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Gold/Mining/Energy : CPN: Calpine Corporation -- Ignore unavailable to you. Want to Upgrade?

To: Karin who wrote (106)	8/14/2001 12:01:12 PM
From: Raymond Duray	Read Replies (3) \| Respond to of 555

Hi karin, While I admire Calpine as the "best of breed" IPP, I do have to wonder about this Morningstar tout. Calpine seems to me to be fairly valued, but by no stretch of my imagination could I call it cheap. I've been around the block a time or two. In 1974, NYSE listed blue chips were trading at PE's of 3 or 4. Calpine's is currently above 20 on a TTM basis. For a utility, that is mighty heady. Considering that the California electricity market has stabilized I'd tend to want to call Calpine fairly valued, but not a "cheap" stock. JMHO. Thanks for keeping this thread alive. I never ceases to surprise me that real companies like CPN get so much less thread action than some of the fantasy stocks in the optical sector, as an example. The joys of human follies. Gotta love it. Best, Ray :)