Vistra(US:VST)2024-11-07 18:41Financial Performance & Guidance - Q3 2024 Adjusted EBITDA was $1,444 million[4], despite a milder Texas summer compared to 2023[4, 15] - Vistra is upgrading its 2024 Adjusted EBITDA guidance range to $50-$52 billion and Adjusted FCFbG guidance range to $265-$285 billion[4] - The company initiates 2025 Adjusted EBITDA guidance range of $55-$61 billion and Adjusted FCFbG guidance range of $30-$36 billion[4] - Vistra estimates a 2026 Adjusted EBITDA Midpoint Opportunity of $6 billion+[4] Capital Allocation & Strategic Priorities - Approximately $35 billion was allocated to equity repurchases in Q3 2024[4] - Vistra expects to execute at least $325 billion of share repurchases for 2024-2026[10] - The company projects at least $15 billion of incremental capital available for allocation through 2026[10, 28] - Vistra agreed to acquire Vistra Vision Minority Interest for approximately $31 billion[4, 11], increasing ownership interest in carbon-free nuclear (~970 MW) and energy storage & solar (~200 MW)[11] Hedging & Market Outlook - Vistra's comprehensive hedging program provides increased visibility, with approximately 100% hedged for the remainder of 2024, approximately 96% for 2025, and approximately 64% for 2026[22] - The company's current net leverage is approximately 27x[10], meeting the long-term target of less than 3x[10]