Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.</li>
<li>In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELs.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.
In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELs.


Quiddity Leaderboard S&P 500 June 2024 - Minimal Changes Expected but Intrareview Changes Possible

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Vistra reported its first quarter of 2026 results marked by record adjusted EBITDA of approximately $1.5 billion, representing a 20% increase year-over-year and an 85% rise compared to Q1 2024.</li><li>This improvement was driven largely by strong operational execution across its generation, commercial, and retail segments, supported by an integrated business model providing diversification benefits.</li><li>The generation segment contributed $1.426 billion to adjusted EBITDA, benefiting from elevated realized revenues, increased capacity payments in PJM, and recent asset acquisitions.</li></ul>

Vistra reported its first quarter of 2026 results marked by record adjusted EBITDA of approximately $1.5 billion, representing a 20% increase year-over-year and an 85% rise compared to Q1 2024.This improvement was driven largely by strong operational execution across its generation, commercial, and retail segments, supported by an integrated business model providing diversification benefits.The generation segment contributed $1.426 billion to adjusted EBITDA, benefiting from elevated realized revenues, increased capacity payments in PJM, and recent asset acquisitions.

Vistra And Meta: The PJM Nuclear Power Catalyst Investors Are Watching!

<ul><li>Vistra’s 2025 results reflected strong execution, portfolio expansion, and steady positioning for a changing power demand landscape.</li><li>Adjusted EBITDA was about $5.9 billion and adjusted free cash flow before growth was about $3.6 billion, both above original guidance midpoints.</li><li>Performance was supported by generation, commercial, and retail operations, with the company also performing reliably during Winter Storm Fern despite severe cold, strong demand, and price volatility.</li></ul>

Vistra’s 2025 results reflected strong execution, portfolio expansion, and steady positioning for a changing power demand landscape.Adjusted EBITDA was about $5.9 billion and adjusted free cash flow before growth was about $3.6 billion, both above original guidance midpoints.Performance was supported by generation, commercial, and retail operations, with the company also performing reliably during Winter Storm Fern despite severe cold, strong demand, and price volatility.

Vistra Secures Massive Hyperscaler Power Deals With Meta and Amazon That Could Transform Its Revenue Stability!

<ul><li>Vistra Corp. has made headlines once again, this time with a transformative $4 billion acquisition agreement to purchase Cogentrix Energy from Quantum Capital Group.</li><li>The transaction, announced in early January 2026, marks Vistra’s second large-scale gas-fired power deal within the past year, following its $1.9 billion purchase of seven plants from Lotus Infrastructure Partners in May 2025.</li><li>The Cogentrix deal includes $2.3 billion in cash, 5 million shares of Vistra common stock (valued at ~$900 million), and the assumption of $1.5 billion in debt, partially offset by $700 million in expected tax benefits.</li></ul>

Vistra Corp. has made headlines once again, this time with a transformative $4 billion acquisition agreement to purchase Cogentrix Energy from Quantum Capital Group.The transaction, announced in early January 2026, marks Vistra’s second large-scale gas-fired power deal within the past year, following its $1.9 billion purchase of seven plants from Lotus Infrastructure Partners in May 2025.The Cogentrix deal includes $2.3 billion in cash, 5 million shares of Vistra common stock (valued at ~$900 million), and the assumption of $1.5 billion in debt, partially offset by $700 million in expected tax benefits.

Vistra’s Cogentrix Acquisition: A Game-Changer Or A Gamble?

Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>Inflation Reduction Act is by far the largest legislation to positively influence climate change and emissions control.</li>
<li>IRA is packed with subsidies, and loans totaling up to USD 369 billion over the next ten years on renewables, EVs, hydrogen hubs, carbon capture &amp; storage, among others.</li>
<li>By 2035, IRA will drive reduction of greenhouse gas emissions by up to 48% relative to 2005 emissions levels.</li>
</ul>


Inflation Reduction Act is by far the largest legislation to positively influence climate change and emissions control.
IRA is packed with subsidies, and loans totaling up to USD 369 billion over the next ten years on renewables, EVs, hydrogen hubs, carbon capture &amp; storage, among others.
By 2035, IRA will drive reduction of greenhouse gas emissions by up to 48% relative to 2005 emissions levels.


Many Aren’t Aware of the Inflation Reduction Act; and That’s Good News for Investors

United States

Vistra Corp. provides utility services. The Company generates energy. Vistra Corp serves customers worldwide.

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Vistra (VST US)

Quiddity Leaderboard S&P 500 June 2024 - Minimal Changes Expected but Intrareview Changes Possible

For the moment, there are 1-2 changes expected in Q2 for the S&P500. They could both be intra-review changes but timing is likely to be late. So...

Travis Lundy

Vistra And Meta: The PJM Nuclear Power Catalyst Investors Are Watching!

Vistra reported its first quarter of 2026 results marked by record adjusted EBITDA of approximately $1.5 billion, representing a 20% increase...

Baptista Research

Vistra Secures Massive Hyperscaler Power Deals With Meta and Amazon That Could Transform Its Revenue Stability!

Vistra’s 2025 results reflected strong execution, portfolio expansion, and steady positioning for a changing power demand landscape. Adjusted...

Baptista Research

Vistra’s Cogentrix Acquisition: A Game-Changer Or A Gamble?

Vistra Corp. has made headlines once again, this time with a transformative $4 billion acquisition agreement to purchase Cogentrix Energy from...

Baptista Research

Many Aren’t Aware of the Inflation Reduction Act; and That’s Good News for Investors

Two in three Americans know little about IRA. The Inflation Reduction Act (“IRA”) took years in the making and will have material implications...

Mint Finance

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