Initiating Coverage of Vistra Energy, Overvalued on Bearish Texas Outlook
We are initiating coverage of Vistra Energy with a $19 per share fair value estimate, no moat, and negative moat trend rating.Once part of the sprawling Energy Future Holdings complex, Vistra Energy broke off when EFH exited bankruptcy in 2016. The EFH assets make it one of the largest power producers and retail energy providers in Texas. It owns and operates 40 gigawatts of nuclear, coal, and natural gas generation after acquiring Dynegy in 2018. Its Retail Electricity segment includes TXU Ene...
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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