Vistra Corp., together with its subsidiaries, operates as an integrated retail electricity and power generation company. The company operates through six segments: Retail, Texas, East, West, Sunset, and Asset Closure. It retails electricity and natural gas to residential, commercial, and industrial customers across 20 states in the United States and the District of Columbia. The company is also involved in the electricity generation, wholesale energy purchases and sales, commodity risk management, fuel production, and fuel logistics management activities. It serves approximately 4.3 million customers with a generation capacity of approximately 38,700 megawatts with a portfolio of natural gas, nuclear, coal, solar, and battery energy storage facilities. The company was formerly known as Vistra Energy Corp. and changed its name to Vistra Corp. in July 2020. Vistra Corp. was founded in 1882 and is based in Irving, Texas.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	13,728	14,779	17,224	19,733	22,595.5	24,134.5	24,134.5	24,134.5
Revenue % Chg.	13.7%	7.7%	16.5%
EBIT	-1,103	2,710	4,081	3,443.3	4,975	5,493.7	5,493.7	5,493.7
EBIT Margin	-8%	18.3%	23.7%
Tax Rate	22.4%	25.4%	18.9%
NOPAT	-855.5	2,021.7	3,310	2,678.3	3,860	4,264.9	4,264.9	4,264.9
NOPAT Margin	-6.2%	13.7%	19.2%	13.6%	17.1%	17.7%	17.7%	17.7%
D&A	2,012	1,932	2,685	2,234.8	2,292.3	2,380.5	2,380.5	2,380.5
D&A / Revenue	14.7%	13.1%	15.6%
Capex	-1,301	-1,676	-2,078	-2,188.7	-2,292.4	-2,176.9	-2,176.9	-2,176.9
Capex / Revenue	-9.5%	-11.3%	-12.1%
Chg. NWC	-2,665	1,508	-504	-798.2	-914	-976.3	-976.3	-976.3
Chg. NWC / Revenue	-19.4%	10.2%	-2.9%
Unlevered FCF (UFCF)	-2,809.5	3,785.7	3,413	1,926.2	2,945.9	3,492.2	3,492.2	3,492.2
UFCF % Chg.	90.4%	-234.7%	-9.8%	-43.6%	52.9%	18.5%	—	—
PV of UFCF	—	—	—	1,790.2	2,544.7	2,803.7	2,605.8	2,421.9
Sum of PV of UFCF	—	—	—	1,790.2	4,334.9	7,138.6	9,744.5	12,166.4

Cost of Debt
Tax Rate
After Tax Cost of Debt	4.1%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	17,413
Market Cap	56,641.5
Total Capital	74,054.5
Debt Weighting	23.5%
Equity Weighting	76.5%
WACC	7.6%

Exit Multiple EV/FCF
Terminal Value	76,048.5
PV of Terminal Value	49,017.9
Cumulative PV of UFCF	12,166.4
Net Debt	16,918
Equity Value	44,266.3
Shares Outstanding	338.8
Implied Share Price	130.6
Current Share Price	166
Implied Upside / (Downside)	-21.3%