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Research Alert: Talen Energy Q1: Operating Revenue Jumps 189% Y/y To $1.1b, Ebitda Up 137%

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

TLN reported exceptional Q1 results with operating revenues of $1,129M (+189% Y/Y) and adjusted EBITDA of $473M (+137% Y/Y), driven by higher PJM capacity prices, AWS PPA ramp, and improved spark spreads. Adjusted free cash flow surged 302% to $350M, benefiting from strong operating performance and favorable working capital dynamics. The Cornerstone Acquisition of 2,451 MW remains on track for H2 2026 close, with $4B financing secured at attractive rates generating over $40M in annual interest savings. TLN reaffirmed 2026 guidance of $1.75B-$2.05B adjusted EBITDA and $980M-$1,180M adjusted free cash flow, while providing preliminary 2027-2028 outlooks showing adjusted FCF per share growing to ~$34 and ~$36 respectively. We believe the company's disciplined capital allocation framework, including $1.9B remaining share repurchase authorization through 2028, positions TLN well for continued strong FCF growth with a >20% base case CAGR trajectory.

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:EMR delivered operating EPS growth of 4% Y/Y to $1.54, though underlying sales growth moderated to 0.5%, impacted by the U.S.-Iran conflict according to management. The beat was supported by share buyback activity. We see 5% underlying orders growth signaling a future recovery, with bookings centered in the high-margin Software & Systems business. Management expects Software segment profitability to enter modest recovery in 2H FY 26. The Software & Systems platform delivered 4% reported growth, with Test & Measurement achieving 16% reported growth, reflecting sustained demand in EMR's growth verticals including semiconductor and aerospace markets. Geographic performance revealed mixed fortunes, with Americas leading growth at 5% Y/Y, while Europe declined 4% and Asia/MEA fell 5%, reflecting broader geopolitical tensions. Adjusted segment EBITA margin compressed 40 bps Y/Y to 27.6% despite favorable mix shift toward higher-margin Software & Systems, with Software margins declining 250 bps to 29.2%.

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Regis Resources, Vault Minerals Merger of Equals Creates Meaningful Scale, Says Euroz Hartleys

Regis Resources (ASX:RRL) and Vault Minerals (ASX:VAU) proposed a merger of equals that would create a mid-tier gold producer of meaningful scale and a combined market capitalization of roughly AU$10.7 billion, Euroz Hartleys said in a note on Tuesday.Under the proposed deal, Vault shareholders will receive 0.6947 shares in Regis for each Vault share owned. Regis shareholders will own about 51% of the merged company and Vault shareholders the remaining 49%, as per a Tuesday joint filing with the Australian bourse.The merger, which will translate to over 700,000 ounces of gold production per year through five operating assets across Western Australia, benefits from a debt-free balance sheet, a robust and growing reserve and resource base, and potential operational synergies that could cut costs.The increased capitalization will also bolster liquidity, lower the cost of capital and support future growth and shareholder returns, it added.Euroz Hartleys maintained a buy rating for Vault and is reviewing a price target for the company.

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