Vistra's revenue may increase by 7%-8% over the next 12-24 months on organic volume growth, price increases, and an expanding services and geographical footprint. Revenue increased 7% on a constant currency basis in the second quarter of 2024. Management has identified cost synergies of US$53 million. Of this, it had achieved US$20 million as of end-June 2024 on an annualized basis. This was in line with our expectation. The rest of the savings will likely come from continued headcount reductions and further implementation of shared services over the next 24 months. Recent U.S. rate cuts and favorable repricing in July will reduce Vistra?s interest-rate risks. We estimate interest coverage of 1.7x for 2024, versus 1.6x in 2023 on a pro-forma
