LNT Alliant Energy

utility · 2026-10-28

N/A

too hard · 42

Owner-earnings value$50.44

Price$70.04

Margin of safety -28.0%

Returns on capital 0.7/30

Consistency 20.1/22

Margins / pricing power 12.6/16

Balance sheet 0.5/16

Cash conversion 4.6/10

Capital allocation 3.7/6

⚠ sub-hurdle returns (median roic 6% < 9%) · over-levered (net debt/EBITDA 5.7x > 4x)

Median ROIC6.2%

Gross margin45.2%

Net debt / EBITDA5.7x

FCF conversion48%

Share count / yr+0.8%

Profitable years4/4

Owner earnings (TTM)	821.00M
Owner-earnings yield	4.5%
Free-cash-flow yield	7.1%
Growth used (normalized)	1.2%
Market-implied growth (reverse DCF)	9.1%
Terminal growth	3.0%
Discount rate (hurdle)	9.0%

Yr	Owner earnings	Growth	PV
1	831.09M	1.2%	762.47M
2	842.95M	1.4%	709.49M
3	856.63M	1.6%	661.47M
4	872.21M	1.8%	617.90M
5	889.80M	2.0%	578.31M
6	909.49M	2.2%	542.30M
7	931.41M	2.4%	509.51M
8	955.68M	2.6%	479.63M
9	982.48M	2.8%	452.36M
10	1.01B	3.0%	427.46M

⚠ maintenance capex ≈ min(capex, D&A), capped at FCF · Price pays for ~9%/yr owner-earnings growth over 10y (reverse DCF); model credits 1%.

Date	Quality	Price	Value	MoS	Rating
2026-10-28	42	$70.04	$50.44	-28.0%	N/A
2026-09-16	42	$65.99	$50.44	-23.6%	N/A
2026-08-05	42	$70.66	$50.44	-28.6%	N/A
2026-07-02	42	$75.79	$50.64	-33.2%	N/A
2026-06-25	42	$75.59	$50.64	-33.0%	N/A
2026-06-23	42	$74.57	$50.64	-32.1%	N/A