Interest Rate SensitivityHigher real interest rates weigh on investor sentiment by increasing discount rates applied to regulated asset returns, pressuring valuation multiples.
Limited Regulatory CatalystsLimited regulatory catalysts reduce the likelihood of a significant stock re-rating, making valuation expansion harder without new growth drivers.
Valuation PremiumThe stock trades at a valuation premium compared with peer grid utilities, which could constrain upside unless earnings growth outpaces expectations.