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On February 21, 2021, the Board of Directors of Exelon authorized management to pursue a plan to separate its competitive generation and customer-facing energy businesses, conducted through Constellation and its subsidiaries, into an independent, publicly traded company. CEG Parent, a Pennsylvania corporation and a direct, wholly owned subsidiary of Exelon, was newly formed for the purpose of s…
$272.65
+$6.95 (+2.62%)
Last close via Marketstack
12.09% operating margin is respectable but not wide. ROIC at 8.23%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 8.3%, steady but not accelerating. Margins contracted 6.4pp, which offsets some of the top-line progress.
ROIC dropped from 16.64% to 8.23%, capital efficiency is deteriorating. Net debt of $5.86B represents 4.5x FCF, leverage limits flexibility.
23.7x earnings, 84.9x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$29.87B
▲ +8.3% YoY
Net Income (TTM)
$3.78B
▼ -38.1% YoY
Op. Margin
16.63%
▼ -6.4pp YoY
ROIC
10.46%
▼ -8.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.14B
▲ +125.6% YoY
Op. Cash Flow (TTM)
$4.55B
▲ +272.0% YoY
Net Debt
$21.67B
Cash & Equiv.
$800M
5Y CAGR: +7.7%
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