing, the sources said, cautioning that while the talks are advanced, a deal is not guaranteed. Constellation and Calpine did not respond to comment requests. Reuters was first to report in May that the private equity owners of Calpine were considering various options, including a sale of the company, at a valuation of about $30 billion, including debt. If the talks are successful, a takeover of Calpine would rank as the biggest in the U.S. power industry since TXU Corp.'s $45 billion leveraged buyout in 2007. For Constellation, a successful acquisition would add significant gas-fired power generation to its existing mix, which is around 60% nuclear and also includes some gas, renewables and oil, according to its website. It would also broaden Constellation's geographic footprint outside of its traditional focus areas of the northeast and Midwest: Calpine has a dozen power plants in Texas, as well as numerous generation assets on the West Coast. The news comes as the boom in artificial intelligence and data centers is driving power demand higher, making generation assets increasingly attractive to buyers. For investors with long-standing bets on the power industry, the backdrop is allowing them to exit profitably. Calpine was taken private in 2017 by buyout firm Energy Capital Partners, Canadian pension fund CPP Investments and Access Industries for a total of $17 billion, including debt. Both Constellation and Calpine are independent power producers and, unlike regulated utilities, can sell power at market prices, allowing them to profit more when demand rises. U.S. power demand is forecast to hit a record this year, building on an expectation of record demand in 2024, according to the U.S. Energy Information Administration. A government-backed report last month said power demand from data centers was expected to triple in the next three years, and consume as much as 12% of the country's electricity. Bloomberg reported on Constellation's talks with Calpine earlier on January 08, 2025. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$264, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 17x in the Electric Utilities industry in the US. Total returns to shareholders of 127% over the past year. Simply Wall St's valuation model estimates the intrinsic value at US$244 per share. 
