Core Viewpoint - Growth investors are increasingly focused on stocks with above-average financial growth, which can lead to solid returns, but identifying such stocks is challenging due to their inherent risks and volatility [1] Group 1: Company Overview - New Jersey Resources (NJR) is highlighted as a recommended growth stock, possessing a favorable Growth Score and a top Zacks Rank [2] - The company has a historical EPS growth rate of 9.6%, with projected EPS growth of 9% this year, surpassing the industry average of 8.9% [5] - NJR's cash flow growth stands at 10.3% year-over-year, significantly higher than the industry average of 3.3% [6] Group 2: Financial Metrics - The annualized cash flow growth rate for NJR over the past 3-5 years is 12.3%, compared to the industry average of 7.2% [7] - The Zacks Consensus Estimate for NJR's current-year earnings has increased by 1.9% over the past month, indicating a positive trend in earnings estimate revisions [8] Group 3: Investment Potential - NJR has achieved a Growth Score of B and a Zacks Rank of 2 due to positive earnings estimate revisions, suggesting it is a potential outperformer and a solid choice for growth investors [10]

Financial Performance - Total operating revenues for the three months ended March 31, 2025, increased to $913,027 thousand, a 38.7% rise from $657,913 thousand in the same period of 2024[18]. - Net income for the six months ended March 31, 2025, was $335,606 thousand, up 59.7% compared to $210,223 thousand for the same period in 2024[19]. - Basic earnings per share for the three months ended March 31, 2025, increased to $2.04, a 65.0% increase from $1.23 in the same period of 2024[18]. - The company reported a comprehensive income of $335,741 thousand for the six months ended March 31, 2025, compared to $220,504 thousand for the same period in 2024, marking a 52.2% increase[19]. - The company reported a net income of $204,287 thousand for the quarter ending March 31, 2025, up from $131,319 thousand for the previous quarter, a growth of 55.5%[29]. - Consolidated net income for the three months ended March 31, 2025, was $204.3 million, a 69.2% increase from $120.8 million in the same period of 2024[207]. - NJNG reported net income of $144.5 million for the three months ended March 31, 2025, representing a 71% increase compared to $107.1 million in the prior year[207]. - Net financial earnings for the three months ended March 31, 2025, were $178.296 million, compared to $138.576 million in 2024, reflecting an increase of about 28.6%[183]. Revenue Growth - Utility operating revenues for the three months ended March 31, 2025, were $618,341 thousand, a 33.6% increase from $462,863 thousand in the same period of 2024[18]. - Nonutility operating revenues for the six months ended March 31, 2025, rose to $449,620 thousand, a 21.8% increase from $369,167 thousand in the same period of 2024[18]. - Total operating revenues for the six months ended March 31, 2025, reached $1,401,388,000, a significant increase from $1,125,123,000 in the same period of 2024, representing a growth of approximately 24.5%[81]. - Natural gas utility sales for the three months ended March 31, 2025, were $509.451 million, compared to $371.019 million in 2024, reflecting a growth of about 37.3%[77]. - Residential revenues for the six months ended March 31, 2025, were $648,553,000, compared to $519,549,000 in 2024, marking an increase of approximately 24.8%[85]. - The Company’s total revenues from contracts with customers for the three months ended March 31, 2025, were $913,027,000, compared to $657,913,000 in the same period of 2024, reflecting a growth of about 38.7%[85]. Cash Flow and Assets - Cash flows from operating activities for the six months ended March 31, 2025, were $414,078 thousand, compared to $338,602 thousand for the same period in 2024, reflecting a 22.3% increase[22]. - Cash and cash equivalents at the end of the period on March 31, 2025, were $84,691 thousand, significantly higher than $5,746 thousand at the end of March 31, 2024[22]. - Total assets as of March 31, 2025, amounted to $7,265,584 thousand, an increase from $6,981,645 thousand as of September 30, 2024[25]. - Customer accounts receivable as of March 31, 2025, totaled $263,251,000, reflecting an increase of $157,720,000 from the previous balance of $105,531,000 as of September 30, 2024[87]. - The company’s total assets as of March 31, 2025, were $7,265,584,000, an increase from $6,981,645,000 as of September 30, 2024, representing a growth of about 4.1%[181]. Expenses and Liabilities - Total operating expenses for the three months ended March 31, 2025, were $633,078 thousand, up 29.8% from $487,691 thousand in the same period of 2024[18]. - Current liabilities decreased to $731,950 thousand as of March 31, 2025, down from $887,774 thousand on September 30, 2024, a reduction of 17.5%[27]. - Long-term debt increased to $2,970,199 thousand as of March 31, 2025, compared to $2,879,464 thousand on September 30, 2024, indicating an increase of 3.2%[27]. - Total noncurrent liabilities increased to $1,085,528 thousand as of March 31, 2025, compared to $1,013,964 thousand on September 30, 2024, reflecting a rise of 7.1%[27]. Capitalization and Equity - Total capitalization increased to $5,448,106 thousand as of March 31, 2025, up from $5,079,907 thousand on September 30, 2024, representing a growth of 7.3%[27]. - Retained earnings rose to $1,544,235 thousand as of March 31, 2025, compared to $1,298,774 thousand on September 30, 2024, reflecting an increase of 19%[29]. - Common stock equity reached $2,477,907 thousand as of March 31, 2025, an increase from $2,200,443 thousand on September 30, 2024, representing a growth of 12.6%[27]. Regulatory and Compliance - The Company is evaluating the impact of ASU No. 2023-09 on its disclosures, which requires more detailed income tax disclosures effective October 1, 2025[71]. - The FASB's ASU No. 2024-03, effective October 1, 2027, mandates more detailed expense reporting in income statements, which the Company is currently assessing[72]. - The Company’s performance obligation in natural gas utility sales is to provide natural gas based on regulated tariff rates, with revenues recognized in the period of delivery[75]. Investments and Projects - The company completed the sale of its 91 MW residential solar portfolio for a total purchase price of $132.5 million on November 25, 2024[33]. - The Company has commitments for natural gas purchases totaling $219.1 million for the fiscal year 2025, with future demand fees projected to reach $1.01 billion over the next five years[164]. - The Company has not recorded any impairments for SAVEGREEN loans as of March 31, 2025[55]. Derivatives and Financial Instruments - The fair value of the Company's derivative assets as of March 31, 2025, is $34.871 million, while liabilities amount to $23.496 million[101]. - The Company utilizes financial derivatives to hedge the gross margin associated with the purchase of physical natural gas, which can create volatility in results[107]. - Changes in the fair value of NJNG's financial commodity derivatives are recorded as regulatory assets or liabilities on the balance sheets[99].

Financial Data and Key Metrics Changes - For Q2 2025, the company reported an NFEPS of $1.78 per share, an increase from $1.41 per share in the previous year, reflecting higher NFE at New Jersey Natural Gas due to increased utility gross margin from a recent base rate case settlement [21] - The fiscal 2025 NFEPS guidance was raised by $0.10 to a range of $3.15 to $3.3 per share, exceeding the long-term growth target of 7% to 9% [10][12] Business Line Data and Key Metrics Changes - New Jersey Natural Gas continues to show consistent customer growth, driven by new construction, system expansions, and steady conversions, with $254 million invested this year, 46% of which provides near real-time returns [14][16] - Clean Energy Ventures added 31 megawatts of solar capacity this fiscal year and has a project pipeline exceeding one gigawatt, with 60 megawatts currently under construction [18] Market Data and Key Metrics Changes - The storage and transportation segment reported improved performance, particularly at Leaf River, which is undergoing a capacity recovery project [21][19] - The company is exploring the development of a fourth cavern at Leaf River, with encouraging interest from a recent nonbinding open season [19] Company Strategy and Development Direction - The company emphasizes disciplined capital deployment, operational excellence, and strategic innovation across all business segments to ensure long-term sustainable growth [9][10] - The focus remains on affordability and reliability, with ongoing investments in utility infrastructure and clean energy initiatives [9][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning against macroeconomic factors, particularly tariffs, noting that most gas supply comes from domestic sources, minimizing exposure [26][28] - The company is well-prepared for potential market dislocations, with a strong balance sheet and liquidity, and does not rely on equity issuances to fund its capital plan [28][29] Other Important Information - The company plans capital expenditures between $1.3 billion and $1.6 billion for fiscal 2025 and 2026, aligning with long-term growth targets [22][23] - The adjusted funds from operations to adjusted debt ratio is projected to be between 19% and 21% for fiscal 2025, maintaining a strong investment-grade credit rating [23] Q&A Session Summary Question: Timing and capital requirements for Leaf River expansion - Management indicated that the total capital costs for the Leaf River expansion are estimated between $175 million and $200 million, with no finite timeline set for advancing the project [33] Question: Cost exposure to tariffs for Clean Energy Ventures - Management acknowledged the fluid situation regarding tariffs but emphasized that existing contractual protections should mitigate risks [36][38] Question: Expected economics of Leaf River compared to existing caverns - Management stated that the decision to build would depend on securing appropriate returns and contracts, with a focus on ensuring safety factors in the investment [46] Question: Regulatory environment and affordability initiatives - Management expressed confidence in the regulatory landscape following the completion of a recent rate case, emphasizing ongoing efforts to maintain affordability for customers [49][51] Question: Customer growth fundamentals - Management highlighted that customer growth is driven by a predominantly residential service territory with attractive demographics, and ongoing energy efficiency programs are helping to save customers money [60][61]

Financial Data and Key Metrics Changes - For the second quarter of fiscal 2025, the company reported an NFEPS of $1.78 per share, an increase from $1.41 per share in the previous year, reflecting improved performance across various segments [22][10][12] - The fiscal 2025 NFEPS guidance has been raised by $0.10 to a revised range of $3.15 to $3.30 per share, exceeding the long-term growth target of 7% to 9% [10][12][30] Business Line Data and Key Metrics Changes - New Jersey Natural Gas showed higher utility gross margin due to a recent base rate case settlement, contributing significantly to the overall NFE [22][11] - Clean Energy Ventures reported higher NFE driven by the sale of its residential solar portfolio, which is expected to generate a net benefit of approximately $0.30 per share for fiscal 2025 [22][23] - The storage and transportation segment improved performance, particularly at Leaf River, contributing to higher revenues [22][10] Market Data and Key Metrics Changes - The company continues to see consistent customer growth in New Jersey Natural Gas, driven by new construction and system expansions, with a customer base predominantly residential [14][60] - The company has invested $254 million in New Jersey Natural Gas this year, with 46% of that CapEx providing near real-time returns [16][15] Company Strategy and Development Direction - The company emphasizes disciplined capital deployment, operational excellence, and strategic innovation across all business segments to ensure long-term sustainable growth [9][10] - The Clean Energy Ventures segment is diversifying its project pipeline, with a focus on avoiding overreliance on any single market or policy regime [19][20] - The company is proactive in managing energy affordability through various programs, including BGSS incentive programs, which have saved customers nearly $800 million over the last ten years [15][16] Management's Comments on Operating Environment and Future Outlook - Management highlighted that the current macroeconomic environment, particularly regarding tariffs, is being monitored closely, with minimal expected impact on operations due to domestic sourcing of materials [26][27][29] - The company remains well-positioned for sustained long-term growth, supported by a strong balance sheet and liquidity [29][30] Other Important Information - The company plans capital expenditures ranging from $1.3 billion to $1.6 billion for fiscal 2025 and 2026, aligning with its long-term growth targets [23][24] - The adjusted funds from operations to adjusted debt ratio is projected to range between 19% to 21% for fiscal 2025, maintaining financial flexibility [24] Q&A Session Summary Question: Timing and capital requirements for Leaf River expansion - Management indicated that the total capital costs for the Leaf River expansion are estimated between $175 million to $200 million, with no finite timeline set for advancing the project [34] Question: Cost exposure to tariffs for Clean Energy Ventures - Management acknowledged the fluid situation regarding tariffs but emphasized that existing contractual protections should mitigate potential impacts on project costs [37][38] Question: Expected economics of Leaf River compared to existing caverns - Management stated that the decision to build will depend on securing appropriate returns and contracts, with a focus on ensuring a clear understanding of construction costs [47] Question: Regulatory environment and affordability initiatives - Management expressed confidence in the regulatory environment following the completion of recent rate cases and highlighted ongoing efforts to maintain affordability for customers [50][52] Question: Customer growth fundamentals - Management noted that customer growth is driven by a strong service territory with high per capita income and ongoing energy efficiency programs [60][61] Question: Focus on the Energy Master Plan - Management mentioned that comments have been submitted regarding the Energy Master Plan, with expectations of a new plan following the gubernatorial election [66]

Financial Performance & Guidance - NJR increased its Fiscal Year 2025 NFEPS guidance by $010 to a range of $315 to $330[5, 17] - The company anticipates a long-term annual NFEPS growth rate of 7-9%[3, 17] - For Q2 2025, the company reported EPS of $204 and NFEPS of $178[14] - Fiscal Year-to-Date 2025 consolidated NFE reached $3072 million[37, 38] Segment Contributions - New Jersey Natural Gas (NJNG) is expected to contribute 65-68% to the Fiscal Year 2025 NFEPS[20] - Clean Energy Ventures (CEV) is projected to contribute 19-22% to the Fiscal Year 2025 NFEPS[20] - Energy Services (ES) is expected to contribute 9-11% to the Fiscal Year 2025 NFEPS[20] Capital Investments & Growth - NJR's capital plan for Fiscal Years 2025 and 2026 is projected to be approximately $13 billion to $16 billion[41] - NJNG's capital expenditures through Q2 reached approximately $254 million[23] - CEV has approximately 417 MW of commercial solar capacity in service as of April 30, 2025[24, 25] Credit & Liquidity - NJR has substantial liquidity with $825 million of credit facilities available through Fiscal Year 2029[45, 63] - The company projects cash flow from operations of $900 million to $1 billion over the next two years[45] - NJR's adjusted funds from operations to adjusted debt is estimated to be in the range of 19-21% for Fiscal Year 2025[44]

Company Performance - New Jersey Resources (NJR) reported quarterly earnings of $1.76 per share, exceeding the Zacks Consensus Estimate of $1.65 per share, and up from $1.40 per share a year ago, representing an earnings surprise of 6.67% [1] - The company posted revenues of $913.03 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 24.78%, compared to year-ago revenues of $657.91 million [2] - Over the last four quarters, NJR has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance - NJR shares have increased approximately 6.2% since the beginning of the year, while the S&P 500 has declined by 3.3% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.07 on revenues of $292.42 million, and for the current fiscal year, it is $3.14 on revenues of $1.86 billion [7] Industry Outlook - The Utility - Gas Distribution industry, to which NJR belongs, is currently ranked in the top 12% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that the industry outlook can significantly impact stock performance [5][8]

Financial Performance - Fiscal 2025 second-quarter consolidated net income was $204.3 million, or $2.04 per share, compared to $120.8 million, or $1.23 per share, in the same period of fiscal 2024, representing a 69% increase in net income [6]. - Year-to-date net income for fiscal 2025 totaled $335.6 million, or $3.35 per share, compared to $210.2 million, or $2.14 per share, for the same period in fiscal 2024, indicating a 60% increase [6]. - Net income for the three months ended March 31, 2025, was $204.3 million, representing a 69.2% increase from $120.8 million in the same quarter of 2024 [32]. - Net income for the six months ended March 31, 2025, was $335.6 million, compared to $210.2 million for the same period in 2024, marking a 59.7% increase [40]. - Net income for Energy Services was $61.292 million, compared to $17.028 million in the previous year, representing a 260.5% increase [44]. Revenue and Earnings Guidance - The company raised its fiscal 2025 net financial earnings per share (NFEPS) guidance to a range of $3.15 to $3.30, up from $3.05 to $3.20, reflecting a $0.10 increase due to strong performance from Energy Services [8]. - NJR's total operating revenues for the three months ended March 31, 2025, increased to $913.0 million, up 38.7% from $657.9 million in the same period of 2024 [32]. - Total operating revenues for the three months ended March 31, 2025, increased to $913.0 million, up 38.7% from $657.9 million in the same period of 2024 [40]. - NJR's nonutility operating revenues for the three months ended March 31, 2025, were $294.7 million, up 51.0% from $195.1 million in the same quarter of 2024 [32]. Operating Income and Margins - The company reported a total operating income of $279.9 million for the three months ended March 31, 2025, compared to $170.2 million in the same period of 2024, marking a 64.5% increase [32]. - Utility gross margin for the three months ended March 31, 2025, was $294.8 million, a 29.7% increase compared to $227.3 million in the prior year [36]. - Total Utility Gross Margin for the second quarter of fiscal 2025 was $294.846 million, up from $227.297 million in the same period last year, representing a 29.7% increase [43]. - Operating Income for the second quarter was $197.876 million, compared to $140.279 million in the prior year, reflecting a 40.9% growth [43]. Customer and Service Metrics - NJNG serviced approximately 588,000 customers as of March 31, 2025, an increase from approximately 583,000 customers at September 30, 2024 [12]. - Total Customers reached 588,164, up from 581,600, indicating a growth of 1.4% [43]. - Throughput for NJNG core customers was 35.7 Bcf in Q2 2025, an increase from 32.9 Bcf in Q2 2024, indicating a growth of 8.5% [40]. - Total throughput for the company decreased to 93.0 Bcf in Q2 2025 from 108.3 Bcf in Q2 2024, a decline of 14.0% [40]. Capital Expenditures and Cash Flow - Capital expenditures for the first six months of fiscal 2025 were $287.1 million, compared to $232.6 million during the same period in fiscal 2024, reflecting a 23% increase [21]. - Cash flows from operations for the first six months of fiscal 2025 were $414.1 million, compared to $338.6 million during the same period in fiscal 2024, a 22% increase [21]. Segment Performance - New Jersey Natural Gas reported second-quarter fiscal 2025 NFE of $144.5 million, up from $107.1 million in the same period of fiscal 2024, a 35% increase [11]. - Clean Energy Ventures reported a year-to-date NFE of $44.2 million, compared to $4.9 million for the same period in fiscal 2024, a significant increase attributed to the gain on the sale of its residential solar portfolio [16]. - Energy Services reported second-quarter fiscal 2025 NFE of $35.3 million, down from $37.6 million in the same period of fiscal 2024, a decrease of 6% [18]. - Clean Energy Ventures segment reported a net loss of $3.96 million in Q2 2025, an improvement from a loss of $5.62 million in Q2 2024 [40]. - Energy Services segment's operating income increased to $83.3 million in Q2 2025, compared to $25.5 million in Q2 2024, reflecting a significant growth of 226.5% [40]. Market Capitalization and Stock Performance - The company reported a total market capitalization of approximately $4.92 billion as of March 31, 2025 [41]. - The company’s stock price was $49.06 per share at the end of March 31, 2025, compared to $42.91 per share at the same time in 2024 [41]. Investment Programs - The Infrastructure Investment Program (IIP) consists of a five-year, $150 million accelerated recovery program, with $16.1 million spent in the first six months of fiscal 2025 [12]. Non-GAAP Measures - Management emphasizes the importance of non-GAAP financial measures for providing a clearer understanding of NJR's performance and business model [27].

Core Viewpoint - The market anticipates New Jersey Resources (NJR) will report a year-over-year increase in earnings driven by higher revenues for the quarter ending March 2025, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - NJR is expected to post quarterly earnings of $1.65 per share, reflecting a year-over-year increase of +17.9%, and revenues are projected to be $731.72 million, up 11.2% from the previous year [3]. Estimate Revisions - The consensus EPS estimate has been revised 750% lower in the last 30 days, indicating a significant reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that the Most Accurate Estimate is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +1.21%, indicating a likelihood of beating the consensus EPS estimate [10][11]. Historical Performance - In the last reported quarter, NJR exceeded the expected earnings of $1.14 per share by delivering $1.29, resulting in a surprise of +13.16%. Over the last four quarters, the company has beaten consensus EPS estimates two times [12][13]. Investment Considerations - While NJR appears to be a strong candidate for an earnings beat, other factors should also be considered when making investment decisions [14][16].

Core Viewpoint - New Jersey Resources (NJR) has received an upgrade to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in a company's earnings outlook, which is crucial for predicting near-term stock price movements [2][4]. - The correlation between earnings estimate revisions and stock price movements is strong, with institutional investors using these estimates to determine fair value [4]. Company Performance Indicators - New Jersey Resources is projected to earn $3.14 per share for the fiscal year ending September 2025, reflecting a year-over-year increase of 7.2% [8]. - Over the past three months, the Zacks Consensus Estimate for New Jersey Resources has risen by 1.6% [8]. Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a proven track record of performance, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [7]. - The upgrade to Zacks Rank 2 places New Jersey Resources in the top 20% of Zacks-covered stocks, indicating strong potential for market-beating returns in the near term [10].

Core Viewpoint - The utility sector is viewed as a safe investment during economic turbulence, providing essential services that consumers prioritize even in difficult times [1][7][8]. Group 1: Definition and Characteristics of Utility Stocks - Utility stocks are companies primarily involved in distributing essential services such as electricity, gas, and water [5][6]. - The Global Industry Classification Standard (GICS) categorizes the utility sector to include electric, gas, and water utilities, as well as independent power producers and energy traders [6]. - Utility companies exhibit low economic sensitivity, generating stable revenues and profits, and are known for their substantial dividends [8][9]. Group 2: Investment Appeal - Investors are drawn to utility stocks due to their "stickiness" in revenues, similar to healthcare and consumer staples, making them defensive stocks [7][8]. - Utilities are often among the best-yielding market sectors, providing safety and potential upside during market downturns [9]. - The sector's stability allows for gradual rate increases, although growth is typically capped at low single-digit rates [11]. Group 3: Recent Trends and Opportunities - The rise of artificial intelligence (AI) is expected to significantly increase power usage over the next decade, presenting a unique growth opportunity for utility companies [12][13]. - This trend may enable utilities to enhance their business results in a way that has not been seen before [13]. Group 4: Criteria for Selecting Utility Stocks - A quality screen for selecting utility stocks includes companies within the S&P Composite 1500, with a long-term estimated earnings-per-share growth rate of at least 5% [15]. - Stocks should have a dividend yield of at least 2.5%, with a history of growing dividends by at least 5% over the past year [16][17]. - Companies should have at least five covering analysts and a consensus Buy rating of 2.5 or less on S&P Global Market Intelligence's ratings scale [18][19]. Group 5: Recommended Utility Stocks - Recommended utility stocks include: - IDACORP (IDA): 2.9% yield, 5.5% estimated annual dividend growth, 8.3% long-term EPS growth, consensus rating 1.75 [19]. - NiSource (NI): 2.8% yield, 6.8% estimated annual dividend growth, 8.0% long-term EPS growth, consensus rating 1.53 [19]. - DTE Energy (DTE): 3.1% yield, 6.9% estimated annual dividend growth, 8.0% long-term EPS growth, consensus rating 2.05 [19]. - New Jersey Resources (NJR): 3.6% yield, 5.4% estimated annual dividend growth, 7.6% long-term EPS growth, consensus rating 2.22 [19]. - CMS Energy (CMS): 2.9% yield, 5.8% estimated annual dividend growth, 7.3% long-term EPS growth, consensus rating 2.21 [19]. - Sempra (SRE): 3.7% yield, 5.6% estimated annual dividend growth, 7.0% long-term EPS growth, consensus rating 2.11 [19]. - Ameren (AEE): 2.6% yield, 6.3% estimated annual dividend growth, 6.9% long-term EPS growth, consensus rating 2.24 [19]. - Public Service Enterprise Group (PEG): 3.1% yield, 5.7% estimated annual dividend growth, 6.6% long-term EPS growth, consensus rating 2.35 [19]. - Essential Utilities (WTRG): 3.2% yield, 6.6% estimated annual dividend growth, 6.5% long-term EPS growth, consensus rating 1.46 [19]. - FirstEnergy (FE): 4.1% yield, 5.6% estimated annual dividend growth, 5.7% long-term EPS growth, consensus rating 2.39 [20].