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Non-Tech : IPPs and Merchant Plants, AES, CPN, DYN, NRG, others

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To: darryl who wrote (1)7/4/2000 2:08:22 AM
From: Gary105  Read Replies (3) of 16
 
Analysis as of July 3, 2000:

CPN: market cap = $8.4B, p/b = 8.5, p/s = 8.7, p/e based on proj dec00 earnings = 57; 5 yr proj eps growth = 36%; capacity operating or under construction or acquisition = 10 GW; capacity operating or under construction or acquistion or development = 19 GW $/kw (operating, under construction or being acquired) = $840/kw; $/kw ( oper, construction being acquired or developed) = $440/kw

AES: market cap = $20.7B, p/b = 6.6, p/s = 4.7, p/e based on proj dec00 earnings = 31; 5 yr proj eps growth = 27%; capacity operating or under construction or acquisition = 38 GW; capacity operating or under construction or acquistion or development = NA; $/kw (operating, under construction or being acquired) = $470/kw (number arrived at by adjusting market cap to $18B to account for distribution business)

NRG: market cap = $3.2B, p/b = 3.1, p/s = 3.5, p/e based on proj dec00 earnings = 26; 5 yr proj eps growth = 25%; capacity operating or under construction or acquisition = 15.5 GW; capacity operating or under construction or acquistion or development = 17 GW $/kw (operating, under construction or being acquired) = $210/kw; $/kw ( oper, construction being acquired or developed) = $190/kw
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