Equity AssumptionsShare price decline since November update increases dilution from equity assumptions, and the continued rise in 10-year treasury rates increases debt financing costs.
Market DiscountShares of EVRG currently trade at a ~12% P/E discount to the group, and shares can re-rate to a low-single-digit discount in the near-term and potentially an in-line multiple in the long term.
Regulatory RisksRisks include lack of regulatory diversity, making each KS and MO rate proceeding consequential, and adverse regulatory decisions in KS, MO, or FERC.