Report published September 29, 2026
Talen Energy Corp. (TLN): Leadership Transition & $1.5 Bn Accelerated Share Repurchase – Goldman Sachs Research
Goldman Sachs · September 29, 2026
Talen Energy announced that President Terry Nutt will succeed Mac McFarland as CEO on January 1, 2027, and expanded its share repurchase program to $3bn, including a $1.5bn ASR. Goldman Sachs reiterates Buy with a 12-month price target of $509.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Current President and former CFO Terry Nutt will succeed Mac McFarland as CEO effective January 1, 2027, maintaining operational continuity in line with the December 2025 succession plan.
- 2.Talen increased its Share Repurchase Program to $3bn through 2028, inclusive of a $1.5bn upfront uncollared Accelerated Share Repurchase (ASR) representing over 10% of outstanding shares to be completed by 1Q 2027.
- 3.Goldman Sachs reiterates a Buy rating and a 12-month price target of $509 (61.7% upside), viewing the buyback as an attractive capitalization on TLN's valuation discount.
Table of Contents
- Company Updates
- Our Views
- Valuation & Key Risks
Report data
TLN Valuation, Forecast and Multiples Summary — as of September 29, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12-month Price Target | 509.00 USD | Goldman Sachs price target for TLN based on blended EV/EBITDA and FCF yield valuation |
| Closing Share Price | 314.84 USD | Price as of 29 Sep 2026 close |
| Total Repurchase Program Authorization | 3 USD bn | Upsized Share Repurchase Program authorization |
| Accelerated Share Repurchase Size | 1.5 USD bn | Uncollared ASR agreement upfront payment |
| Adjusted Free Cash Flow (pre-monetization) | 4 USD bn | TLN expected adjusted FCF through year-end 2028 pre-monetization |
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