Vistra Corp. (VST)

Industry: Independent Power Producers Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
UN0.DE	1	Uniper SE	83,338	-	-	4.80	4.18	-	-
600011.SS	2	Huaneng Power Inte	33,230	7.61	6.22	7.83	7.59	10.47	12.59
0836.HK	3	China Resources Po	26,657	3.70	3.55	3.92	3.75	6.05	6.68
VST	4	Vistra Corp.	21,754	57.79	54.99	16.22	15.16	20.03	9.81
601991.SS	5	Datang Internation	17,292	9.24	7.42	11.11	11.24	15.61	19.68
9508.T	6	Kyushu Electric Po	14,990	3.94	3.12	6.89	6.42	8.36	-
MYTIL.AT	7	Metlen Energy & Me	14,239	3.85	1.73	3.80	2.25	5.26	2.68
003816.SZ	8	CGN Power Co., Ltd	11,959	19.43	19.41	12.16	12.31	18.71	18.84
600900.SS	9	China Yangtze Powe	11,747	20.41	19.19	18.40	17.82	12.61	20.18
601985.SS	10	China National Nuc	11,627	20.96	19.93	13.41	12.62	20.35	21.60
600023.SS	11	Zhejiang Zheneng E	11,428	9.11	8.73	8.72	8.73	7.96	11.65
TATAPOWER.BO	12	The Tata Power Com	7,312	30.61	23.51	13.51	11.67	22.95	11.12
ADANIPOWER.BO	13	Adani Power Limite	6,101	19.12	19.12	10.74	8.62	15.94	11.04
TNSE.ME	14	PJSC Group of Comp	6,060	1.24	1.01	0.94	0.70	-	0.90
600578.SS	15	Beijing Jingneng P	5,192	7.95	6.76	10.10	9.26	11.58	13.45
TORNTPOWER.BO	16	Torrent Power Limi	3,181	20.54	15.44	12.57	10.65	16.03	17.35

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.53	7.09	8.72	8.62	11.58	11.65
Full Range Median Multiple	9.18	8.07	10.10	8.73	12.61	12.59
Industry Multiple	12.69	11.08	9.26	8.52	13.22	12.90
Market Implied Multiple	49.14	46.76	14.29	13.35	17.64	8.64
Company (VST) Multiple	57.79	54.99	16.22	15.16	20.03	9.81
(*) Net Income / EBITDA / Revenue	1,152	1,211	5,146	5,505	4,168	8,510
Winsorized Enterprise Value	N/A	N/A	44,868	47,477	48,280	99,160
Full Range Median Enterprise Value	N/A	N/A	51,981	48,061	52,538	107,112
(-) Net Debt	16,900	16,900	16,900	16,900	16,900	16,900
Winsorized Equity Value	9,829	8,580	27,968	30,577	31,380	82,260
Full Range Median Equity Value	10,572	9,775	35,081	31,161	35,638	90,212
(/) Shares Outstanding	340	340	340	340	340	340
Winsorized Fair Value	$28.93	$25.25	$82.31	$89.99	$92.35	$242.08
Full Range Median Fair Value	$31.11	$28.77	$103.24	$91.70	$104.88	$265.49
Current Price	$166.60	$166.60	$166.60	$166.60	$166.60	$166.60
Upside / Downside	-82.64%	-84.84%	-50.60%	-45.99%	-44.57%	45.31%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$20.25	$17.67	$57.62	$62.99	$64.64	$169.46
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY