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Smartkarma

Equity Bottom-Up

This is Zack Fuss. Today we are breaking down Vistra Corp. Vistra is an integrated retail electricity and power generation company. The company, through its subsidiaries, is involved in electricity generation and wholesale and retail energy sales to commercial, municipal and residential customers across the U.S. The company serves 4 million Americans across 20 states producing 37,000 megawatts of capacity, enough to power 20 million homes. To break down Vistra, I'm joined by John DeGulis,…

Vistra Corp (NYSE:VST) Long Thesis: Thesis: VST is cheap vs normalized earnings power, trading at less than 5 times free cash flow before growth investments despite long-term revenue stability. Increases in commodity prices...<a target="_blank" href="https://www.valueinvestorsclub.com/idea/VISTRA_CORP/7199713406">Read the article on Value Investor Club »</a>

Morningstar

Morningstar, Inc.

Once part of the sprawling Energy Future Holdings complex, Vistra Energy broke off when EFH exited bankruptcy in 2016. Its first three years have been a success, but we think investors should be cautious.As an independent power producer and retail energy provider, Vistra has a much different risk profile than a typical regulated utility. Vistra is subject to the whims of the U.S. electricity and natural gas markets. Turbulent energy markets and excessive leverage led EFH into bankruptcy just…

We are reaffirming our $32 fair value estimate for NRG Energy and $20.50 fair value estimate for Vistra Energy after the Texas electric grid operator, ERCOT, released its updated 2019 summer reliability report and long-term supply and demand outlook. We are reaffirming our no-moat, stable trend rating for NRG and no-moat, negative trend rating for Vistra
The supply/demand balance in Texas power markets remains tight, but ERCOT's outlook suggests conditions have eased since its previous…

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.…

United States

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

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