First Read: Vistra Corp. "Digital Infrastructure Investment Announced" (Buy)

Research evidence excerpt

First Read: Vistra Corp. "Digital Infrastructure Investment Announced" (Buy)

Global Research

11 June 2026ab

First Read

EquitiesVistra Corp.

Digital Infrastructure Investment Announced United States

Electric Utilities

12-month rating Buy

Platform Designed to Create Value With Both New and Existing Generation

Assets 12m price target US$233.00

We view the Helix announcement as constructive and provides another channel of

growth potential for VST. The intent is for a "one-stop shop" for all data center needs.

Price (11 Jun 2026) US$144.50

This builds on the success VST has had with contracts with Amazon and Meta over the

past nine months. This would allow for de-risking of new generation development RIC: VST.N BBG: VST US

projects (which could cost ~$3bn per 1 GW) by providing an attractive cost of capital, Trading data and key metrics

while providing VST with longer-term upside in the overall success of Helix. We think

52-wk range US$217.92-134.71

VST was specific in calling out the utilization of existing assets as support for meeting

Market cap. US$49.1b

power needs under future projects, which directly refutes the narrative of BYOG or BTM

Shares o/s 340m (COM)

new build as the only solution. Clearly, we await announcements on specific projects to

validate Helix as a viable platform, so we think investors should temper enthusiasm. Free float 100%

However, given the caliber of the partners we see believe see this as a net positive for the Avg. daily volume ('000) 1,002

stock, particularly given the ~33% decline in the share price over the last nine months. Avg. daily value (m) US$154.1

Common s/h equity (12/26E) US$3.86b

What Happened? P/BV (12/26E) 11.8x

On 6/11, VST announced participation in a new company that would help deliver power Net debt to EBITDA (12/26E) 2.9x