Vistra's Retail Expansion a Good Hedge Against Weak Power Markets
We are reaffirming our $19 per share fair value estimate for Vistra Energy after the company reported $2.8 billion of adjusted EBITDA for full-year 2018 and the board of directors initiated a $0.125 per share quarterly dividend. We are reaffirming our no-moat and stable moat trend ratings.The new dividend represents a 2% yield as of Feb. 28. Although the dividend requires only a small share of Vistra's cash flow, we think it suggests the board believes Vistra has established a consistent stream...
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.
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