NRG's Pare-Down Concentrates Its Bet on Texas and Retail Power Markets
We are reaffirming our $18 fair value estimate for NRG Energy after the company announced it has sold its stake in NRG Yield and other assets, as we anticipated. We are reaffirming our no-moat and stable moat trend ratings. We estimate NRG sold its NRG Yield stake for about 10% below market value.Management expects the transactions to bring in $2.8 billion of cash by the end of 2018 but also result in the loss of about 40%, or $1.1 billion, of projected 2018 EBITDA. NRG's retail business will ...
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