Investor Presentaiton
Premier Balance Sheet Supports Organic Growth
and Provides Financial Flexibility
One of the sector's best credit profiles supports higher relative valuation
ppl
✓
✓
Premier credit ratings among peers
•
•
Baa1 rating at Moody's
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%
Discount Valuation:
13.0x - 16.5x
PPL's Relative Valuation Has
Improved by 1.5x since Investor Day
✓
No planned equity issuances
(1)
2
Source: FactSet, represents closing share price and 2024 consensus estimates as of January 6, 2023.
(2) Moody's long-term issuer rating per FactSet.
2024 P/E Multiple (1)
Average Valuation:
16.5x – 18.5x
HH
Premium Valuation:
18.5x - 20.0x
Premier Credit Profile Supports Path
to Premium Valuation Multiple
Baa2 (2)
ES AEE CMS ED WEC XEL
Baa1(2)
DETR FE EVRG AEP DUK
SO
PPL LNT
Ba1 (2)
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