Intrinsic value of Calpine - CPN

Previous Close

$15.11

  Intrinsic Value

$2.13

stock screener

  Rating & Target

str. sell

-86%

Previous close

$15.11

 
Intrinsic value

$2.13

 
Up/down potential

-86%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CPN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.77
  9.80
  9.32
  8.89
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
Revenue, $m
  6,943
  7,374
  8,061
  8,778
  9,524
  10,300
  11,107
  11,946
  12,817
  13,723
  14,664
  15,643
  16,661
  17,720
  18,822
  19,970
  21,165
  22,412
  23,712
  25,068
  26,484
  27,963
  29,508
  31,123
  32,812
  34,578
  36,426
  38,360
  40,385
  42,506
  44,727
Variable operating expenses, $m
 
  6,443
  7,042
  7,666
  8,316
  8,992
  9,695
  10,426
  11,185
  11,974
  12,795
  13,628
  14,515
  15,438
  16,398
  17,398
  18,440
  19,526
  20,658
  21,840
  23,074
  24,362
  25,708
  27,115
  28,586
  30,125
  31,735
  33,420
  35,184
  37,032
  38,967
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  5,902
  6,443
  7,042
  7,666
  8,316
  8,992
  9,695
  10,426
  11,185
  11,974
  12,795
  13,628
  14,515
  15,438
  16,398
  17,398
  18,440
  19,526
  20,658
  21,840
  23,074
  24,362
  25,708
  27,115
  28,586
  30,125
  31,735
  33,420
  35,184
  37,032
  38,967
Operating income, $m
  814
  931
  1,019
  1,112
  1,208
  1,308
  1,412
  1,520
  1,632
  1,749
  1,870
  2,015
  2,146
  2,282
  2,424
  2,572
  2,726
  2,886
  3,054
  3,228
  3,411
  3,601
  3,800
  4,008
  4,226
  4,453
  4,691
  4,940
  5,201
  5,474
  5,760
EBITDA, $m
  1,724
  1,939
  2,120
  2,308
  2,505
  2,709
  2,921
  3,141
  3,371
  3,609
  3,856
  4,114
  4,381
  4,660
  4,950
  5,251
  5,566
  5,894
  6,236
  6,592
  6,965
  7,354
  7,760
  8,185
  8,629
  9,093
  9,579
  10,088
  10,620
  11,178
  11,762
Interest expense (income), $m
  584
  565
  630
  698
  769
  843
  920
  999
  1,082
  1,168
  1,258
  1,351
  1,447
  1,548
  1,653
  1,762
  1,875
  1,993
  2,116
  2,245
  2,379
  2,519
  2,665
  2,817
  2,977
  3,144
  3,318
  3,501
  3,692
  3,892
  4,102
Earnings before tax, $m
  159
  366
  389
  413
  439
  465
  492
  520
  550
  580
  612
  664
  698
  734
  771
  810
  851
  893
  937
  984
  1,032
  1,083
  1,135
  1,191
  1,249
  1,309
  1,373
  1,439
  1,509
  1,582
  1,658
Tax expense, $m
  48
  99
  105
  112
  118
  126
  133
  141
  148
  157
  165
  179
  189
  198
  208
  219
  230
  241
  253
  266
  279
  292
  307
  321
  337
  353
  371
  389
  407
  427
  448
Net income, $m
  92
  268
  284
  302
  320
  339
  359
  380
  401
  424
  447
  485
  510
  536
  563
  591
  621
  652
  684
  718
  753
  790
  829
  869
  911
  956
  1,002
  1,051
  1,101
  1,155
  1,211

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  418
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  17,493
  18,764
  20,513
  22,336
  24,234
  26,209
  28,262
  30,396
  32,614
  34,919
  37,314
  39,804
  42,394
  45,088
  47,893
  50,813
  53,856
  57,028
  60,336
  63,787
  67,390
  71,153
  75,085
  79,194
  83,490
  87,984
  92,687
  97,609
  102,762
  108,158
  113,810
Adjusted assets (=assets-cash), $m
  17,075
  18,764
  20,513
  22,336
  24,234
  26,209
  28,262
  30,396
  32,614
  34,919
  37,314
  39,804
  42,394
  45,088
  47,893
  50,813
  53,856
  57,028
  60,336
  63,787
  67,390
  71,153
  75,085
  79,194
  83,490
  87,984
  92,687
  97,609
  102,762
  108,158
  113,810
Revenue / Adjusted assets
  0.407
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
Average production assets, $m
  13,338
  14,645
  16,010
  17,433
  18,915
  20,456
  22,059
  23,724
  25,455
  27,254
  29,123
  31,067
  33,088
  35,191
  37,380
  39,660
  42,035
  44,510
  47,092
  49,786
  52,598
  55,535
  58,603
  61,811
  65,164
  68,672
  72,342
  76,183
  80,205
  84,417
  88,829
Working capital, $m
  646
  1,069
  1,169
  1,273
  1,381
  1,494
  1,611
  1,732
  1,859
  1,990
  2,126
  2,268
  2,416
  2,569
  2,729
  2,896
  3,069
  3,250
  3,438
  3,635
  3,840
  4,055
  4,279
  4,513
  4,758
  5,014
  5,282
  5,562
  5,856
  6,163
  6,485
Total debt, $m
  12,179
  13,134
  14,549
  16,024
  17,559
  19,157
  20,818
  22,545
  24,339
  26,203
  28,141
  30,156
  32,251
  34,430
  36,699
  39,062
  41,524
  44,090
  46,766
  49,558
  52,473
  55,517
  58,697
  62,022
  65,498
  69,133
  72,938
  76,919
  81,088
  85,454
  90,026
Total liabilities, $m
  14,225
  15,180
  16,595
  18,070
  19,605
  21,203
  22,864
  24,591
  26,385
  28,249
  30,187
  32,202
  34,297
  36,476
  38,745
  41,108
  43,570
  46,136
  48,812
  51,604
  54,519
  57,563
  60,743
  64,068
  67,544
  71,179
  74,984
  78,965
  83,134
  87,500
  92,072
Total equity, $m
  3,268
  3,584
  3,918
  4,266
  4,629
  5,006
  5,398
  5,806
  6,229
  6,669
  7,127
  7,603
  8,097
  8,612
  9,148
  9,705
  10,287
  10,892
  11,524
  12,183
  12,872
  13,590
  14,341
  15,126
  15,947
  16,805
  17,703
  18,643
  19,627
  20,658
  21,738
Total liabilities and equity, $m
  17,493
  18,764
  20,513
  22,336
  24,234
  26,209
  28,262
  30,397
  32,614
  34,918
  37,314
  39,805
  42,394
  45,088
  47,893
  50,813
  53,857
  57,028
  60,336
  63,787
  67,391
  71,153
  75,084
  79,194
  83,491
  87,984
  92,687
  97,608
  102,761
  108,158
  113,810
Debt-to-equity ratio
  3.727
  3.660
  3.710
  3.760
  3.790
  3.830
  3.860
  3.880
  3.910
  3.930
  3.950
  3.970
  3.980
  4.000
  4.010
  4.020
  4.040
  4.050
  4.060
  4.070
  4.080
  4.090
  4.090
  4.100
  4.110
  4.110
  4.120
  4.130
  4.130
  4.140
  4.140
Adjusted equity ratio
  0.167
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  92
  268
  284
  302
  320
  339
  359
  380
  401
  424
  447
  485
  510
  536
  563
  591
  621
  652
  684
  718
  753
  790
  829
  869
  911
  956
  1,002
  1,051
  1,101
  1,155
  1,211
Depreciation, amort., depletion, $m
  910
  1,008
  1,100
  1,197
  1,297
  1,401
  1,509
  1,622
  1,739
  1,860
  1,986
  2,099
  2,236
  2,378
  2,526
  2,680
  2,840
  3,007
  3,182
  3,364
  3,554
  3,752
  3,960
  4,176
  4,403
  4,640
  4,888
  5,148
  5,419
  5,704
  6,002
Funds from operations, $m
  1,085
  1,276
  1,384
  1,498
  1,617
  1,740
  1,868
  2,002
  2,140
  2,284
  2,433
  2,584
  2,745
  2,914
  3,089
  3,271
  3,461
  3,659
  3,866
  4,082
  4,307
  4,543
  4,789
  5,046
  5,314
  5,596
  5,890
  6,198
  6,521
  6,859
  7,213
Change in working capital, $m
  55
  95
  100
  104
  108
  113
  117
  122
  126
  131
  136
  142
  148
  154
  160
  166
  173
  181
  189
  197
  205
  214
  224
  234
  245
  256
  268
  280
  294
  308
  322
Cash from operations, $m
  1,030
  1,180
  1,285
  1,395
  1,509
  1,628
  1,751
  1,880
  2,014
  2,153
  2,297
  2,442
  2,598
  2,760
  2,929
  3,105
  3,288
  3,479
  3,678
  3,885
  4,102
  4,328
  4,564
  4,811
  5,070
  5,340
  5,622
  5,918
  6,227
  6,551
  6,890
Maintenance CAPEX, $m
  0
  -901
  -990
  -1,082
  -1,178
  -1,278
  -1,382
  -1,490
  -1,603
  -1,720
  -1,841
  -1,968
  -2,099
  -2,236
  -2,378
  -2,526
  -2,680
  -2,840
  -3,007
  -3,182
  -3,364
  -3,554
  -3,752
  -3,960
  -4,176
  -4,403
  -4,640
  -4,888
  -5,148
  -5,419
  -5,704
New CAPEX, $m
  -489
  -1,308
  -1,365
  -1,423
  -1,482
  -1,541
  -1,603
  -1,666
  -1,731
  -1,799
  -1,870
  -1,944
  -2,021
  -2,103
  -2,189
  -2,279
  -2,375
  -2,476
  -2,582
  -2,694
  -2,812
  -2,937
  -3,068
  -3,207
  -3,353
  -3,508
  -3,670
  -3,841
  -4,022
  -4,212
  -4,412
Cash from investing activities, $m
  -1,919
  -2,209
  -2,355
  -2,505
  -2,660
  -2,819
  -2,985
  -3,156
  -3,334
  -3,519
  -3,711
  -3,912
  -4,120
  -4,339
  -4,567
  -4,805
  -5,055
  -5,316
  -5,589
  -5,876
  -6,176
  -6,491
  -6,820
  -7,167
  -7,529
  -7,911
  -8,310
  -8,729
  -9,170
  -9,631
  -10,116
Free cash flow, $m
  -889
  -1,028
  -1,070
  -1,110
  -1,151
  -1,192
  -1,233
  -1,276
  -1,320
  -1,366
  -1,414
  -1,470
  -1,523
  -1,579
  -1,638
  -1,700
  -1,767
  -1,837
  -1,912
  -1,990
  -2,074
  -2,163
  -2,256
  -2,355
  -2,460
  -2,571
  -2,688
  -2,812
  -2,942
  -3,080
  -3,225
Issuance/(repayment) of debt, $m
  469
  1,373
  1,415
  1,475
  1,536
  1,598
  1,661
  1,726
  1,794
  1,864
  1,938
  2,015
  2,095
  2,180
  2,269
  2,363
  2,462
  2,566
  2,676
  2,792
  2,915
  3,044
  3,180
  3,324
  3,476
  3,636
  3,804
  3,982
  4,169
  4,366
  4,573
Issuance/(repurchase) of shares, $m
  1
  48
  50
  46
  42
  38
  33
  28
  22
  17
  11
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  401
  1,421
  1,465
  1,521
  1,578
  1,636
  1,694
  1,754
  1,816
  1,881
  1,949
  2,015
  2,095
  2,180
  2,269
  2,363
  2,462
  2,566
  2,676
  2,792
  2,915
  3,044
  3,180
  3,324
  3,476
  3,636
  3,804
  3,982
  4,169
  4,366
  4,573
Total cash flow (excl. dividends), $m
  -488
  393
  395
  411
  427
  444
  461
  478
  496
  515
  534
  545
  572
  601
  631
  662
  695
  729
  765
  802
  841
  882
  924
  969
  1,016
  1,065
  1,116
  1,170
  1,226
  1,286
  1,348
Retained Cash Flow (-), $m
  -159
  -316
  -334
  -348
  -363
  -377
  -392
  -408
  -424
  -440
  -457
  -476
  -495
  -515
  -536
  -558
  -581
  -606
  -632
  -659
  -688
  -719
  -751
  -785
  -821
  -858
  -898
  -940
  -984
  -1,031
  -1,080
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  77
  61
  63
  65
  67
  68
  70
  72
  75
  77
  69
  78
  87
  95
  104
  114
  123
  133
  143
  153
  163
  173
  184
  195
  206
  218
  230
  242
  255
  268
Discount rate, %
 
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.60
  17.43
  18.31
  19.22
  20.18
  21.19
  22.25
  23.36
  24.53
  25.76
  27.05
  28.40
  29.82
  31.31
  32.87
  34.52
  36.24
  38.06
  39.96
  41.96
  44.05
  46.26
  48.57
PV of cash for distribution, $m
 
  69
  48
  44
  39
  34
  30
  25
  21
  18
  14
  10
  9
  7
  6
  4
  3
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.1
  98.3
  97.6
  97.0
  96.6
  96.2
  95.9
  95.7
  95.5
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4

Calpine Corporation is a power generation company. The Company is engaged in the ownership and operation of primarily natural gas-fired and geothermal power plants in North America. The Company's segments include West (including geothermal), Texas and East (including Canada). In the Northeast and Mid-Atlantic regions, the Company has generating units capable of burning either natural gas or fuel oil. As of December 31, 2016, the Company's portfolio consisted of two types of power generation technologies, including natural gas-fired combustion turbines, such as combined-cycle plants, and renewable geothermal conventional steam turbines. As of December 31, 2016, the Company's portfolio included 80 power plants, including one under construction, with an aggregate generation capacity of 25,908 Megawatt (MW) and 828 MW under construction. As of December 31, 2016, it had four MW of capacity from solar power generation technology at its Vineland Solar Energy Center in New Jersey.

FINANCIAL RATIOS  of  Calpine (CPN)

Valuation Ratios
P/E Ratio 59
Price to Sales 0.8
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 5.3
Price to Free Cash Flow 10
Growth Rates
Sales Growth Rate 3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.5%
Cap. Spend. - 3 Yr. Gr. Rate -3.2%
Financial Strength
Quick Ratio 1
Current Ratio 0.3
LT Debt to Equity 349.8%
Total Debt to Equity 372.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.8%
Ret/ On Assets - 3 Yr. Avg. 5.9%
Return On Total Capital 0.6%
Ret/ On T. Cap. - 3 Yr. Avg. 2.9%
Return On Equity 2.9%
Return On Equity - 3 Yr. Avg. 12.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 24.6%
EBITDA Margin - 3 Yr. Avg. 25.5%
Operating Margin 12.1%
Oper. Margin - 3 Yr. Avg. 15.1%
Pre-Tax Margin 2.4%
Pre-Tax Margin - 3 Yr. Avg. 5.8%
Net Profit Margin 1.4%
Net Profit Margin - 3 Yr. Avg. 5.6%
Effective Tax Rate 30.2%
Eff/ Tax Rate - 3 Yr. Avg. -3.8%
Payout Ratio 0%

CPN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CPN stock intrinsic value calculation we used $6716 million for the last fiscal year's total revenue generated by Calpine. The default revenue input number comes from 2016 income statement of Calpine. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CPN stock valuation model: a) initial revenue growth rate of 9.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 11.8%, whose default value for CPN is calculated based on our internal credit rating of Calpine, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Calpine.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CPN stock the variable cost ratio is equal to 87.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CPN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.8% for Calpine.

Corporate tax rate of 27% is the nominal tax rate for Calpine. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CPN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CPN are equal to 198.6%.

Life of production assets of 14.8 years is the average useful life of capital assets used in Calpine operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CPN is equal to 14.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3268 million for Calpine - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 360.872 million for Calpine is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Calpine at the current share price and the inputted number of shares is $5.5 billion.

RELATED COMPANIES Price Int.Val. Rating
ALE Allete 68.05 28.43  str.sell
AT Atlantic Power 1.85 0.53  str.sell
NRG NRG Energy 24.80 1.11  str.sell
DUK Duke Energy 75.48 61.45  sell
PCG PG&E 39.08 38.79  hold

COMPANY NEWS

▶ Is It Too Late To Buy Calpine Corporation (NYSE:CPN)?   [Feb-12-18 11:06AM  Simply Wall St.]
▶ Analysts Views on NRG Energy Stock Changed Recently   [Jan-19-18 03:25PM  Market Realist]
▶ ETFs with exposure to Calpine Corp. : November 21, 2017   [Nov-21-17 11:31AM  Capital Cube]
▶ ETFs with exposure to Calpine Corp. : November 9, 2017   [Nov-09-17 12:25PM  Capital Cube]
▶ Will NRG Energys Transformation Plan Lead to Growth?   [Nov-06-17 07:34AM  Market Realist]
▶ Does Calpine Corporations (CPN) PE Ratio Warrant A Sell?   [Nov-01-17 08:01PM  Simply Wall St.]
▶ Calpine beats 3Q profit forecasts   [09:19AM  Associated Press]
▶ Calpine Reports Third Quarter 2017 Results   [07:30AM  Business Wire]
▶ What Is Calpine Corporations (CPN) Share Price Doing?   [Sep-15-17 06:43PM  Simply Wall St.]
▶ Two U.S. Utility Giants Just Got Even Larger   [Aug-26-17 03:00PM  Oilprice.com]
▶ Major Houston power co. to be sold for $5.6B (Video)   [11:21AM  American City Business Journals]
▶ Company News For August 21, 2017   [10:58AM  Zacks]
▶ [$$] Charting the Market   [Aug-18-17 11:28PM  Barrons.com]
▶ Calpine Winds Down the Party   [12:24PM  Bloomberg]
▶ Calpine Confirms Deal to Be Acquired   [07:41AM  Bloomberg Video]
▶ [$$] Energy Capital Partners Is Nearing Deal to Buy Calpine   [12:16AM  The Wall Street Journal]
▶ ETFs with exposure to Calpine Corp. : August 15, 2017   [Aug-15-17 03:50PM  Capital Cube]
▶ Calpine reports 2Q loss   [Jul-28-17 11:35PM  Associated Press]
▶ Major Houston power co. confirms sales talks, reports larger net loss   [09:30AM  American City Business Journals]
▶ PE firm reportedly in talks to buy major Houston power company   [Jul-27-17 10:30AM  American City Business Journals]
▶ [$$] The private equity arms race is hotting up   [Jul-08-17 01:02AM  Financial Times]
▶ 31 Undervalued Stocks   [Jul-06-17 06:00AM  Morningstar]
Financial statements of CPN
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