Increased Confidence TransAlta Will Benefit From Expiring Hydro PPAs; Increasing FVE
We are reaffirming our CAD 7.30 per share fair value estimate after TransAlta reported 2018 comparable EBITDA of CAD 1.123 billion, in line with our estimate of CAD 1.107 billion.Excluding the CAD 157 million payment related to the early termination of power purchase agreements for Sundance units B and C, adjusted comparable EBITDA in 2018 was CAD 966 million, down 6% from CAD 1.028 billion in 2017. Adjusted comparable EBITDA in 2017 excludes a CAD 34 million settlement payment related to a dis...
TransAlta and its subsidiaries are engaged in the production and sale of electric energy. Co. has 3 segments: the Generation segment which owns and operates hydro, wind, geothermal, biomass, natural gas and coal-fired facilities, and mining operations; the Energy Trading segment which is engaged in the wholesale trading of electricity ; and the Corporate segment which provides finance, tax, treasury, legal, regulatory, environmental, health and safety, sustainable development, corporate communications, government and investor relations, information technology, risk management, human resources, internal audit, and other administrative support to the Generation and Energy Trading groups.
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