Earnings Previews: Constellation Energy, GlobalFoundries

Constellation recently filed documents with the U.S. Nuclear Regulatory Commission to extend the life of three nuclear boiling water reactors located in Illinois from 2027 to 2047, from 2029 to 2049 and from 2031 to 2051.

Analysts remain bullish on the stock. Thirteen of 14 firms rated the shares at Buy or Strong Buy. The other has a Hold rating. At a recent price of around $95.40 a share, and the upside potential is 2.2% at the consensus price target of $97.50 and around 58.2% at the high target of $121.00.

For the September quarter, Exelon is expected to report EPS of $0.74, which would be down 53.4% sequentially, on revenue of $3.92 billion. Comparative data is not available. For the full fiscal year, analysts have forecast EPS of $3.06 on revenue of $16.81 billion, down about 14.5% year over year.

Constellation stock trades at 31.2 times expected 2022 EPS, 21.1 times estimated 2023 earnings of $4.54 and 17.1 times estimated 2024 earnings of $5.59 per share. The stock’s post-spin-off range is $38.00 to $96.29. The company pays an annual dividend of $0.56 yield of 0.6%.


Chipmaker GlobalFoundries Inc. (NASDAQ: GFS) came public in late October last year, and shares soared 70% by late March. By July 5, the stock had dropped 50% from its peak, but the shares have regained 32% since then and currently trade down about 14.6% since the IPO. GlobalFoundries recently received $30 million in federal funding to speed the development of advanced networking semiconductors at its Vermont location.

Analysts are mostly bullish on the stock, with 13 of 17 having Buy or Strong Buy ratings and another two rating the shares at Hold. At a share price of around 5$3.60, the upside potential based on a median price target of $68.00 is 26.9%. At the high price target of $100, the upside potential is 86.6%.

For the company’s third quarter of fiscal 2022, analysts are forecasting revenue of $2.06 billion, up 2.9% sequentially. Adjusted EPS are forecast at $0.62, up 6.1% sequentially and nearly 800% year over year. For the full fiscal year, GlobalFoundries is expected to post adjusted EPS of $2.59, up from a loss of $0.05 in the prior year, on sales of $8.06 billion, up 22.5%.

GlobalFoundries stock trades at 20.7 times expected 2022 EPS, 23.0 times estimated 2023 earnings of $2.34 and 18.5 times estimated 2024 earnings of $2.90 per share. The stock’s 52-week range is $36.81 to $79.49. GlobalFoundries does not pay a dividend. Total return for the past year is negative 14.6%.

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