1-Star Price
INVESTOR
5-Star Price
INVESTOR
Economic Moat
INVESTOR
Capital Allocation
INVESTOR
We are reaffirming our $23 fair value estimate for Vistra Corp. after the company reported $761 million adjusted EBITDA in the second quarter and management reaffirmed its full-year EBITDA guidance range of $2.8 billion-$3.3 billion. We already were forecasting 2022 results at the high end of that guidance given the rise in power and gas prices. We are reaffirming our no-moat and negative moat trend ratings.
Vistra Energy emerged from the Energy Future Holdings bankruptcy as a stand-alone entity in 2016. Vistra is one of the largest power producers and retail energy providers in the U.S. It owns and operates 38 gigawatts of nuclear, coal, and natural gas generation in its wholesale generation segment after acquiring Dynegy in 2018. Its retail electricity segment serves 4.3 million customers in 20 states. Vistra's retail business serves almost one third of all Texas electricity consumers.
