Calpine seeks relief from public markets through ECP acquisition.
We are reaffirming our $19 fair value estimate, along with our no-moat and positive moat trend ratings, after Calpine reported second-quarter adjusted EBITDA of $419 million, compared with $452 million in the year-ago period. Management reaffirmed its adjusted EBITDA guidance range of $1.8 billion-$1.95 billion for 2017, in line with our $1.8 billion estimate. Calpine's 2017 adjusted free cash flow guidance of $710 million-$860 million is also in line with our estimates.Calpine acknowledged th...
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