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EXELON CORP.
Trailing:
RELATIVE
NYSE-EXC
44.20 RATIO 12.0
P/E RATIO 0.73 YLD
4.8% LINE
Target Price Range
TIMELINESS 4 Lowered 2/5/10
2013 2014 2015
1 Raised 6/3/05
BETA .85 (1.00 = Market)
2013-15 PROJECTIONS
Ann’l Total Latest recession began 12/07
14%
7%
Insider Decisions
A M J J A S O N D
% TOT. RETURN 1/10
Institutional Decisions
VL ARITH.
Hld’s(000) 430416 429342 427310
Exelon Corp. was formed on October 20, 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
VALUE LINE PUB., INC. 13-15
26.25
25.70
26.90 Revenues per sh
31.25
8.25
8.00
8.35 ‘‘Cash Flow’’ per sh
9.25
3.70
4.00 Earnings per sh A
4.25
2.10
2.10 Div’d Decl’d per sh B ■
2.10
stockholders received one common share in 4.95
5.10
6.10 Cap’l Spending per sh
7.50
19.15
20.80
22.70 Book Value per sh C
27.25
Unicom investors exchanged each of their 638.01 642.01 646.63 662.00 664.20 666.00 670.00 661.00 658.00 660.00 662.00 664.00 Common Shs Outst’g D 640.00
common shares for .875 of an Exelon share
Bold figures are
Avg Ann’l P/E Ratio
13.5
Value Line
Relative P/E Ratio
.90
estimates
Avg Ann’l Div’d Yield
3.6%
17000
17850 Revenues ($mill)
20000
CAPITAL STRUCTURE as of 9/30/09
2465
2680 Net Profit ($mill)
2800
Total Debt $13015 mill. Due in 5 Yrs $5368 mill.
36.0%
36.0% Income Tax Rate
36.0%
LT Debt $11411 mill.
LT Interest $628 mill.
2.0%
2.0%
2.0% AFUDC % to Net Profit
2.0%
Includes $390 mill. nonrecourse transition bonds.
(LT interest earned: 6.2x) 44.0%
43.0% Long-Term Debt Ratio
42.5%
Leases, Uncapitalized Annual rentals $68.0 mill.
55.5%
57.0% Common Equity Ratio
57.0%
Pension Assets-12/08 $6.66 bill.
24750
26575 Total Capital ($mill)
30400
Oblig. $10.8 bill.
28475
30175 Net Plant ($mill)
36000
Pfd Stock $87.0 mill.
Pfd Div’d $4.0 mill.
13.0%
11.0%
11.5% Return on Total Cap’l
10.5%
Includes $87.0 mill. in preferred securities of sub-sidiaries.
18.0%
17.5% Return on Shr. Equity
16.0%
Common Stock 659,377,386 shs.
18.0%
17.5% Return on Com Equity E
16.0%
MARKET CAP: $29 billion (Large Cap)
8.0%
8.5% Retained to Com Eq
8.5%
ELECTRIC OPERATING STATISTICS
56%
52% All Div’ds to Net Prof
48%
BUSINESS: Exelon Corporation is a holding company for Com-
mercial & industrial, 16%; other, 9%. Generating sources: nuclear, monwealth Edison, which serves 3.8 million electric customers in Il- 74%; other, 6%; purchased, 20%. Fuel costs: 40% of revenues. ’08 linois, and PECO Energy, which serves 1.6 million electric and deprec. rate: 6.8%. Has 19,600 employees. Chairman & CEO: John 481,000 gas customers in Pennsylvania. Markets energy in the W. Rowe. President & COO: Christopher Crane. Inc.: PA. Address: mid-Atlantic and Midwest regions. Electric revenue breakdown, ’08: 10 South Dearborn St., P.O. Box 805398, Chicago, IL 60680-5398.
residential, 48%; small commercial & industrial, 27%; large com- Tel.: 312-394-7398. Internet: www.exeloncorp.com.
planning
duce a partial earnings recovery in 2011.
aging generating units in 2011. The
The company is undertaking a nu-
ANNUAL RATES
Past Est’d ’06-’08
facilities, in southeastern Pennsylvania, clear uprate program. Exelon added 70
of change (per sh)
to ’13-’15
mw of capacity last year and plans to add coal, 201 mw oil or gas). They have become 50 mw in 2010. This is part of its plan to uneconomic to operate and would likely re- projected cost of $4.4 billion — much less with stricter environmental regulations.
than the cost of building a nuclear plant of QUARTERLY REVENUES ($ mill.)
Costs associated with the retirements (in- that size. Moreover, the company will not Mar.31 Jun. 30 Sep. 30 Dec. 31
cluding accelerated depreciation) reduced incur additional operating expenses.
We expect no dividend increase any
time soon. The payout ratio is on the high
retirements are estimated at $138 million side for a company that gets most of its in- 4100
4200
4500
4200
17000
4300
4400
4750
4400
17850
Earnings
probably
EARNINGS PER SHARE A
2010. Due to conditions in the power mar-
tions. Although we aren’t projecting a divi- Mar.31 Jun. 30 Sep. 30 Dec. 31
kets, Exelon’s hedging program for its non- dend hike over the 3- to 5-year period, we regulated generating assets isn’t likely to don’t rule one out. We are projecting some contribute nearly as much profit margin as .90
.85
1.05
.90
3.70
it did in 2009. Nuclear fuel expense is ris- We have lowered our sights for the 3-
1.00
.95
1.10
.95
4.00
to 5-year period. Unless conditions in
QUARTERLY DIVIDENDS PAID B ■
plant-retirement costs from its 2010 earn- earnings aren’t likely to attain our pre- Mar.31 Jun.30 Sep.30 Dec.31
vious projection. At the stock’s current price, both the yield and its 3- to 5-year to- company’s generating assets should pro- (A) Diluted earnings. Excludes nonrecurring EPS don’t add due to rounding. Next earnings charges. In ’08: $13.02/sh. (D) In mill., adj. for
Company’s Financial Strength
gains (losses): ’01, 2¢; ’02, (18¢); ’03, ($1.06); report due late Apr. (B) Div’ds historically paid split. (E) Rate allowed on com. eq. in IL in ’08:
Stock’s Price Stability
’04, 3¢; ’05, ($1.85); ’06, ($1.15); ’09, (20¢); in early Mar., June, Sept., and Dec. ■ Div’d 10.3%; earned on avg. com. eq., ’08: 25.5%.
Price Growth Persistence
gains from disc. operations: ’07, 2¢; ’08, 3¢. ’08 reinvest. program avail. (C) Incl. deferred Regulatory Climate: PA, Avg.; IL, Below Avg.
Earnings Predictability
2010, Value Line Publishing, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind.
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