All Eyes on Texas as Vistra Energy Tries to Square Bullish Fundamentals With Bearish Prices
We are reaffirming our $20.50 per share fair value estimate for Vistra Energy after the company reported $815 million of adjusted EBITDA in the first quarter of 2019, up from $576 million in the first quarter of 2018 and on track to meet our full-year estimate. We are reaffirming our no-moat and stable moat trend ratings.Management reaffirmed its $3.22 billion-$3.42 billion adjusted EBITDA guidance for 2019 and suggested 2020 EBITDA will be at a similar level, in line with our estimates. Vistra...
Vistra Energy operates an integrated retail and generation business in markets throughout the U.S. Through its subsidiaries, the company is engaged in electricity market activities, including electricity generation, wholesale energy sales and purchases, commodity risk management and retail sales of electricity. The company has six segments: Retail, ERCOT, PJM, NY/NE (comprising NYISO and ISO-NE), MISO and Asset Closure. The Retail segment is engaged in retail sales of electricity and related services. The ERCOT, PJM, NY/NE and MISO segments are engaged in electricity generation, among others. The Asset Closure segment is engaged in the decommissioning and reclamation of retired plants and mines.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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