Dynegy Inc (DYN) emerged from bankruptcy last year. The share price didn't really go anywhere. In the meantime 2013 free cash flow guidance is being revised upward to $190 million - $215 million and a deal to take over capacity from Ameren Corp (AEE) is likely to be finalized in the 4th quarter. On the basis of current cash flow, the company is fairly valued. If the Ameren facilities are added in, the cash flow of the combined facilities is greatly undervalued.
The Illinois Pollution Control Board will rule early November if Dynegy can transfer a special agreement that was made with Ameren to delay compliance with State required cleanups. The deal is contingent...
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