Vistra Corp

VST: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$61.00	Kkc	Tzsqyyn

Vistra Energy Earnings: Widespread Power Market Rally Boosts Outlook, Valuation

Travis Miller

May 8, 2024

We plan to raise our $32 per share fair value estimate for Vistra by about 25% to reflect a rally in Texas power markets during the last quarter and additional synergies from the Energy Harbor acquisition that closed in March. This follows our 23% fair value increase in March to reflect Vistra's higher hedged margin value. We are reaffirming our no-moat and High Uncertainty ratings.

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