fw : csfb independent power weekly - issue # 31 - - - - - original message - - - - -
from : " sifert , bryan " @ enron [ mailto : imceanotes - + 22 sifert + 2 c + 20 bryan + 22 + 20 + 3 cbryan + 2 esifert + 40 csfb + 2 ecom + 3 e + 40 enron @ enron . com ] on behalf of " stein , neil "
sent : monday , june 18 , 2001 6 : 11 am
to : undisclosed - recipients : ; @ enron
subject : csfb independent power weekly - issue # 31
good morning ,
attached , please find the latest issue of our independent power weekly .
>
summary :
1 . ipps fall 5 . 1 % last week our ipp composite fell 5 . 1 % , outperforming the
nasdaq ( - 8 . 1 % ) , but lagging behind the s and , 2 . extend floating caps to other western
states .
3 . minimal impact on ipps we believe the expansion of the ferc ' s current
market mitigation plan will have an immaterial impact on the independent
power producers with california exposure - aes , cpn , mir , nrg , and rri . our
reasons are as follows : 1 ) the bulk of their capacity is sold forward ; 2 .
the ferc ' s methodology is benign ; and , 3 ) valuations already reflect
political uncertainty and normalized power prices .
4 . nrg hosts conference call on friday ( 6 / 15 ) , nrg hosted a conference call
to address investor concerns surrounding near - term equity needs , pending
acquisitions and recent regulatory developments . on the call management
noted that : 1 ) barring a major acquisition , it will not issue equity in the
near - term ; 2 ) nrg ' s pending acquisition of 1 , 767 mw of generation capacity
from conectiv should close by june 30 ; and , 3 ) expansion of the ferc ' s
western market mitigation measures should not impact nrg ' s performance .
also on the call , management reaffirmed its previous 2001 eps guidance of
$ 1 . 35 . . trading at 13 . 2 times our 2002 estimate versus a group average of
16 . 1 times , nrg represents the best relative value in the ipp group . we
believe this discount is unwarranted and reiterate our buy rating and $ 37
price target .
5 . review of orn analyst conference on tuesday ( 6 / 12 ) , orion power hosted
its first major investor conference in baltimore , maryland . the meeting
featured presentations from 10 senior managers . we do not believe investors
were previously aware of the full breadth and depth of the management team .
while no major announcements were made , the meeting served to confirm that
orn is on track to achieve its strategic and growth objectives .
6 . coverage of geg initiated with a buy rating on june 11 , 2001 csfb
initiated on global power equipment group ( geg ) with a buy rating and a
twelve - month price target of $ 42 . we co - cover geg with john mcginty - - csfb ' s
machinery analyst .
regards ,
neil stein 212 / 325 - 4217
bryan sifert 212 / 325 - 3906
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 .
- ipwo 61801 . pdf
fw : csfb independent power weekly - issue # 31
- - - - - original message - - - - -
from : " sifert , bryan " @ enron [ mailto : imceanotes - + 22 sifert + 2 c + 20 bryan + 22 + 20 + 3 cbryan + 2 esifert + 40 csfb + 2 ecom + 3 e + 40 enron @ enron . com ] on behalf of " stein , neil "
sent : monday , june 18 , 2001 6 : 11 am
to : undisclosed - recipients : ; @ enron
subject : csfb independent power weekly - issue # 31
good morning ,
attached , please find the latest issue of our independent power weekly .
>
summary :
1 . ipps fall 5 . 1 % last week our ipp composite fell 5 . 1 % , outperforming the
nasdaq ( - 8 . 1 % ) , but lagging behind the s and , 2 . extend floating caps to other western
states .
3 . minimal impact on ipps we believe the expansion of the ferc ' s current
market mitigation plan will have an immaterial impact on the independent
power producers with california exposure - aes , cpn , mir , nrg , and rri . our
reasons are as follows : 1 ) the bulk of their capacity is sold forward ; 2 .
the ferc ' s methodology is benign ; and , 3 ) valuations already reflect
political uncertainty and normalized power prices .
4 . nrg hosts conference call on friday ( 6 / 15 ) , nrg hosted a conference call
to address investor concerns surrounding near - term equity needs , pending
acquisitions and recent regulatory developments . on the call management
noted that : 1 ) barring a major acquisition , it will not issue equity in the
near - term ; 2 ) nrg ' s pending acquisition of 1 , 767 mw of generation capacity
from conectiv should close by june 30 ; and , 3 ) expansion of the ferc ' s
western market mitigation measures should not impact nrg ' s performance .
also on the call , management reaffirmed its previous 2001 eps guidance of
$ 1 . 35 . . trading at 13 . 2 times our 2002 estimate versus a group average of
16 . 1 times , nrg represents the best relative value in the ipp group . we
believe this discount is unwarranted and reiterate our buy rating and $ 37
price target .
5 . review of orn analyst conference on tuesday ( 6 / 12 ) , orion power hosted
its first major investor conference in baltimore , maryland . the meeting
featured presentations from 10 senior managers . we do not believe investors
were previously aware of the full breadth and depth of the management team .
while no major announcements were made , the meeting served to confirm that
orn is on track to achieve its strategic and growth objectives .
6 . coverage of geg initiated with a buy rating on june 11 , 2001 csfb
initiated on global power equipment group ( geg ) with a buy rating and a
twelve - month price target of $ 42 . we co - cover geg with john mcginty - - csfb ' s
machinery analyst .
regards ,
neil stein 212 / 325 - 4217
bryan sifert 212 / 325 - 3906
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 .
- ipwo 61801 . pdf