fw : csfb independent power weekly - - issue # 41 - - - - - original message - - - - -
from : stein , neil [ mailto : neil . stein @ csfb . com ]
sent : monday , august 27 , 2001 7 : 32 am
to : undisclosed - recipients
subject : csfb independent power weekly - - issue # 41
>
good morning ,
attached , please find the latest issue of our independent power weekly .
also note that on september 10 and 11 , csfb will host a power generation
supply chain conference at the plaza hotel in new york city . the power
generators will speak on the morning of 9 / 11 . companies presenting include :
cpn , mir , nrg , orn , rri and te .
1 . ipps rise 3 . 9 % last week our ipp composite rose 3 . 9 % , outperforming
both the nasdaq ( + 2 . 7 % ) and the s & p 500 ( + 2 . 0 % ) . this was the strongest
performance for our composite since the second week of july . calpine , which
was up 10 . 9 % , was the strongest performer in the group . global power
equipment group was the weakest performer , falling 3 . 4 % .
2 . recognition of attractive valuations and cpn conference call boost stock
prices we attribute last week ' s performance to a growing recognition that
the group is simply oversold . indeed , on average the pure play ipps are
trading at 11 . 6 x 2002 eps , which represents a 40 % + valuation compression
year to date . more immediately , we believe a conference call hosted by
calpine on monday ( 8 / 20 ) helped ease investor concerns regarding the
supply / demand outlook for the sector and the ability of power generators to
attract capital to grow their businesses .
3 . calpine hosting final special topic conference call on tuesday ( 8 / 28 ) ,
calpine will conclude its special topic conference call series with a
discussion of the california power market . the call will take place at 2 pm
edt . the dial - in number is 877 / 692 - 2137 . on the call , management will
provide a regulatory update and describe the steps it has taken to respond
to the power shortages in the state .
4 . california windfall profits tax bill resurfaces today ( 8 / 27 ) , the
california assembly revenue and taxation committee will consider sb 1 xx - the
power generator windfall profits tax bill . importantly , while earlier
versions of the bill implied that the tax would be retroactive and applied
to power sales going back to january 1 , 2001 , the current version of the
bill suggests that the tax will not be implemented until early 2002 . in
addition , an internal analysis of the bill done by the assembly revenue and
taxation committee suggests that the bill could be subject to several legal
challenges if it is passed .
regards ,
neil stein 212 / 325 - 4217
this message is for the named person ' s use only . it may contain
confidential , proprietary or legally privileged information . no
confidentiality or privilege is waived or lost by any mistransmission .
if you receive this message in error , please immediately delete it and all
copies of it from your system , destroy any hard copies of it and notify the
sender . you must not , directly or indirectly , use , disclose , distribute ,
print , or copy any part of this message if you are not the intended
recipient . credit suisse group and each of its subsidiaries each reserve
the right to monitor all e - mail communications through its networks . any
views expressed in this message are those of the individual sender , except
where the message states otherwise and the sender is authorised to state
them to be the views of any such entity .
unless otherwise stated , any pricing information given in this message is
indicative only , is subject to change and does not constitute an offer to
deal at any price quoted .
any reference to the terms of executed transactions should be treated as
preliminary only and subject to our formal written confirmation .
fw : csfb independent power weekly - - issue # 41
- - - - - original message - - - - -
from : stein , neil [ mailto : neil . stein @ csfb . com ]
sent : monday , august 27 , 2001 7 : 32 am
to : undisclosed - recipients
subject : csfb independent power weekly - - issue # 41
>
good morning ,
attached , please find the latest issue of our independent power weekly .
also note that on september 10 and 11 , csfb will host a power generation
supply chain conference at the plaza hotel in new york city . the power
generators will speak on the morning of 9 / 11 . companies presenting include :
cpn , mir , nrg , orn , rri and te .
1 . ipps rise 3 . 9 % last week our ipp composite rose 3 . 9 % , outperforming
both the nasdaq ( + 2 . 7 % ) and the s & p 500 ( + 2 . 0 % ) . this was the strongest
performance for our composite since the second week of july . calpine , which
was up 10 . 9 % , was the strongest performer in the group . global power
equipment group was the weakest performer , falling 3 . 4 % .
2 . recognition of attractive valuations and cpn conference call boost stock
prices we attribute last week ' s performance to a growing recognition that
the group is simply oversold . indeed , on average the pure play ipps are
trading at 11 . 6 x 2002 eps , which represents a 40 % + valuation compression
year to date . more immediately , we believe a conference call hosted by
calpine on monday ( 8 / 20 ) helped ease investor concerns regarding the
supply / demand outlook for the sector and the ability of power generators to
attract capital to grow their businesses .
3 . calpine hosting final special topic conference call on tuesday ( 8 / 28 ) ,
calpine will conclude its special topic conference call series with a
discussion of the california power market . the call will take place at 2 pm
edt . the dial - in number is 877 / 692 - 2137 . on the call , management will
provide a regulatory update and describe the steps it has taken to respond
to the power shortages in the state .
4 . california windfall profits tax bill resurfaces today ( 8 / 27 ) , the
california assembly revenue and taxation committee will consider sb 1 xx - the
power generator windfall profits tax bill . importantly , while earlier
versions of the bill implied that the tax would be retroactive and applied
to power sales going back to january 1 , 2001 , the current version of the
bill suggests that the tax will not be implemented until early 2002 . in
addition , an internal analysis of the bill done by the assembly revenue and
taxation committee suggests that the bill could be subject to several legal
challenges if it is passed .
regards ,
neil stein 212 / 325 - 4217
this message is for the named person ' s use only . it may contain
confidential , proprietary or legally privileged information . no
confidentiality or privilege is waived or lost by any mistransmission .
if you receive this message in error , please immediately delete it and all
copies of it from your system , destroy any hard copies of it and notify the
sender . you must not , directly or indirectly , use , disclose , distribute ,
print , or copy any part of this message if you are not the intended
recipient . credit suisse group and each of its subsidiaries each reserve
the right to monitor all e - mail communications through its networks . any
views expressed in this message are those of the individual sender , except
where the message states otherwise and the sender is authorised to state
them to be the views of any such entity .
unless otherwise stated , any pricing information given in this message is
indicative only , is subject to change and does not constitute an offer to
deal at any price quoted .
any reference to the terms of executed transactions should be treated as
preliminary only and subject to our formal written confirmation .