PPL – Market expectations are for Uniform ROA to slightly decline, but management is confident about their investments, opportunities, and strategy

• PPL Corporation (PPL:USA) currently trades near recent averages relative to UAFRS-based (Uniform) Earnings, with a 21.7x Uniform P/E. At these levels, the market is pricing in somewhat bearish expectations for the firm, but management is confident about their electricity system investments, capital investment opportunities in the UK, and their business strategy
• Specifically, management is confident their investment in reliable electricity systems in Kentucky enables them to pursue renewable generation efforts and that they welcome the opportunity to support UK decarbonization and electrification efforts. Moreover, they are confident there could be significant capital investment opportunities in the UK and that their overall business strategy has not changed. In addition, they are confident about the potential for future Advanced Metering Infrastructure deployment in Kentucky