Anuncio • Dec 29
Allete, Inc. Files Form 15 ALLETE, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock, without par value under the Securities Exchange Act of 1934, as amended. Anuncio • Dec 15
ALLETE, Inc. Declares Stub Period Dividend on Common Stock On December 14, 2025, the board of directors of ALLETE, Inc. (company) declared a “stub period” dividend, subject to the consummation of the merger, in an amount equal to $0.008 per share of Company common stock (which reflects the most recent regular quarterly dividend rate of $0.73 per share, dividend by 91 days) multiplied by the number of days from and including August 16, 2025, the day after the record date for the most recent regular quarterly common stock dividend, to and including the closing date of the Company’s previously announced acquisition by Canada Pension Plan Investment Board and Global Infrastructure Partners. As previously disclosed, the board of directors of the Company fixed October 16, 2025 as the record date for the “stub period” dividend, provided holders of Company common stock hold their shares to the closing the transaction. The stub period dividend is payable to all holders of Company common stock who also receive the merger consideration. The payment date of the stub period dividend is the fifth business day after the closing of the transaction. Anuncio • Oct 28
ALLETE, Inc. to Report Q3, 2025 Results on Oct 31, 2025 ALLETE, Inc. announced that they will report Q3, 2025 results Pre-Market on Oct 31, 2025 Anuncio • Oct 04
ALLETE, Inc. Obtains Regulatory Approval from Minnesota Public Utilities Commission for Partnership with CPP Investments and Global Infrastructure Partners ALLETE, Inc. announced that the Minnesota Public Utilities Commission (MPUC) voted unanimously to approve its acquisition by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP). With all required regulatory approvals secured, the transaction is expected to close in late 2025 following issuance of the MPUC’s written order. The final agreement, supported by the Minnesota Department of Commerce, clean-energy organizations, business leaders, labor unions, and advocates for low-income residents, includes historic customer, clean-energy, workforce, and governance commitments. These include: One-year base rate freeze to support rate stability for Minnesota Power customers. $50 million in additional rate credits provided to customers. A $10 million Long-term Residential Energy Bill Mitigation Fund to support energy efficiency, conservation, and fuel-switching initiatives for customers. ROE (Return on Equity) reduction from 9.78% to 9.65% post close, immediately lowering costs for customers, and a future ROE cap of 9.78% through December 31, 2030. Up to $3.5 million in residential customer arrearage forgiveness, supporting eligible low-income customers. ALLETE, CPP Investments and GIP have agreed to enforceable service quality and system reliability performance metrics for Minnesota Power to guarantee customers continue to receive the high levels of reliability and quality they expect. Guaranteed access to capital to fund ALLETE’s five-year plan for advancing transmission and renewable energy goals. $50 million Clean Firm Technology Fund to support regional clean-energy projects and partnerships. A majority independent board of directors, with several from Minnesota and Wisconsin, ensuring regional voices have a greater influence in utility decision-making. ALLETE headquarters will remain in Duluth, Minnesota, with the current leadership team in place. Commitment to retain ALLETE’s current workforce, honor union contracts and maintain compensation levels and benefits programs. The transaction has also received approvals from ALLETE shareholders and federal and state agencies, including the Federal Energy Regulatory Commission and the Public Service Commission of Wisconsin. Upon closing of the transaction, ALLETE’s shares will no longer trade on the New York Stock Exchange. Minnesota Power and Superior Water, Light and Power will remain public utilities, fully regulated by the Minnesota Public Utilities Commission and the Public Service Commission of Wisconsin, respectively. Anuncio • Jul 25
ALLETE, Inc. Declares Quarterly Dividend, Payable on September 1, 2025 The ALLETE, Inc. board of directors has declared a quarterly dividend of 73 cents per share of common stock. On an annual basis, the dividend is equivalent to $2.92 per share, unchanged from the previous quarter. The regular quarterly dividend is payable September 1 to common stock shareholders of record at the close of business August 15, 2025. Anuncio • Jul 11
ALLETE, Inc. to Report Q2, 2025 Results on Aug 07, 2025 ALLETE, Inc. announced that they will report Q2, 2025 results Pre-Market on Aug 07, 2025 Anuncio • Apr 25
ALLETE, Inc. Declares Quarterly Dividend, Payable on June 1, 2025 The ALLETE, Inc. board of directors has declared a quarterly dividend of 73 cents per share of common stock. On an annual basis, the dividend is equivalent to $2.92 per share, unchanged from the previous quarter. The regular quarterly dividend is payable June 1, 2025 to common stock shareholders of record at the close of business May 15, 2025. Anuncio • Apr 24
ALLETE, Inc. to Report Q1, 2025 Results on May 08, 2025 ALLETE, Inc. announced that they will report Q1, 2025 results Pre-Market on May 08, 2025 Anuncio • Apr 17
ALLETE, Inc. Announces Executive Changes ALLETE, Inc. announced that on April 16, 2025 (the Effective Date), Colin B. Anderson was named ALLETE Vice President, Chief Accounting Officer, and Controller, (CAO) of the company. In this position, Mr. Anderson will serve as the Company’s principal accounting officer. Mr. Anderson, age 49, has been with the Company since October 2021 and has served as Controller and Vice President – ALLETE Tax and Rates since October 2024. He also served as Controller from October 2021 to October 2024. Prior to joining the Company, Mr. Anderson served as chief financial officer of Loll Designs, from April 2018 to October 2021. Mr. Anderson succeeds Steven W. Morris as principal accounting officer of the Company. Mr. Morris, who in January 2025 announced his retirement plans, remains a Senior Vice President of the Company. Mr. Morris plans to retire on July 18, 2025. Anuncio • Apr 10
ALLETE, Inc. Appoints Matt Hankey as Emerging Technologies Officer New Energy Equity, a subsidiary of ALLETE, Inc. announced that Co-founder and current CEO of New Energy Equity, Matt Hankey will be taking on a new role at ALLETE as Emerging Technologies Officer, focusing on broad initiatives across the ALLETE family of companies, while remaining on the New Energy Equity Board of Directors. Hankey co-founded New Energy Equity in 2013, leading the company through multiple stages of rapid growth prior to being acquired by ALLETE in April of 2022. Under Hankey's leadership the company has grown to over 125 employees and implemented over 270 solar projects across the country, totaling 600MW and more than $1.5 billion in project investment. Anuncio • Mar 11
ALLETE, Inc. Announces Promotion of Jeff Scissons to Chief Financial Officer ALLETE, Inc. announced that ALLETE Vice President and Corporate Treasurer Jeff Scissons has been promoted to chief financial officer. He succeeds Steven W. Morris, who recently announced his plan to retire in July. Scissons joined the company in 2013 and was promoted to ALLETE vice president and corporate treasurer in 2024 after serving in key strategic roles throughout his tenure. Over a dozen years at ALLETE, he led various strategic initiatives, including the acquisition of New Energy Equity and the divestiture of U.S. Water. He currently leads the transition committee for the acquisition of ALLETE by Canada Pension Plan Investments Board (CPPIB) and Global Infrastructure Fund (GIP). Scissons joined the company as a financial analyst after 12 years at Northern Asset Management in Duluth doing research and investing in electric and gas utilities. He was named manager – financial planning and analysis in 2015 and assistant treasurer in 2016. In 2022, he accepted the role of ALLETE Clean Energy’s chief financial and strategy officer and expanded his role in October 2023 to corporate development and ALLETE Clean Energy’s strategy officer before being named ALLETE vice president and corporate treasurer in 2024. Scissons graduated from the University of Minnesota Duluth in 2000 with a degree in finance. He also was a captain and academic All-American as a hockey player at UMD. Anuncio • Jan 30
ALLETE , Inc. Increases Quarterly Dividend, Payable on March 1, 2025 ALLETE, Inc. announced that its Board of Directors has increased the quarterly dividend on the company’s common stock to $0.73 per share, a 3.5% increase. The regular quarterly dividend is payable March 1 to common shareholders of record at the close of business February 14, 2025. Declared Dividend • Nov 03
Third quarter dividend of US$0.70 announced Shareholders will receive a dividend of US$0.70. Ex-date: 15th November 2024 Payment date: 1st December 2024 Dividend yield will be 4.5%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (89% earnings payout ratio) but not covered by cash flows (142% cash payout ratio). The dividend has increased by an average of 3.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share is expected to grow by 34% over the next 3 years, which should maintain adequate earnings cover for the dividend. Board Change • Nov 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 4 highly experienced directors. Independent Director Charles Matthews was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: US$0.78 (vs US$1.50 in 3Q 2023) Third quarter 2024 results: EPS: US$0.78 (down from US$1.50 in 3Q 2023). Revenue: US$407.2m (up 7.5% from 3Q 2023). Net income: US$45.0m (down 48% from 3Q 2023). Profit margin: 11% (down from 23% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 2% per year. Anuncio • Oct 26
ALLETE, Inc. Declares Quarterly Dividend on Common Stock, Payable on December 1, 2024 The board of directors of ALLETE, Inc. has declared a quarterly dividend of 70.5 cents per share of common stock. On an annual basis, the dividend is equivalent to $2.82 per share, unchanged from the previous quarter. The regular quarterly dividend is payable December 1, 2024 to common stock shareholders of record at the close of business November 15, 2024. Anuncio • Oct 04
ALLETE, Inc. to Report Q3, 2024 Results on Oct 30, 2024 ALLETE, Inc. announced that they will report Q3, 2024 results Pre-Market on Oct 30, 2024 Anuncio • Aug 07
ALLETE Applauds $700 Million Federal Grant for Montana and North Plains Connector Transmission Project ALLETE applauded the U.S. Department of Energy for its support of the Montana Department of Commerce Grid Resilience and Innovation Partnership application and for the planned approximately 415-mile high-voltage direct-current (HVDC) transmission line from central North Dakota to Colstrip, Montana, through a $700 million grant. The North Plains Connector, a joint project between ALLETE and North Plains Connector LLC, a subsidiary of Grid United LLC, will be the nation’s first HVDC transmission connection between three regional U.S. electric energy markets—the Midcontinent Independent System Operator, the Western Electricity Coordinating Council and the Southwest Power Pool. The line will create 3,000 megawatts of transfer capacity across all three energy markets to ease congestion on the transmission system and increase resiliency and reliability through instantaneous, two-way delivery of energy . The $700 million DOE grant is part of the Grid Resilience and Innovation Partnerships (GRIP) program to enhance grid flexibility and improve the resilience of the power system against growing threats of extreme weather and climate change. The program is intended to accelerate transformative projects that will help to ensure the reliability of the power sector’s infrastructure and reduce costs for utility customers. The DOE announced recipients of a second round of GRIP grants at a news conference. The Montana Department of Commerce applied for the grant on behalf of the North Plains Connector Interregional Innovation Consortium, which includes utilities ALLETE, Avista, Minnkota Power Cooperative, Montana-Dakota Utilities, NorthWestern Energy, Otter Tail Power Co., Portland General Electric and Puget Sound Energy. The consortium also includes North Dakota Transmission Authority and the Standing Rock Sioux Tribe, the latter of which is a co-applicant with the Montana Department of Commerce. The HVDC transmission project represents an approximately $3.2 billion total investment in Montana and North Dakota and is expected to create over 600 jobs during construction. Connecting the North Dakota and Montana grids will help mitigate the impact of extreme weather events and accommodate the growing demand for electricity. Once built, the transmission line will enable additional energy production in Montana and North Dakota. ALLETE expects to pursue up to 35% ownership share in the project. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: US$0.57 (vs US$0.90 in 2Q 2023) Second quarter 2024 results: EPS: US$0.57 (down from US$0.90 in 2Q 2023). Revenue: US$354.5m (down 34% from 2Q 2023). Net income: US$33.0m (down 36% from 2Q 2023). Profit margin: 9.3% (in line with 2Q 2023). Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Declared Dividend • Jul 29
First quarter dividend of US$0.70 announced Shareholders will receive a dividend of US$0.70. Ex-date: 15th August 2024 Payment date: 1st September 2024 Dividend yield will be 4.5%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (66% earnings payout ratio) and cash flows (56% cash payout ratio). The dividend has increased by an average of 4.0% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 15% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Anuncio • Jul 26
ALLETE, Inc. Declares Quarterly Dividend, Payable on September 1, 2024 The ALLETE, Inc. board of directors has declared a quarterly dividend of 70.05 cents per share of common stock. On an annual basis, the dividend is equivalent to $2.82 per share, unchanged from the previous quarter. The regular quarterly dividend is payable September 1, 2024 to common stock shareholders of record at the close of business August 15, 2024. Anuncio • Jul 16
ALLETE, Inc. to Report Q2, 2024 Results on Aug 01, 2024 ALLETE, Inc. announced that they will report Q2, 2024 results Pre-Market on Aug 01, 2024 Reported Earnings • May 09
First quarter 2024 earnings released: EPS: US$0.88 (vs US$1.02 in 1Q 2023) First quarter 2024 results: EPS: US$0.88 (down from US$1.02 in 1Q 2023). Revenue: US$403.3m (down 29% from 1Q 2023). Net income: US$50.7m (down 13% from 1Q 2023). Profit margin: 13% (up from 10% in 1Q 2023). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Anuncio • May 06
Canada Pension Plan Investment Board and Global Infrastructure Management, LLC entered into a definitive agreement to acquire ALLETE, Inc. (NYSE:ALE) for $3.9 billion. Canada Pension Plan Investment Board and Global Infrastructure Management, LLC entered into a definitive agreement to acquire ALLETE, Inc. (NYSE:ALE) for $3.9 billion on May 5, 2024. In connection with the merger, CPP Investments and GIP will acquire all of the outstanding common shares of ALLETE for $67.00 per share in cash representing an enterprise value of approximately $6.2 billion, including ALLETE’s net debt. Upon completion of the acquisition, ALLETE’s shares will no longer trade on the New York Stock Exchange, and ALLETE will become a private company. Upon termination of the Merger Agreement under certain specified circumstances, CPPIB and Global Infrastructure Management would be required to pay a termination fee of $212 million or $164 million (depending on the specific circumstances of termination) to ALLETE, and under other specified circumstances, ALLETE would be required to pay CPPIB and Global Infrastructure Management a termination fee of $116 million.
The transaction is subject to the approval of ALLETE’s shareholders, the receipt of regulatory approvals, including by the MPUC, PSCW and FERC, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary closing conditions. Dividends payable to ALLETE shareholders are expected to continue in the ordinary course until the closing, subject to approval by ALLETE’s Board of Directors. The acquisition was unanimously approved by ALLETE’s Board of Directors and board of CCPIB and Global Infrastructure Management. The merger is expected to close in mid-2025. J.P. Morgan Securities LLC is acting as lead financial advisor and provided a fairness opinion to ALLETE, and Houlihan Lokey Capital, Inc. acted as financial advisor and also provided a fairness opinion to ALLETE. Pankaj Sinha and Emily Prezioso Walsh of Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisors to ALLETE. Andrew T. Calder and Emily Lichtenheld of Kirkland & Ellis LLP and David S. Allinson and David Beller of Latham & Watkins LLP acted as legal advisors for CPPIB and Global Infrastructure Management. Morgan Stanley & Co. LLC and Moelis & Company acted as financial advisors for CPPIB and Global Infrastructure Management. Declared Dividend • Apr 28
Fourth quarter dividend of US$0.70 announced Shareholders will receive a dividend of US$0.70. Ex-date: 14th May 2024 Payment date: 1st June 2024 Dividend yield will be 4.8%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (63% earnings payout ratio) and cash flows (52% cash payout ratio). The dividend has increased by an average of 4.0% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Anuncio • Apr 26
ALLETE, Inc. Declares Quarterly Dividend on Common Stock, Payable on June 1, 2024 The board of directors of ALLETE, Inc. has declared a quarterly dividend of 70.50 cents per share of common stock. On an annual basis the dividend is equivalent to $2.82 per share, unchanged from the previous quarter. The regular quarterly dividend is payable June 1, 2024 to common stock shareholders of record at the close of business May 15, 2024. Anuncio • Apr 13
ALLETE, Inc. to Report Q1, 2024 Results on May 09, 2024 ALLETE, Inc. announced that they will report Q1, 2024 results Pre-Market on May 09, 2024 New Risk • Feb 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 40% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risk Large one-off items impacting financial results. Reported Earnings • Feb 21
Full year 2023 earnings released: EPS: US$4.31 (vs US$3.39 in FY 2022) Full year 2023 results: EPS: US$4.31 (up from US$3.39 in FY 2022). Revenue: US$1.88b (up 20% from FY 2022). Net income: US$247.1m (up 31% from FY 2022). Profit margin: 13% (up from 12% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Anuncio • Feb 08
ALLETE, Inc. to Report Fiscal Year 2023 Results on Feb 20, 2024 ALLETE, Inc. announced that they will report fiscal year 2023 results Pre-Market on Feb 20, 2024 Upcoming Dividend • Feb 07
Upcoming dividend of US$0.70 per share at 4.8% yield Eligible shareholders must have bought the stock before 14 February 2024. Payment date: 01 March 2024. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of German dividend payers (5.2%). Lower than average of industry peers (5.4%). Declared Dividend • Jan 29
Third quarter dividend of US$0.70 announced Shareholders will receive a dividend of US$0.70. Ex-date: 14th February 2024 Payment date: 1st March 2024 Dividend yield will be 4.8%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is covered by both earnings (62% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has increased by an average of 3.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 8.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Anuncio • Jan 26
Allete, Inc. Raises Quarterly Common Stock Dividend, Payable on March 1, 2024 ALLETE, Inc. announced that its Board of Directors has increased the quarterly dividend on the company’s common stock to $0.705 per share, a 4.1% increase. On an annual basis the increased dividend is equivalent to $2.82 per share. The regular quarterly dividend is payable March 1, 2024 to common shareholders of record at the close of business February 15, 2024. Buy Or Sell Opportunity • Jan 25
Now 21% undervalued Over the last 90 days, the stock has risen 5.0% to €52.50. The fair value is estimated to be €66.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 6.0%. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings are also forecast to grow by 5.7% per annum over the same time period. Buying Opportunity • Jan 19
Now 20% undervalued Over the last 90 days, the stock is up 7.7%. The fair value is estimated to be €66.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 6.0%. For the next 3 years, revenue is forecast to decline by 0.2% per annum. Earnings is forecast to grow by 5.2% per annum over the same time period. Anuncio • Dec 07
Allete Reportedly Working with Bank to Explore Possible Sale ALLETE, Inc. (NYSE:ALE) is exploring a sale of the company, people familiar with the matter said on December 5, 2023. Allete is working with JPMorgan Chase & Co. (NYSE:JPM) on a sale process that has attracted suitors that include infrastructure funds and buyout firms, the sources said, cautioning that no deal is certain and asking not to be identified because the matter is confidential. Allete and JPMorgan did not immediately respond to requests for comment. Upcoming Dividend • Nov 07
Upcoming dividend of US$0.68 per share at 4.8% yield Eligible shareholders must have bought the stock before 14 November 2023. Payment date: 01 December 2023. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (5.6%). New Risk • Nov 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 43% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risk Large one-off items impacting financial results. Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: US$1.50 (vs US$0.59 in 3Q 2022) Third quarter 2023 results: EPS: US$1.50 (up from US$0.59 in 3Q 2022). Revenue: US$378.8m (down 2.4% from 3Q 2022). Net income: US$85.9m (up 155% from 3Q 2022). Profit margin: 23% (up from 8.7% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.9% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 4% per year. Anuncio • Oct 28
ALLETE, Inc. Declares Quarterly Dividend on Common Stock, Payable on December 1, 2023 The ALLETE, Inc.'s board of directors has declared a quarterly dividend of 67.75 cents per share of common stock. On an annual basis, the dividend is equivalent to $2.71 per share, unchanged from the previous quarter. The regular quarterly dividend is payable December 1, 2023 to common stock shareholders of record at the close of business November 15, 2023. Anuncio • Oct 19
U.S. Department of Energy Awards $50 Million to Minnesota Power to Increase Reliability and Resilience of Region’s Transmission Grid in Support of A Clean-Energy Future The U.S. Department of Energy awarded a $50 million grant to Minnesota Power to modernize its high-voltage direct current (HVDC) transmission system so it is ready to expand to meet future energy needs while increasing the reliability and resilience of the regional grid. Minnesota Power, an operating division of ALLETE, was selected in a competitive process from among hundreds of applicants nationwide to receive the grant for its HVDC Terminal Expansion Capability Project from the Grid Resilience and Innovation Partnerships Program, part of the federal Bipartisan Infrastructure Law. Minnesota Power will use the funding to prepare its HVDC system for future expansion by including certain additional design features in its current plan for replacing aging infrastructure and modernizing the terminal stations of its 465-mile transmission line that runs from Center, North Dakota, to Hermantown, Minnesota. Minnesota Power’s HVDC transmission line is one of only a handful of existing long-distance HVDC lines in the country. HVDC lines transmit electricity more efficiently over long distances than alternating current (AC) lines and more strongly link together disparate parts of the electrical grid. Specialized stations, like the ones proposed for this project, convert the HVDC power to AC so it can flow on the existing electric grid. On June 1, Minnesota Power filed a Certificate of Need and Route Permit with the Minnesota Public Utilities Commission to replace converter facilities at the Arrowhead Substation in Hermantown with new buildings and electrical infrastructure near the existing terminal. Similar upgrades are planned for the converter facilities at the Square Butte East Substation in Center, North Dakota. Minnesota Power is actively seeking other federal and state funding to help keep impacts on rates as affordable as possible, both for this project and other projects that will support the clean-energy transition. In May, $15 million in state funding was secured as part of the energy and climate budget bill passed by the Minnesota Legislature. Anuncio • Oct 06
ALLETE, Inc. to Report Q3, 2023 Results on Nov 02, 2023 ALLETE, Inc. announced that they will report Q3, 2023 results Pre-Market on Nov 02, 2023 Buying Opportunity • Aug 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.9%. The fair value is estimated to be €63.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to decline by 0.2% per annum. Earnings is forecast to grow by 11% per annum over the same time period. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: US$0.90 (vs US$0.67 in 2Q 2022) Second quarter 2023 results: EPS: US$0.90 (up from US$0.67 in 2Q 2022). Revenue: US$533.4m (up 43% from 2Q 2022). Net income: US$51.5m (up 37% from 2Q 2022). Profit margin: 9.7% (in line with 2Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 3.9% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Upcoming Dividend • Aug 07
Upcoming dividend of US$0.68 per share at 4.9% yield Eligible shareholders must have bought the stock before 14 August 2023. Payment date: 01 September 2023. Payout ratio is on the higher end at 83%, and the cash payout ratio is above 100%. Trailing yield: 4.9%. Within top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.5%). Anuncio • Aug 01
ALLETE, Inc. Declares Dividend on Common Stock, Payable on September 1, 2023 The ALLETE, Inc. board of directors has declared a quarterly dividend of 67.75 cents per share of common stock. On an annual basis, the dividend is equivalent to $2.71 per share, unchanged from the previous quarter. The regular quarterly dividend is payable September 1, 2023 to common stock shareholders of record at the close of business August 15, 2023. Anuncio • Jul 08
ALLETE, Inc. to Report Q2, 2023 Results on Aug 08, 2023 ALLETE, Inc. announced that they will report Q2, 2023 results Pre-Market on Aug 08, 2023 Anuncio • May 09
ALLETE, Inc., Annual General Meeting, May 09, 2023 ALLETE, Inc., Annual General Meeting, May 09, 2023, at 10:30 Central Daylight. Upcoming Dividend • May 05
Upcoming dividend of US$0.68 per share at 4.3% yield Eligible shareholders must have bought the stock before 12 May 2023. Payment date: 01 June 2023. Payout ratio is on the higher end at 83%, and the cash payout ratio is above 100%. Trailing yield: 4.3%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (4.9%). Reported Earnings • May 03
First quarter 2023 earnings released: EPS: US$1.02 (vs US$1.24 in 1Q 2022) First quarter 2023 results: EPS: US$1.02 (down from US$1.24 in 1Q 2022). Revenue: US$564.9m (up 47% from 1Q 2022). Net income: US$58.2m (down 12% from 1Q 2022). Profit margin: 10% (down from 17% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.4% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 4% per year. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: US$3.39 (vs US$3.23 in FY 2021) Full year 2022 results: EPS: US$3.39 (up from US$3.23 in FY 2021). Revenue: US$1.57b (up 11% from FY 2021). Net income: US$189.3m (up 12% from FY 2021). Profit margin: 12% (in line with FY 2021). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Anuncio • Feb 17
ALLETE, Inc. Provides Earnings Guidance for the Year 2023 ALLETE, Inc. provided earnings guidance for the year 2023. For the year, the company Initiates 2023 Earnings Guidance Range of $3.55 to $3.85 Per Share. Upcoming Dividend • Feb 07
Upcoming dividend of US$0.68 per share at 4.2% yield Eligible shareholders must have bought the stock before 14 February 2023. Payment date: 01 March 2023. Payout ratio is a comfortable 71% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of German dividend payers (4.6%). In line with average of industry peers (4.4%). Anuncio • Feb 04
ALLETE, Inc. Raises Quarterly Common Stock Dividend, Payable on March 1, 2023 ALLETE, Inc. announced that its Board of Directors has increased the quarterly dividend on the company’s common stock to $0.6775 per share, a 4.2% increase. On an annual basis the increased dividend is equivalent to $2.71 per share. The regular quarterly dividend is payable March 1 to common shareholders of record at the close of business February 15, 2023. Anuncio • Jan 20
ALLETE, Inc. to Report Fiscal Year 2022 Results on Feb 16, 2023 ALLETE, Inc. announced that they will report fiscal year 2022 results at 9:30 AM, US Eastern Standard Time on Feb 16, 2023 Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: US$0.59 (vs US$0.53 in 3Q 2021) Third quarter 2022 results: EPS: US$0.59 (up from US$0.53 in 3Q 2021). Revenue: US$388.3m (up 12% from 3Q 2021). Net income: US$33.7m (up 22% from 3Q 2021). Profit margin: 8.7% (up from 8.0% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 8% per year, which means it is performing significantly worse than earnings. Anuncio • Nov 10
ALLETE, Inc. Provides Earnings Guidance for the Year of 2022 ALLETE, Inc. provided earnings guidance for the year of 2022. For the year, the company expected earnings to be near the mid-point of guidance range of $3.60 - $3.90 per share. Anuncio • Nov 08
ALLETE, Inc. Promotes Josh Kunkel to the Position of President ALLETE, Inc. has promoted Josh Kunkel to the position of president. Kunkel has served as vice president of Business Development. The company says that he has played an important role in the acquisition of New Energy by ALLETE, along with the merger and integration of Impact Power Solutions and Energy Support Services by New Energy this year. In the new role, Kunkel will head all commercial and project acquisition activities, while collaboratively operating daily management of New Energy with company co-founder and CEO Matt Hankey. Upcoming Dividend • Nov 07
Upcoming dividend of US$0.65 per share Eligible shareholders must have bought the stock before 14 November 2022. Payment date: 01 December 2022. Payout ratio is a comfortable 71% but the company is not cash flow positive. Trailing yield: 4.7%. Lower than top quartile of German dividend payers (5.0%). In line with average of industry peers (4.7%). Anuncio • Oct 29
ALLETE, Inc. Declares Quarterly Dividend on Common Stock, Payable on December 1, 2022 The board of directors of The ALLETE, Inc. declared a quarterly dividend of 65 cents per share of common stock. On an annual basis, the dividend is equivalent to $2.60 per share, unchanged from the previous quarter. The regular quarterly dividend is payable December 1, 2022 to common stock shareholders of record at the close of business November 15, 2022. Anuncio • Oct 08
ALLETE, Inc. to Report Q3, 2022 Results on Nov 09, 2022 ALLETE, Inc. announced that they will report Q3, 2022 results Pre-Market on Nov 09, 2022 Anuncio • Aug 23
ALLETE, Inc. Announces Management Changes ALLETE, Inc. announced several key leadership changes as the company continues to advance its sustainability in action strategy. Nicole Johnson has been named president of ALLETE Clean Energy. Johnson previously served as ALLETE’s chief administrative officer and continues to serve as an ALLETE vice president. ALLETE also announced that Al Rudeck, currently president of ALLETE Clean Energy, will take on the newly created role of ALLETE safety and external affairs officer. Josh Skelton, Minnesota Power chief operating officer, will assume an expanded leadership role as an ALLETE vice president. Johnson, who was part of the formation of ALLETE Clean Energy more than 10 years ago, has served as ALLETE chief administrative officer since 2019. She will retain her current role as vice president-ALLETE along with serving as president of ALLETE Clean Energy. Johnson joined ALLETE as an intern in 1996 and was promoted to vice president of Human Resources in 2016. As chief administrative officer she’s had oversight of Human Resources, Cyber Technology Services, Environmental and Land Management. During her more than 25 years with the company she has developed strong human resources, merger and acquisition experience. Johnson serves on the ALLETE boards of New Energy Equity and Superior Water, Light and Power, and will begin serving on the ALLETE Clean Energy board effective immediately. Johnson has served on the Duluth Area Chamber of Commerce Board of Directors, University of Minnesota – Duluth (UMD) Chancellor’s Advisory Council and the Duluth Workforce Council. She currently serves on UMD’s Labovitz School of Business and Economics Dean’s Business Advisory Council and the Minnesota Chamber of Commerce Diversity, and Equity and Inclusion Steering Committee. Al Rudeck to take on newly created ALLETE role: Under Rudeck’s leadership, ALLETE Clean Energy has grown to be ALLETE’s second-largest company with a strong reputation as a respected wind developer and operator focused on customers and partnerships across eight states. As ALLETE’s new safety and external affairs officer, Rudeck will have responsibility and broad oversight for the company’s safety and government affairs areas. Josh Skelton elected VP-ALLETE: Skelton, who currently serves as Minnesota Power chief operating officer, will expand his role to include vice president of ALLETE. He oversees Minnesota Power’s strategy and planning, transmission and distribution operations, and generation operations and will have expanded responsibilities with the addition of regulatory affairs. Skelton started with the company in 1999 as an intern and has worked as facility engineer, technical superintendent and business unit manager at Minnesota Power generating facilities. He also served as the general manager and vice president of Generation Operations and was named Minnesota Power chief operating officer in 2020. Skelton has served on the board of directors for the Range Engineering Council and the Minnesota Power Foundation, the Grand Rapids Chamber of Commerce, the Grand Itasca Clinic and Hospital Board, and is currently serving on the Grand Rapids Community Foundation and Minnesota Safety Council. Upcoming Dividend • Aug 05
Upcoming dividend of US$0.65 per share Eligible shareholders must have bought the stock before 12 August 2022. Payment date: 01 September 2022. Payout ratio is a comfortable 71% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of German dividend payers (4.5%). In line with average of industry peers (3.9%). Reported Earnings • Aug 04
Second quarter 2022 earnings released: EPS: US$0.67 (vs US$0.53 in 2Q 2021) Second quarter 2022 results: EPS: US$0.67 (up from US$0.53 in 2Q 2021). Revenue: US$373.1m (up 11% from 2Q 2021). Net income: US$37.6m (up 35% from 2Q 2021). Profit margin: 10% (up from 8.3% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 1.4% compared to a 4.6% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 7% per year. Anuncio • Aug 04
ALLETE, Inc. Reaffirms Earnings Guidance for the Year of 2022 ALLETE, Inc. re-affirmed earnings guidance for the year of 2022. FOr the year, the company re-affirmed earnings of $3.60 - $3.90 per share. Anuncio • Jul 29
ALLETE, Inc. Declares Dividend on Common Stock, Payable on September 1, 2022 The ALLETE, Inc. board of directors has declared a quarterly dividend of 65 cents per share of common stock. On an annual basis, the dividend is equivalent to $2.60 per share, unchanged from the previous quarter. The regular quarterly dividend is payable September 1, 2022 to common stock shareholders of record at the close of business August 15, 2022. Anuncio • Jul 12
ALLETE, Inc. to Report Q2, 2022 Results on Aug 03, 2022 ALLETE, Inc. announced that they will report Q2, 2022 results at 9:30 AM, US Eastern Standard Time on Aug 03, 2022 Anuncio • Jul 07
ALLETE Inc. Appoints Charles Matthews to its Board of Directors ALLETE Inc. announced that its board of directors has elected Charles Matthews, retired president and chief executive officer of People’s Gas and North Shore Gas, to serve on the board effective July 6, 2022. During his 15-year career with WEC Energy Group Inc., Matthews has held multiple leadership roles responsible for strategic planning, operations, finances, mergers and acquisitions, risk management, and general management. From 2015 until his retirement on July 1, 2022, Matthews led WEC Energy Group’s Illinois operations as president and CEO of Peoples Gas and North Shore Gas. Under his leadership, the companies improved their financial performance and achieved high scores from residential and business customers for trustworthiness, reliability and communications. Prior to 2015, Matthews served as senior vice president of WE Energies, two Wisconsin utility subsidiaries of WEC Energy Group. During his more than 40 years in the energy industry, Matthews also held leadership and other positions with Mirant Corp., Southern Company and Exxon. In addition, he has served on the board of directors for BMO Financial Corp. and BMO Harris Bank, N.A. since 2019. Matthews holds a bachelor of arts degree in economics from Talladega College and a master’s in business administration in finance from Clark Atlanta University. He has served on the board of directors for the American Gas Association and various nonprofits, including World Business Chicago, the Chicago Urban League, the Illinois Utility Business Diversity Council and the United Way of Metro Chicago. Upcoming Dividend • May 06
Upcoming dividend of US$0.65 per share Eligible shareholders must have bought the stock before 13 May 2022. Payment date: 01 June 2022. Payout ratio is a comfortable 72% but the company is not cash flow positive. Trailing yield: 4.3%. Within top quartile of German dividend payers (4.1%). In line with average of industry peers (4.2%). Anuncio • May 06
ALLETE, Inc. Reaffirms Guidance for the Year 2022 ALLETE, Inc. reaffirmed guidance for the year 2022. For the year, the company reaffirmed earnings guidance range of $3.60- $3.90 per share. Anuncio • Apr 16
ALLETE, Inc. (NYSE : ALE) completed the acquisition of New Energy Equity, LLC from SmartPitch Ventures, LLC and others. ALLETE, Inc. (NYSE : ALE) entered into a definitive agreement to acquire New Energy Equity, LLC from SmartPitch Ventures, LLC and others for approximately $170 million on February 28, 2022. The consideration is subject to a working capital adjustment. ALLETE entered into an unsecured term loan agreement to borrow up to $175 million. Proceeds from the term loan will be used for general corporate purposes, which may include funding of the planned acquisition of New Energy Equity LLC. New Energy Equity’s entire team, including management, will remain in place, as will its Maryland headquarters. The deal is subject to satisfaction of customary closing conditions, including compliance with Hart-Scott-Rodino antitrust clearing requirements. ALLETE expects the purchase to close in Mid April 2022. ALLETE anticipates the acquisition to be accretive in 2023 for the first full year of ownership. J.P. Morgan acted as exclusive financial advisor to ALLETE on this transaction. As of April 1, 2022, ALLETE will use the net proceeds from the common stock offering, after deducting underwriting discounts and commissions but before estimated offering expenses payable by ALLETEfor this offering, will be approximately $194.5 million (or approximately $223.7 million if the underwriters exercise their option in full) for corporate purposes, including, without limitation, the payment of the purchase price for the New Energy Acquisition as well as capital investments.
ALLETE, Inc. (NYSE : ALE) entered into a definitive agreement to acquire New Energy Equity, LLC from SmartPitch Ventures, LLC and others on April 15, 2022. Anuncio • Apr 08
ALLETE, Inc. to Report Q1, 2022 Results on May 05, 2022 ALLETE, Inc. announced that they will report Q1, 2022 results Pre-Market on May 05, 2022 Anuncio • Apr 03
ALLETE, Inc. has completed a Follow-on Equity Offering in the amount of $201.6 million. ALLETE, Inc. has completed a Follow-on Equity Offering in the amount of $201.6 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 3,200,000
Price\Range: $63 Buying Opportunity • Apr 02
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €73.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.4% over the last 3 years. Earnings per share has declined by 6.6%. For the next 3 years, revenue is forecast to decline by 0.4% per annum. Earnings is forecast to grow by 8.5% per annum over the same time period.