Calpine's Focus on Deleveraging Should Ease Investor Concerns
We are reaffirming our $20 fair value estimate, along with our no-moat and positive moat trend ratings, after Calpine reported full-year adjusted EBITDA of $1.815 billion, compared with $1.976 billion in the year-ago period, in line with our estimates. Management reaffirmed adjusted EBITDA guidance range of $1.8 billion-$1.95 billion for 2017, in line with our $1.9 billion estimate. Calpine's 2017 adjusted free cash flow guidance of $710 million-$860 million also is in line with our $798 million...
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