Unhedged Engie Portfolio Presents Material Near-Term Risk; Lowering Dynegy's Fair Value Estimate
We are lowering our fair value estimate to $10 per share from $17 per share after Dynegy initiated 2017 adjusted EBITDA guidance of $1.2 billion-$1.4 billion, at the low end of our previous $1.385 billion estimate. Our new 2017 adjusted EBITDA estimate of $1.2 billion and 2018 estimate reflect current power price forwards, full consolidation of the Engie portfolio, and announced portfolio retirements. We are maintaining our midcycle energy price assumptions. Additionally, we are increasing our c...
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