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  "documentTitle": "7 IBD presentation 2016 Talen Energy Corp Citigroup",
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  "notes": "Includes valuation sensitivity based on low and high multiples derived from 10th and 90th percentiles of historical peer data.",
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      "text": "Using TLN's all-time low share price of $5.78 on January 13, 2016 implies a FY+1 EV/EBITDA multiple of 5.8x. Looking at historical IPP quarterly multiples... arriving at a 10.1x FY+1 EV/EBITDA multiple implying a $29.10 share price.",
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      "text": "Based on quarterly historical FY+1 EV/EBITDA multiples for Calpine, Dynegy and NRG since 12/31/2009. Low and high multiples based on 10th and 90th percentile of range, respectively.",
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      "text": "Source: 10-K/Q Refinements - Qgen, FactSet, Company Filings and Wall Street Research. Note: Market indices of May 25, 2016.",
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      "text": "2018 Adjusted EBITDA, 2018 EV/EBITDA Multiple, Enterprise Value, Adjusted Net Debt, Equity Value, Shares Outstanding, Equity Value per Share",
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