-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下： TLN公布了卓越的第一季度业绩，营业收入达11.29亿美元（同比增长189%），调整后EBITDA达4.73亿美元（同比增长137%），主要得益于PJM容量价格上涨、AWS购电协议的逐步实施以及点差的改善。调整后自由现金流飙升302%至3.5亿美元，受益于强劲的运营表现和良好的营运资本状况。对2451兆瓦装机容量的Cornerstone收购项目仍按计划进行，预计将于2026年下半年完成，已获得40亿美元的融资，利率优惠，每年可节省超过4000万美元的利息支出。 TLN重申了2026年调整后EBITDA为17.5亿美元至20.5亿美元、调整后自由现金流为9.8亿美元至11.8亿美元的业绩指引，同时提供了2027-2028年的初步展望，预计调整后每股自由现金流将分别增长至约34美元和36美元。我们认为，该公司稳健的资本配置框架，包括截至2028年剩余的19亿美元股票回购授权，将使TLN在自由现金流持续强劲增长方面占据有利地位，基本复合年增长率（CAGR）将超过20%。
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