Duke Energy Corp

DUK: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$642.00	Kyqgly	Vksylhp

Duke Energy Earnings: Capital Investment Increase Highlights Long-Term Growth Opportunities

Andrew Bischof

Feb 8, 2024

We are maintaining our $112 per share Duke Energy fair value estimate after the company reported full-year 2023 adjusted earnings per share of $5.56 compared with $5.27 in 2022. Duke Energy remains one of the cheapest utilities in our U.S. coverage, trading at a 15% discount to our fair value estimate as of Feb. 8. We don't think the market fully appreciates Duke's constructive regulatory environments and long runway of regulated growth opportunities.

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