Financials Northland Power Inc.

Equities

NPI

CA6665111002

Independent Power Producers

Market Closed - Toronto S.E. Other stock markets 04:00:00 2024-06-07 pm EDT			5-day change	1st Jan Change
24.05 ^CAD	-0.78%		+3.22%	-0.08%

May. 28	National Bank Raises Price Targets on Six Companies Amid Increased Interest in Renewables	MT
May. 23	Northland Power Inc. Elects Doyle Beneby as Director	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,908	9,220	8,602	9,146	6,127	6,216	-	-
Enterprise Value (EV) ¹	11,854	16,374	15,562	14,651	13,240	14,494	16,544	20,420
P/E ratio	16.2 x	26.1 x	46.3 x	10.7 x	-33.4 x	23.8 x	16.9 x	12.6 x
Yield	4.41%	2.63%	3.16%	3.23%	4.99%	4.99%	4.99%	4.99%
Capitalization / Revenue	2.96 x	4.47 x	4.11 x	3.73 x	2.74 x	2.65 x	2.62 x	2.21 x
EV / Revenue	7.15 x	7.95 x	7.43 x	5.98 x	5.93 x	6.18 x	6.97 x	7.26 x
EV / EBITDA	12 x	14 x	13.7 x	10.5 x	10.7 x	11.2 x	12.5 x	13.2 x
EV / FCF	9.9 x	14.5 x	13.7 x	38.5 x	31.2 x	45.4 x	50.1 x	84.7 x
FCF Yield	10.1%	6.89%	7.32%	2.6%	3.2%	2.2%	2%	1.18%
Price to Book	4.59 x	5.86 x	3.12 x	2.11 x	1.47 x	2.76 x	2.48 x	1.95 x
Nbr of stocks (in thousands)	180,439	201,892	226,670	246,320	254,562	256,444	-	-
Reference price ²	27.20	45.67	37.95	37.13	24.07	24.05	24.05	24.05
Announcement Date	2/25/20	2/22/21	2/24/22	2/23/23	2/21/24	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,659	2,061	2,093	2,449	2,233	2,345	2,373	2,812
EBITDA ¹	984.7	1,170	1,137	1,398	1,240	1,290	1,324	1,544
EBIT ¹	521.1	900.2	808.6	1,051	741.2	850.5	813.7	964.7
Operating Margin	31.41%	43.69%	38.63%	42.93%	33.19%	36.28%	34.29%	34.31%
Earnings before Tax (EBT) ¹	530.5	600.1	423.2	1,260	-57	533.3	661.3	986.5
Net income ¹	309	349.6	189.6	827.7	-175.2	284.4	379.2	522
Net margin	18.63%	16.96%	9.06%	33.8%	-7.85%	12.13%	15.98%	18.56%
EPS ²	1.680	1.750	0.8200	3.460	-0.7200	1.010	1.421	1.915
Free Cash Flow ¹	1,198	1,127	1,140	380.5	423.7	319.5	330	241
FCF margin	72.2%	54.71%	54.44%	15.54%	18.98%	13.63%	13.91%	8.57%
FCF Conversion (EBITDA)	121.63%	96.35%	100.22%	27.21%	34.18%	24.76%	24.93%	15.61%
FCF Conversion (Net income)	387.57%	322.5%	601.13%	45.97%	-	112.31%	87.04%	46.17%
Dividend per Share ²	1.200	1.200	1.200	1.200	1.200	1.200	1.200	1.200
Announcement Date	2/25/20	2/22/21	2/24/22	2/23/23	2/21/24	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	640.1	695.1	556.8	555.9	641.1	621.7	471.5	513.3	626.2	754.9	495.3	499.7	600.4	-	-
EBITDA ¹	363.6	420.1	335.2	289.8	353.1	351.7	232.3	267.3	388.7	453.9	252.8	260.7	332.6	411	267
EBIT	295.5	373.7	231.6	216.5	229.6	272.5	102.6	-	-	-	-	-	-	-	-
Operating Margin	46.16%	53.77%	41.59%	38.94%	35.8%	43.84%	21.76%	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	209.4	388.1	353.6	123.5	394.9	146	58.83	61.67	-323.5	229.8	82.5	111.5	125	-	-
Net income ¹	121.3	229.1	238	81.66	278.9	69.89	2.82	36.17	-285.6	75.6	42.8	54.03	87.83	-	-
Net margin	18.94%	32.97%	42.75%	14.69%	43.5%	11.24%	0.6%	7.05%	-45.61%	10.01%	8.64%	10.81%	14.63%	-	-
EPS ²	0.4500	0.9900	1.010	0.3300	1.140	0.2700	0.0100	0.1400	-1.140	0.2900	0.1860	0.1460	0.3620	0.5450	0.1300
Dividend per Share ²	0.3000	0.3000	0.3000	0.3000	0.3000	0.3000	0.3000	0.3000	0.3000	-	0.3000	0.3000	0.3000	-	-
Announcement Date	2/24/22	5/10/22	8/11/22	11/10/22	2/23/23	5/9/23	8/10/23	11/9/23	2/21/24	5/16/24	-	-	-	-	-

¹CAD in Million²CAD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,947	7,154	6,960	5,505	7,113	8,278	10,328	14,204
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.054 x	6.114 x	6.122 x	3.937 x	5.736 x	6.415 x	7.802 x	9.198 x
Free Cash Flow ¹	1,198	1,127	1,140	380	424	319	330	241
ROE (net income / shareholders' equity)	-	26.5%	8.33%	23.2%	10.3%	5.5%	6.35%	6.3%
ROA (Net income/ Total Assets)	-	3.2%	1.56%	6.11%	3.18%	2.6%	1.7%	1.6%
Assets ¹	-	10,939	12,136	13,547	-5,511	10,940	22,307	32,625
Book Value Per Share ²	5.930	7.790	12.20	17.60	16.40	8.720	9.700	12.40
Cash Flow per Share ²	6.530	6.730	7.350	7.760	3.110	3.800	3.810	5.400
Capex ¹	766	227	470	453	441	2,184	2,975	3,675
Capex / Sales	46.18%	11%	22.44%	18.48%	19.76%	93.13%	125.36%	130.69%
Announcement Date	2/25/20	2/22/21	2/24/22	2/23/23	2/21/24	-	-	-

¹CAD in Million²CAD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Northland Power Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

24.05 CAD

Average target price

29.62 CAD

Spread / Average Target

+23.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Renewable IPPs

	1st Jan change	Capi.
NORTHLAND POWER INC.	-0.08%	4.54B
ADANI GREEN ENERGY LIMITED	+16.73%	35.39B
HUANENG LANCANG RIVER HYDROPOWER INC.	+24.10%	26.21B
EDP RENOVÁVEIS, S.A.	-22.38%	16.6B
ENGIE BRASIL ENERGIA S.A.	-4.08%	6.83B
ERG S.P.A.	-12.68%	4.06B
CLEARWAY ENERGY, INC.	-3.95%	3.16B
ENCAVIS AG	+9.36%	2.98B
RENANTIS S.P.A	-.--%	2.89B
ZHEJIANG PROVINCIAL NEW ENERGY INVESTMENT GROUP CO., LTD.	-0.74%	2.62B

Renewable IPPs