Investor Presentaiton
Premier Balance Sheet Supports Organic Growth
and Provides Financial Flexibility
One of the sector's best credit profiles supports higher relative valuation
Premier credit ratings among peers
•
Baa1 rating at Moody's
Discount Valuation:
14.5x - 16.0x
PPL's Relative Valuation has
Improved by 1.5x since Investor Day
2024 P/E Multiple (1)
Average Valuation:
16.0x - 18.0x
HH
Premium Valuation:
18.0x - 19.0x
Premier Credit Profile Supports Path
to Premium Valuation Multiple
ppl
✓
A- rating at S&P
16% 18% FFO/CFO to debt
-
Peer average is ~15%
HoldCo debt to total debt at <25%
Peer average is ~25%
✓
No planned equity issuances
ETR
FE D EVRG AEP SO
DUK PPL ES
LNT ED CMS AEE
XEL WEC
---
(2)
Ba1
(2)
Baa2
(2)
Baa1
(1)
2
Source: FactSet, represents closing share price and 2024 consensus estimates as of February 10, 2023.
(2) Moody's long-term issuer rating per FactSet.
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