Calpine Begins Deleveraging; Reaffirms 2017 Guidance
We are reaffirming our $19 fair value estimate, along with our no-moat and positive moat trend ratings, after Calpine reported full-year adjusted EBITDA of $326 million, compared with $374 million in the year-ago period.Management reaffirmed adjusted EBITDA guidance range of $1.8 billion-$1.95 billion for 2017, in line with our $1.8 billion estimate. Increased capacity payments in the East and retail acquisitions should offset the mild winter weather impact to support full-year guidance but lik...
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