CPN: Calpine Corporation Message Board

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Gold/Mining/Energy : CPN: Calpine Corporation

FRO 23.28

-3.9%

Nov 4 3:59 PM EST

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From: aerosappy	1/31/2002 1:41:50 PM
	Read Replies (2) of 555

CPN and MIR conference calls This morning I jumped between conference calls hosted by both Calpine and Mirant. The CEO and CFO of Mirant said the following: 1. EPS in 2002 will be $1.60 to $1.70, reflecting the new plan to cut back. 2. MIR will not need to access either the debt or equity markets during the next five years. 3. Restoring investment grade is essential, and negotiations / discussions are in process. From a TA view, Mirant sucks. But from a pure FA view, at less than 6 times current year EPS, MIR looks like a buy. Calpine also does not look good from a TA view, but like MIR it trades at a P/E of less that 6 times current year EPS. Management outlined liquidity enhancement programs; construction loan revolving lines of credit are sufficient through mid-2003. Like MIR, CPN is focused on restoring its investment grade debt rating. At $24, DYN trades at 12.6 times EPS ttm, and about 10.7 times current year EPS.

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