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DUKE ENERGY CORPORATION

(DUK)
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Duke Energy Says Elliott's Proposals Lack Financial or Strategic Benefits

07/21/2021 | 12:00am EDT

On July 21, 2021, Duke Energy Corp.'s CFO is defending the Company's investment decisions and leadership direction against Elliott Investment Management LP waging a campaign to highlight an erosion of value at one of the nation's top utilities. Elliott Investment publicly released another letter it sent to the Company's board of directors reiterating concerns about the oversight of the utility giant's current leadership team. Duke Energy CFO Steven Young contends that the Company is moving in the right strategic direction as activist pushes for leadership changes. Elliott believes that the Company should require the chair of the board to be an independent director, thus removing CEO Lynn Good from this post, and should improve operational performance in line with its higher electricity rates in Florida, accelerate growth in Indiana and show investors how it intends to close its valuation gap with other utility holding companies. The Company CFO Steven Young stated that the Company always entertained those ideas, and it continued to have dialogue with Elliott but thus far, Elliott's ideas have lacked any strategic or financial benefits. Steven Young stated the Company has reviewed these proposals in depth and shared this with the Company board but determined they are not in the best interest of the Company shareholders.


ę S&P Capital IQ 2021
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Analyst Recommendations on DUKE ENERGY CORPORATION
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Financials (USD)
Sales 2021 25 620 M - -
Net income 2021 3 936 M - -
Net Debt 2021 65 591 M - -
P/E ratio 2021 19,1x
Yield 2021 4,02%
Capitalization 75 749 M 75 749 M -
EV / Sales 2021 5,52x
EV / Sales 2022 5,47x
Nbr of Employees 27 535
Free-Float 95,0%
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 98,46 $
Average target price 107,81 $
Spread / Average Target 9,50%
EPS Revisions
Managers and Directors
Lynn J. Good Chairman, President & Chief Executive Officer
Steven K. Young Chief Financial Officer & Executive Vice President
Bonnie Titone Chief Information Officer
Dhiaa M. Jamil Chief Operating Officer & Executive Vice President
Melissa Feldmeier Chief Ethics & Compliance Officer, Vice President
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