Exelon Corporation
EXC
pitch
long
Dave Krasne
Thesis
Exelon is the nation's largest merchant nuclear fleet and offers the lowest-cost source of power. A recent transaction valued Exelon's nuclear assets at approximately $55 per share, and when factoring in its regulated utility businesses, the intrinsic value is estimated to be around $66, representing a more than 20% discount to intrinsic value.
Did it work?
worked
confidence: high
The stock price has increased by 28.2% since the pitch, which aligns with the long thesis that Exelon's intrinsic value is significantly higher than its market price. Given that 31 months have passed, which is more than half of the typical investment horizon for such a thesis, the positive price performance indicates that the thesis has played out successfully.
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