INNERGEX RENEWABLE ENERGY INC. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 9.76 CAD | +2.41% |
|
+9.42% | +6.20% |
| 05-30 | National Bank On Renewable Power Infrastructure; Hydro-Quebec, Boralex and Innergex | MT |
| 05-28 | National Bank Raises Price Targets on Six Companies Amid Increased Interest in Renewables | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 2,350 | 4,778 | 3,586 | 3,307 | 1,878 | 1,986 | - | - |
| Enterprise Value (EV) 1 | 6,890 | 9,437 | 8,349 | 8,909 | 7,751 | 8,313 | 7,869 | 7,462 |
| P/E ratio | -67.4 x | -119 x | -17.1 x | -37.7 x | -18 x | -42.1 x | 93 x | -27.1 x |
| Yield | 4.15% | 2.63% | 3.87% | 4.44% | 7.83% | 3.69% | 3.69% | 3.69% |
| Capitalization / Revenue | 4.22 x | 7.79 x | 4.8 x | 3.8 x | 1.94 x | 1.93 x | 1.76 x | 1.77 x |
| EV / Revenue | 12.4 x | 15.4 x | 11.2 x | 10.2 x | 7.99 x | 8.08 x | 6.97 x | 6.66 x |
| EV / EBITDA | 16.8 x | 22.4 x | 15.9 x | 15.2 x | 11.3 x | 11.5 x | 9.51 x | 9.4 x |
| EV / FCF | 73.8 x | 101 x | 77.2 x | 27.4 x | -21.4 x | 55.4 x | 12.4 x | 11.6 x |
| FCF Yield | 1.35% | 0.99% | 1.29% | 3.65% | -4.67% | 1.81% | 8.09% | 8.6% |
| Price to Book | 3.89 x | 4.74 x | 3.28 x | 2.51 x | 1.72 x | 2.14 x | 2.28 x | 2.41 x |
| Nbr of stocks (in thousands) | 139,406 | 174,581 | 192,805 | 204,133 | 204,321 | 203,457 | - | - |
| Reference price 2 | 16.86 | 27.37 | 18.60 | 16.20 | 9.190 | 9.760 | 9.760 | 9.760 |
| Announcement Date | 27/02/20 | 25/02/21 | 24/02/22 | 22/02/23 | 21/02/24 | - | - | - |
1CAD in Million2CAD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 557 | 613.2 | 747.2 | 870.5 | 969.9 | 1,029 | 1,129 | 1,120 |
| EBITDA 1 | 409.2 | 422.1 | 525.6 | 584.9 | 687.7 | 725.3 | 827.6 | 793.5 |
| EBIT 1 | 214.6 | 193.6 | 270 | 248.9 | 326.5 | 321.7 | 378.9 | - |
| Operating Margin | 38.52% | 31.57% | 36.13% | 28.59% | 33.66% | 31.27% | 33.56% | - |
| Earnings before Tax (EBT) 1 | 65.82 | -10.21 | -211.6 | -64.88 | -152.7 | -66.5 | 3.5 | -40 |
| Net income 1 | -33.98 | -32.63 | -191.8 | -81.62 | -98.45 | -43.32 | 19.38 | -40 |
| Net margin | -6.1% | -5.32% | -25.67% | -9.38% | -10.15% | -4.21% | 1.72% | -3.57% |
| EPS 2 | -0.2500 | -0.2300 | -1.090 | -0.4300 | -0.5100 | -0.2320 | 0.1050 | -0.3600 |
| Free Cash Flow 1 | 93.31 | 93.26 | 108.1 | 325.6 | -362.3 | 150.1 | 637 | 642 |
| FCF margin | 16.75% | 15.21% | 14.47% | 37.4% | -37.36% | 14.59% | 56.41% | 57.32% |
| FCF Conversion (EBITDA) | 22.8% | 22.09% | 20.57% | 55.66% | - | 20.7% | 76.97% | 80.91% |
| FCF Conversion (Net income) | - | - | - | - | - | - | 3,286.33% | - |
| Dividend per Share 2 | 0.7000 | 0.7200 | 0.7200 | 0.7200 | 0.7200 | 0.3600 | 0.3600 | 0.3600 |
| Announcement Date | 27/02/20 | 25/02/21 | 24/02/22 | 22/02/23 | 21/02/24 | - | - | - |
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 | 202.4 | 188.7 | 219.7 | 258.4 | 203.6 | 218.3 | 269.5 | 277.1 | 243.5 | 242.5 | 268.2 | 258.7 | 260.4 | - | - |
| EBITDA 1 | 137.3 | 130.5 | 152.9 | 181.2 | 120.4 | 145.1 | 187 | 180.2 | 175.4 | 164.7 | 197.5 | 195.6 | 178.2 | - | - |
| EBIT 1 | 59.56 | 50.3 | 73.76 | 98.2 | 26.6 | 65.54 | 93.32 | 99.78 | 87.49 | 69.58 | 102.3 | 91.4 | 82.7 | - | - |
| Operating Margin | 29.43% | 26.65% | 33.57% | 38.01% | 13.06% | 30.02% | 34.62% | 36.01% | 35.93% | 28.69% | 38.15% | 35.34% | 31.76% | - | - |
| Earnings before Tax (EBT) 1 | 42.9 | -38.7 | -23.24 | 29.8 | -39.59 | -24.18 | 27.52 | -2.005 | -154.1 | -40.01 | -2 | -12.5 | -11.5 | - | - |
| Net income 1 | -2.348 | -34.4 | -25.18 | 20.98 | -45.3 | -13.04 | 20.74 | 9.085 | -113.9 | -37.66 | -8.633 | -8.467 | -7.733 | - | - |
| Net margin | -1.16% | -18.23% | -11.46% | 8.12% | -22.25% | -5.97% | 7.69% | 3.28% | -46.79% | -15.53% | -3.22% | -3.27% | -2.97% | - | - |
| EPS 2 | - | -0.1800 | -0.1300 | 0.1100 | -0.2300 | -0.0800 | 0.0900 | 0.0400 | - | -0.2100 | -0.0100 | 0.0250 | 0.0350 | -0.0600 | 0.0500 |
| Dividend per Share 2 | 0.1800 | 0.1800 | 0.1800 | 0.1800 | 0.1800 | 0.1800 | 0.1800 | 0.1800 | 0.1800 | - | 0.0900 | 0.0900 | 0.0900 | - | - |
| Announcement Date | 24/02/22 | 10/05/22 | 03/08/22 | 07/11/22 | 22/02/23 | 09/05/23 | 08/08/23 | 08/11/23 | 21/02/24 | 08/05/24 | - | - | - | - | - |
1CAD in Million2CAD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 4,539 | 4,659 | 4,763 | 5,602 | 5,873 | 6,328 | 5,883 | 5,476 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 11.09 x | 11.04 x | 9.061 x | 9.577 x | 8.54 x | 8.724 x | 7.109 x | 6.901 x |
| Free Cash Flow 1 | 93.3 | 93.3 | 108 | 326 | -362 | 150 | 637 | 642 |
| ROE (net income / shareholders' equity) | -4.29% | -4.05% | - | -2.89% | - | -4.8% | 1% | - |
| ROA (Net income/ Total Assets) | -0.41% | - | - | -0.44% | - | -0.6% | - | - |
| Assets 1 | 8,289 | - | - | 18,729 | - | 7,219 | - | - |
| Book Value Per Share 2 | 4.340 | 5.780 | 5.680 | 6.470 | 5.340 | 4.560 | 4.280 | 4.050 |
| Cash Flow per Share 2 | 1.520 | 1.430 | 1.590 | 2.200 | 1.630 | 1.580 | 1.710 | 1.970 |
| Capex 1 | 856 | 551 | 289 | 119 | 694 | 611 | 232 | 138 |
| Capex / Sales | 153.75% | 89.81% | 38.7% | 13.69% | 71.51% | 59.4% | 20.58% | 12.32% |
| Announcement Date | 27/02/20 | 25/02/21 | 24/02/22 | 22/02/23 | 21/02/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
9.76
CAD
Average target price
11.08
CAD
Spread / Average Target
+13.47%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +6.20% | 1.46B | |
| +6.86% | 18.46B | |
| +20.44% | 15.88B | |
| +11.01% | 3.05B | |
| +2.70% | 2.61B | |
| +13.65% | 1.57B | |
| +15.56% | 1.33B | |
| -12.30% | 1.1B | |
| -14.89% | 1.03B | |
| -.--% | 1.01B |
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- Financials Innergex Renewable Energy Inc.
