NRG Energy Inc

NRG: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$66.00	Bzc	Ypgnknc

NRG Energy Finishes Disappointing 2022; Reset Coming With Vivint Addition in 2023

Travis Miller

Feb 16, 2023

We are reaffirming our $37 fair value estimate for NRG Energy after the company announced $1.75 billion of adjusted EBITDA in 2022, down from $2.4 billion in 2021. We had anticipated lower earnings in 2022 due to operational challenges during the summer. Results were consistent with management's earlier guidance toward the lower end of its initial $1.95 billion-$2.25 billion EBITDA target range. We are reaffirming our no-moat rating, High Uncertainty Rating, and stable moat trend.

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