Calpine Issues Supportive 2017 Guidance; Investment Thesis Intact
We are reaffirming our $20 fair value estimate, along with our no-moat and positive moat trend ratings, after Calpine reported third-quarter adjusted EBITDA of $632 million, compared with $791 million in the year-ago period. Calpine further narrowed its 2016 adjusted EBITDA guidance to $1.8 billion-$1.85 billion, down from the previous $1.8 billion-$1.9 billion range. Our $1.84 billion adjusted EBITDA estimate remains unchanged.Management issued an adjusted EBITDA guidance range of $1.8 billion...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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