Calpine Trades Lower on Leverage and Nuclear Subsidy Concerns; Shares Undervalued
We are reaffirming our $19 fair value estimate, along with our no-moat and positive moat trend ratings for Calpine as leverage concerns have brought down industry valuations. The most recent trigger was a privately held Texas power plant bankruptcy. Since the beginning of April, Calpine's credit spreads have widened roughly 70 basis points.We think Calpine is in a better position than its peers to address leverage concerns. It has long-dated maturities, consistent cash flow, and no exposure to ...
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