Vistra Corp

VST: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$33.00	Tzlnv	Qrbfrthd

Vistra Earnings: Hedges Help Protect Against Near-Term Downside, Offer Long-Term Upside

Travis Miller

May 9, 2023

We are reaffirming our $24 fair value estimate for Vistra after the company reported $554 million in adjusted EBITDA in the first quarter, mostly flat with the first quarter of 2022. Results are on track to meet our full-year outlook. We are reaffirming our no-moat and negative moat trend ratings.

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