Declared Dividend • Aug 04
Second quarter dividend of CA$0.70 announced Shareholders will receive a dividend of CA$0.70. Ex-date: 29th September 2026 Payment date: 30th October 2026 Dividend yield will be 4.9%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (392% earnings payout ratio) nor is it covered by cash flows (193% cash payout ratio). The dividend has increased by an average of 6.6% 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. The company's earnings per share (EPS) would need to grow by 336% to bring the payout ratio under control. EPS is expected to grow by 139% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Jul 31
Second quarter 2026 earnings released: CA$0.33 loss per share (vs CA$0.92 loss in 2Q 2025) Second quarter 2026 results: CA$0.33 loss per share (improved from CA$0.92 loss in 2Q 2025). Revenue: CA$714.0m (up 75% from 2Q 2025). Net loss: CA$52.0m (loss narrowed 63% from 2Q 2025). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Aankondiging • Jul 29
Capital Power Corporation Declares Dividend on Common Shares for the Quarter Ending September 30, 2026, Payable on October 30, 2026 Capital Power Corporation declared a dividend of $0.7048 per share on the outstanding common shares for the quarter ending September 30, 2026. The dividend is payable on October 30, 2026 to shareholders of record at the close of business on September 29, 2026. The quarterly dividend of $0.7048 per common share represents a 2% increase from the previous dividend of $0.6910 per common share, consistent with our 2026 dividend growth guidance. Aankondiging • Jul 04
Capital Power Corporation to Report Q2, 2026 Results on Jul 29, 2026 Capital Power Corporation announced that they will report Q2, 2026 results Pre-Market on Jul 29, 2026 Upcoming Dividend • Jun 25
Upcoming dividend of CA$0.69 per share Eligible shareholders must have bought the stock before 30 June 2026. Payment date: 31 July 2026. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.7%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.4%). Declared Dividend • May 20
First quarter dividend of CA$0.69 announced Shareholders will receive a dividend of CA$0.69. Ex-date: 30th June 2026 Payment date: 31st July 2026 Dividend yield will be 5.0%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 18x earnings) nor is it covered by cash flows (193% cash payout ratio). The dividend has increased by an average of 6.6% 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. The company's earnings per share (EPS) would need to grow by 1,937% to bring the payout ratio under control. EPS is expected to grow by 126% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Aankondiging • Apr 29
Capital Power Declares Dividend on its Common Shares for the Quarter Ending June 30, 2026, Payable on July 31, 2026 The Board of Directors for Capital Power Corporation declared a dividend of $0.6910 per share on the outstanding common shares for the quarter ending June 30, 2026. The dividend is payable on July 31, 2026 to shareholders of record at the close of business on June 30, 2026. Aankondiging • Apr 02
Capital Power Corporation to Report Q1, 2026 Results on Apr 29, 2026 Capital Power Corporation announced that they will report Q1, 2026 results Pre-Market on Apr 29, 2026 Aankondiging • Mar 04
Capital Power Corporation Declares Dividend on Common Shares for the Quarter Ending March 31, 2026, Payable on April 30, 2026 The Board of Directors for Capital Power Corporation declared a dividend of $0.6910 per share on the outstanding common shares for the quarter ending March 31, 2026. The dividend is payable on April 30, 2026 to shareholders of record at the close of business on March 31, 2026. Aankondiging • Feb 20
Capital Power Corporation Announces CFO Changes Capital Power Corporation has announced the appointment of Kevin MacIntosh as Chief Financial Officer, effective March 16, 2026. Mr. MacIntosh has over 30 years of experience as a finance leader working in large, complex organizations within the global energy industry and brings expertise across multi-jurisdictional operations, cross-border transactions, energy trading and diverse regulatory landscapes. He has a proven track record in strategic leadership and business optimization, leading high-performance teams across financial planning and analysis, external reporting, internal controls, and finance reporting system transformation. Most recently, Mr. MacIntosh served as Vice President and Controller for Suncor Energy. In this role, he led the implementation of a next-generation intelligent ERP system and the company’s geographic consolidation efforts, as well as served as the finance integration lead as Suncor Energy assumed operatorship of Syncrude Company Limited. Prior to this role, Mr. MacIntosh worked across finance functions in Suncor’s downstream and upstream operations. He also held several leadership roles for Irving Oil that included leadership of the firm’s supply and trading operations. He holds a Bachelor of Commerce from Dalhousie University and holds a CPA-CGA designation. Scott Manson, who has served as Interim CFO, will continue to support the onboarding process and assist Mr. MacIntosh until the end of April 2026. Aankondiging • Feb 17
Capital Power Corporation, Annual General Meeting, Apr 28, 2026 Capital Power Corporation, Annual General Meeting, Apr 28, 2026. Aankondiging • Feb 10
Capital Power Corporation to Report Q4, 2025 Results on Mar 04, 2026 Capital Power Corporation announced that they will report Q4, 2025 results Pre-Market on Mar 04, 2026 Aankondiging • Oct 29
Capital Power Declares Dividends for the Quarter Ending December 31, 2025, Payable on January 30, 2026 The Board of Directors for Capital Power Corporation declared a dividend of $0.6910 per share on the outstanding common shares for the quarter ending December 31, 2025. The dividend is payable on January 30, 2026 to shareholders of record at the close of business on December 31, 2025. Aankondiging • Jul 30
Capital Power Corporation Declares Dividend for the Quarter Ending September 30, 2025, Payable on October 31, 2025 The Board of Directors for Capital Power Corporation declared a dividend of $0.6910 per share on the outstanding common shares for the quarter ending September 30, 2025. The dividend is payable on October 31, 2025 to shareholders of record at the close of business on September 29, 2025. The quarterly dividend of $0.6910 per common share compared to the previous $0.6519 dividend represents a 6% increase, and an annualized dividend of $2.764 per common share. Aankondiging • Jul 14
Capital Power Corporation Announces Management Changes Capital Power Corporation announced Ferio Pugliese has joined the company as Senior Vice President, Chief Corporate Officer, effective today. Mr. Pugliese succeeds Jacquie Pylypiuk. In his new role, Mr. Pugliese will oversee People & Culture, Information Services, Data Science & Insights, Energy Markets & Low Carbon Solutions, and Communications & Community Engagement. A seasoned executive with leadership experience across multiple sectors, including energy and aerospace, Mr. Pugliese is known for driving transformation through a people-first approach and a proven ability to scale complex organizations. Further strengthening its executive capabilities, Capital Power recently welcomed Roger Huang as Vice President, Corporate Development and U.S. Renewables, effective June 5, 2025. In this newly created role, Mr. Huang reports directly to the CEO and is responsible for advancing Capital Power’s growth ambitions, corporate partnerships, and U.S. renewables platform. Mr. Huang brings significant investment and energy sector expertise, with a background spanning senior executive roles in private equity and in industry. Aankondiging • Jun 10
Capital Power Corporation (TSX:CPX) completed the acquisition of Two Flexible Generation Assets in PJM from LS Power Equity Advisors. Capital Power Corporation (TSX:CPX) entered into a definitive agreement to acquire Two Flexible Generation Assets in PJM from LS Power Equity Advisors, LLC for $2.2 billion on April 14, 2025. The Acquisition is expected to be $2.2 billion (CAD 3 billion), subject to customary post-closing adjustments, including working capital and estimated transaction expenses. Net proceeds from Capital Power’s concurrent $500 million common share offering will fully address the equity funding requirement for the Acquisition. The Company has entered into a commitment letter dated April 14, 2025 (the “Commitment Letter”) with a Canadian chartered bank affiliate of TD Securities Inc. for fully underwritten $2 billion senior unsecured term loans. In addition, the Company has access to $1 billion under its existing revolving credit facilities, which are currently undrawn. If drawn, repayment or refinancing of the facilities is expected through the issuance of senior notes and/or hybrid notes or other sources, subject to market conditions and other factors.
The Acquisition is expected to close in the third quarter of 2025, subject to receipt of regulatory approvals and the satisfaction of other customary closing conditions. As per the filing announced on June 9,2025, the Federal Energy Regulatory Commission approved the Acquisition on June 2, 2025, and the applicable waiting period under the Hart-Scott-Rodino Act, expired on June 4, 2025.
Evercore Inc. acted as financial advisor for Capital Power Corporation. TD Securities, Inc. acted as financial advisor for Capital Power Corporation. Eli G. Hunt, Javad Asghari, Matthew P. Einbinder, Brian E. Rosenzweig, Jason A. Hwang, Jonathan Goldstein, Daniel J. Venditti, Tristan Brown, Krista B. McManus and Dennis J. Loiacono of Simpson Thacher & Bartlett LLP acted as legal advisors for Capital Power Corporation.
Capital Power Corporation (TSX:CPX) completed the acquisition of Two Flexible Generation Assets in PJM from LS Power Equity Advisors on June 9, 2025. Aankondiging • Apr 30
Capital Power Corporation Declares Dividend for its Common Shares for the Quarter Ending June 30, 2025, Payable on July 31, 2025 The Board of Directors for Capital Power Corporation declared a dividend of $0.6519 per share on the outstanding common shares for the quarter ending June 30, 2025. The dividend is payable on July 31, 2025 to shareholders of record at the close of business on June 30, 2025. Aankondiging • Apr 23
Capital Power Corporation announced that it has received CAD 150 million in funding from Alberta Investment Management Corporation On April 22, 2025, Capital Power Corporation, closed the transaction. The company issued 3,455,000 common shares at a price of CAD 43.41534 for the gross proceeds of CAD 149,999,999.7. Aankondiging • Apr 22
Capital Power Corporation has completed a Follow-on Equity Offering in the amount of CAD 449.7075 million. Capital Power Corporation has completed a Follow-on Equity Offering in the amount of CAD 449.7075 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 10,350,000
Price\Range: CAD 43.45
Discount Per Security: CAD 1.738 Aankondiging • Feb 26
Capital Power Corporation Declares Dividend for the Quarter Ending March 31, 2025, Payable on April 30, 2025 The Board of Directors for Capital Power Corporation declared a dividend of $0.6519 per share on the outstanding common shares for the quarter ending March 31, 2025. The dividend is payable on April 30, 2025 to shareholders of record at the close of business on March 31, 2025. Aankondiging • Feb 17
Capital Power Corporation, Annual General Meeting, Apr 29, 2025 Capital Power Corporation, Annual General Meeting, Apr 29, 2025. Aankondiging • Jan 30
Capital Power Corporation to Report Q4, 2024 Results on Feb 26, 2025 Capital Power Corporation announced that they will report Q4, 2024 results Pre-Market on Feb 26, 2025 Aankondiging • Dec 18
Capital Power Corporation has completed a Follow-on Equity Offering in the amount of CAD 399.84 million. Capital Power Corporation has completed a Follow-on Equity Offering in the amount of CAD 399.84 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 6,800,000
Price\Range: CAD 58.8
Discount Per Security: CAD 2.352 Aankondiging • Dec 11
Capital Power Corporation has filed a Follow-on Equity Offering in the amount of CAD 350.448 million. Capital Power Corporation has filed a Follow-on Equity Offering in the amount of CAD 350.448 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 5,960,000
Price\Range: CAD 58.8 Aankondiging • Nov 27
Axium Infrastructure Inc. agreed to acquire 49% stake Quality Wind facility in British Columbia and the Port Dover and Nanticoke Wind facility in Ontario from Capital Power Corporation (TSX:CPX) for approximately $340 million. Axium Infrastructure Inc. agreed to acquire 49% stake in Quality Wind facility in British Columbia and the Port Dover and Nanticoke Wind facility in Ontario from Capital Power Corporation (TSX:CPX) for approximately $340 million on November 26, 2024. A cash consideration of $340 million will be paid by Axium to Capital Power. The transaction is expected to close by year-end 2024, subject to customary closing conditions. CIBC Capital Markets acted as financial advisor to Capital Power and Dentons Canada LLP acted as legal advisor to Capital Power. Declared Dividend • Nov 04
Third quarter dividend of CA$0.65 announced Shareholders will receive a dividend of CA$0.65. Ex-date: 31st December 2024 Payment date: 31st January 2025 Dividend yield will be 5.2%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (60% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.5% 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 decline by 9.5% over the next 2 years. However, it would need to fall by 33% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: CA$1.32 (vs CA$2.27 in 3Q 2023) Third quarter 2024 results: EPS: CA$1.32 (down from CA$2.27 in 3Q 2023). Revenue: CA$1.01b (down 8.0% from 3Q 2023). Net income: CA$172.0m (down 35% from 3Q 2023). Profit margin: 17% (down from 24% in 3Q 2023). Revenue is expected to decline by 18% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Germany are expected to grow by 4.4%. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Aankondiging • Oct 30
Capital Power Corporation Declares Dividends for Its Common Shares, Payable on January 31, 2025 The Board of Directors for Capital Power Corporation declared a dividend of $0.6519 per share on the outstanding common shares for the quarter ending December 31, 2024. The dividend is payable on January 31, 2025 to shareholders of record at the close of business on December 31, 2024. Aankondiging • Sep 27
Capital Power Corporation to Report Q3, 2024 Results on Oct 30, 2024 Capital Power Corporation announced that they will report Q3, 2024 results Pre-Market on Oct 30, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of CA$0.65 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 31 October 2024. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 5.5%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (3.7%). New Risk • Aug 11
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €768k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (11% increase in shares outstanding). Significant insider selling over the past 3 months (€768k sold). Declared Dividend • Aug 09
Second quarter dividend of CA$0.65 announced Shareholders will receive a dividend of CA$0.65. Ex-date: 27th September 2024 Payment date: 31st October 2024 Dividend yield will be 6.7%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.5% 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 decline by 28% over the next 3 years. However, it would need to fall by 46% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: CA$0.51 (vs CA$0.68 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.51 (down from CA$0.68 in 2Q 2023). Revenue: CA$774.0m (down 6.0% from 2Q 2023). Net income: CA$66.0m (down 17% from 2Q 2023). Profit margin: 8.5% (down from 9.6% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 14% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Germany are expected to grow by 2.1%. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Aankondiging • Jul 31
Capital Power Corporation Declares Dividend for the Quarter Ending September 30, 2024, Payable on October 31, 2024 The Board of Directors for Capital Power Corporation declared a dividend of $0.6519 per share on the outstanding common shares for the quarter ending September 30, 2024. The dividend is payable on October 31, 2024 to shareholders of record at the close of business on September 30, 2024. The quarterly dividend of $0.6519 per common share compared to the previous $0.615 dividend represents a 6% increase, and an annualized dividend of $2.6076 per common share. Aankondiging • Jun 29
Capital Power Corporation to Report Q2, 2024 Results on Jul 31, 2024 Capital Power Corporation announced that they will report Q2, 2024 results Pre-Market on Jul 31, 2024 Aankondiging • Jun 20
Capital Power Corporation Announces Genesee Generating Station Is Off Coal - All Units 100% Natural Gas-Fueled Capital Power Corporation announced that the Genesee Generating Station is now 100% natural gas-fueled, resulting in the facility being off coal over 5 years ahead of the Alberta government mandate. As part of the Genesee Repowering project, the facility completed simple cycle commissioning for Unit 1 on May 3, simple cycle testing is underway on Unit 2, and Unit 3 has transitioned to natural gas. The project continues to progress with combined cycle completion expected in Fourth Quarter 2024, which will result in 512 MW of additional net high efficiency, low heat rate capacity from the site. Board Change • Jun 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Neil Smith was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Aankondiging • May 16
Capital Power Corporation Announces Board Changes Capital Power Corporation announced the appointment of Neil H. Smith and George Williams to the company’s board of directors (the board) effective May 15, 2024. The appointments follow the departure of Doyle Beneby, who after 12 successful years as a member of the Board, and having reached his term limit, did not stand for reelection at the company’s recent AGM. Neil H. Smith is currently Chief Executive Officer at Vanguard Renewables. He has over 30 years of leadership expertise in the energy sector and deep experience in developing, building, and operating independent power generation infrastructure. Prior to joining Vanguard Renewables, Neil was a founding member and Chief Executive Officer of InterGen Inc. where he played an integral role in the financing, construction, and operation of over $15 billion of development projects across the globe including more than 25 power plants and related infrastructure. Neil previously served on the board of PJM Interconnect and as a director for The Wood Group. George Williams is the former chair and Chief Executive Officer of PMI Energy Solutions. He has 40+ years in the utility industry and hands-on operations experience from executive and senior leadership roles at El Paso Electric Company, Exelon Corporation, Entergy Corporation, and Progress Energy. George brings nuclear energy experience from prior positions at PPL Corporation, Entergy, and PECO Energy Company. George is currently chair of the Board of Trustees of Underwriters Laboratories (UL) Research Institutes, and former chair of its Governance and Compensation Committee. He also serves on the board of directors of UL Solutions Inc. Recent Insider Transactions • May 12
Senior VP & Chief Commercial Officer recently bought €506k worth of stock On the 10th of May, Bryan DeNeve bought around 20k shares on-market at roughly €25.30 per share. This transaction increased Bryan's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €489k more in shares than they have sold in the last 12 months. Declared Dividend • May 06
First quarter dividend of CA$0.61 announced Shareholders will receive a dividend of CA$0.61. Ex-date: 28th June 2024 Payment date: 31st July 2024 Dividend yield will be 7.7%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (46% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 6.9% 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 decline by 39% over the next 3 years. However, it would need to fall by 49% to increase the payout ratio to a potentially unsustainable range. Aankondiging • May 03
Capital Power Corporation Declares Dividend for the Quarter Ending June 30, 2024, Payable on July 31, 2024 The Board of Directors for Capital Power Corporation declared a dividend of $0.615 per share on the outstanding common shares for the quarter ending June 30, 2024. The dividend is payable on July 31, 2024 to shareholders of record at the close of business on June 28, 2024. Reported Earnings • May 02
First quarter 2024 earnings released: EPS: CA$1.74 (vs CA$2.39 in 1Q 2023) First quarter 2024 results: EPS: CA$1.74 (down from CA$2.39 in 1Q 2023). Revenue: CA$1.12b (down 7.8% from 1Q 2023). Net income: CA$205.0m (down 27% from 1Q 2023). Profit margin: 18% (down from 23% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to decline by 15% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Aankondiging • Apr 03
Capital Power Corporation to Report Q1, 2024 Results on May 01, 2024 Capital Power Corporation announced that they will report Q1, 2024 results Pre-Market on May 01, 2024 Buy Or Sell Opportunity • Mar 27
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €26.00. The fair value is estimated to be €32.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 36% over the last 3 years. Earnings per share has grown by 62%. Revenue is forecast to decline by 37% in 2 years. Earnings are forecast to decline by 64% in the next 2 years. Upcoming Dividend • Mar 20
Upcoming dividend of CA$0.61 per share Eligible shareholders must have bought the stock before 27 March 2024. Payment date: 30 April 2024. Payout ratio is a comfortable 39% but the company is paying out more than the cash it is generating. Trailing yield: 6.4%. Within top quartile of German dividend payers (5.0%). Higher than average of industry peers (3.6%). New Risk • Mar 05
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Earnings are forecast to decline by an average of 53% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (321% cash payout ratio). Shareholders have been diluted in the past year (10% increase in shares outstanding). Significant insider selling over the past 3 months (€404k sold). Declared Dividend • Mar 04
Third quarter dividend of CA$0.61 announced Shareholders will receive a dividend of CA$0.61. Ex-date: 27th March 2024 Payment date: 30th April 2024 Dividend yield will be 7.2%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (53% earnings payout ratio) but not covered by cash flows (142% cash payout ratio). The dividend has increased by an average of 6.9% 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 decline by 49% over the next 3 years. Since a fall of 41% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. New Risk • Mar 01
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Earnings are forecast to decline by an average of 56% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (321% cash payout ratio). Shareholders have been diluted in the past year (10% increase in shares outstanding). Significant insider selling over the past 3 months (€404k sold). Aankondiging • Mar 01
Capital Power Corporation Declares a Dividend for the Quarter Ending March 31, 2024, Payable on April 30, 2024 The Board of Directors for Capital Power Corporation declared a dividend of $0.615 per share on the outstanding common shares for the quarter ending March 31, 2024. The dividend is payable on April 30, 2024 to shareholders of record at the close of business on March 28, 2024. Reported Earnings • Feb 29
Full year 2023 earnings released Full year 2023 results: Revenue: CA$4.12b (up 52% from FY 2022). Net income: CA$720.0m (up CA$621.0m from FY 2022). Profit margin: 18% (up from 3.7% in FY 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 21% p.a. on average during the next 2 years, while revenues in the Renewable Energy industry in Germany are expected to grow by 9.4%. Aankondiging • Feb 17
Capital Power Corporation, Annual General Meeting, Apr 30, 2024 Capital Power Corporation, Annual General Meeting, Apr 30, 2024. New Risk • Feb 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 10% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 19% per year for the foreseeable future. Minor Risks High level of debt (99% net debt to equity). Dividend is not well covered by cash flows (141% cash payout ratio). Shareholders have been diluted in the past year (10% increase in shares outstanding). Significant insider selling over the past 3 months (€404k sold). Aankondiging • Feb 10
Capital Power Corporation (TSX:CPX) completed the acquisition of CXA La Paloma, LLC from CSG Investments, Inc. Capital Power Corporation (TSX:CPX) entered into a definitive agreement to acquire CXA La Paloma, LLC from CSG Investments, Inc. for approximately $680 million on November 20, 2023. Consideration will be paid in cash. The net purchase price of the Acquisitions attributable to Capital Power is expected to be $1.1 billion (~CAD 1.5 billion), subject to working capital and other customary closing adjustments. The transactions will be financed with concurrent CAD 400 million subscription receipt offering via a CAD 300 million public bought offering and a CAD 100 million private placement to AIMCo is expected to fully address Capital Power’s discrete equity funding for the acquisitions with the remaining funding plan preserving Capital Power’s strong financial flexibility and investment grade rating. Transaction is subject to the receipt of regulatory approvals and the satisfaction of other customary closing conditions including approval from FERC and North American Electric Reliability Corporation and under the Hart-Scott Rodino Antitrust Improvements Act of 1976. The Acquisitions are each expected to close in the first quarter of 2024.TD Securities Inc. and J.P. Morgan are acting as financial advisors and Winston & Strawn LLP and Simpson Thacher & Bartlett LLP are acting as legal advisors to Capital Power and BlackRock with respect to the Acquisitions. PEI Global Partners LLC is acting as sole financial advisor and White & Case LLP is acting as legal advisor to CSG Investments, Inc.Capital Power Corporation (TSX:CPX) completed the acquisition of CXA La Paloma, LLC from CSG Investments, Inc. on February 9, 2024. Capital Power financed the Acquisitions with the net proceeds from a public offering of CAD 850 million ($618.83 million) principal amount of unsecured medium term notes in Canada. Aankondiging • Feb 01
Capital Power Corporation to Report Q4, 2023 Results on Feb 28, 2024 Capital Power Corporation announced that they will report Q4, 2023 results Pre-Market on Feb 28, 2024 Aankondiging • Dec 30
Capital Power Corporation (TSX:CPX) completed the acquisition of 50.15% stake in Frederickson Power LP from Atlantic Power Limited Partnership for $97.5 million. Capital Power Corporation (TSX:CPX) entered into an agreement to acquire 50.15% stake in Frederickson Power LP from Atlantic Power Limited Partnership for $97.5 million on October 10, 2023. Capital Power will finance the transaction using cash on hand and its credit facilities. The transaction is expected to close in the fourth quarter of 2023, subject to customary regulatory approvals and other closing adjustments and conditions.
Capital Power Corporation (TSX:CPX) completed the acquisition of 50.15% stake in Frederickson Power LP from Atlantic Power Limited Partnership on December 28, 2023. Upcoming Dividend • Dec 21
Upcoming dividend of CA$0.61 per share at 6.6% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 31 January 2024. Payout ratio is a comfortable 53% but the company is paying out more than the cash it is generating. Trailing yield: 6.6%. Within top quartile of German dividend payers (5.1%). Higher than average of industry peers (3.5%). Recent Insider Transactions • Dec 14
Senior VP & Chief Commercial Officer recently sold €389k worth of stock On the 11th of December, Bryan DeNeve sold around 15k shares on-market at roughly €25.94 per share. This transaction amounted to 41% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €608k more than they bought in the last 12 months. Buying Opportunity • Nov 22
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 8.6%. The fair value is estimated to be €32.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 28%. Revenue is forecast to decline by 31% in a year. Earnings is forecast to decline by 16% in the next year. Aankondiging • Nov 21
Capital Power Corporation (TSX:CPX) entered into a definitive agreement to acquire 1,062 MW La Paloma natural gas-fired generation facility in Kern County, California of CSG Investments, Inc. Capital Power Corporation (TSX:CPX) entered into a definitive agreement to acquire 1,062 MW La Paloma natural gas-fired generation facility in Kern County, California of CSG Investments, Inc. on November 20, 2023. The net purchase price of the Acquisitions attributable to Capital Power is expected to be $1.1 billion (~$1.5 billion), subject to working capital and other customary closing adjustments. The transactions will be financed with concurrent CAD 400 million subscription receipt offering via a CAD 300 million public bought offering and a CAD 100 million private placement to AIMCo is expected to fully address Capital Power’s discrete equity funding for the acquisitions with the remaining funding plan preserving Capital Power’s strong financial flexibility and investment grade rating. The Acquisitions are each expected to close in the first quarter of 2024, subject to the receipt of regulatory approvals and the satisfaction of other customary closing conditions. TD Securities Inc. and J.P. Morgan are acting as financial advisors and Winston & Strawn LLP and Simpson Thacher & Bartlett LLP are acting as legal advisors to Capital Power and BlackRock with respect to the Acquisitions. PEI Global Partners LLC is acting as sole financial advisor and White & Case LLP is acting as legal advisor to CSG Investments, Inc. Aankondiging • Nov 01
Capital Power Corporation Declares Dividend for the Quarter Ending December 31, 2023, Payable on January 31, 2024 The Board of Directors for Capital Power Corporation declared a dividend of $0.615 per share on the outstanding common shares for the quarter ending December 31, 2023. The dividend is payable on January 31, 2024 to shareholders of record at the close of business on December 29, 2023. Buying Opportunity • Oct 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.3%. The fair value is estimated to be €33.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 38% in 2 years. Earnings is forecast to decline by 8.9% in the next 2 years. Aankondiging • Oct 11
Capital Power Corporation (TSX:CPX) entered into an agreement to acquire a 50.15% stake in Frederickson Power LP from Atlantic Power Limited Partnership for $100 million. Capital Power Corporation (TSX:CPX) entered into an agreement to acquire a 50.15% stake in Frederickson Power LP from Atlantic Power Limited Partnership for $100 million on October 10, 2023. Capital Power will finance the transaction using cash on hand and its credit facilities. The transaction is expected to close in the fourth quarter of 2023, subject to customary regulatory approvals and other closing adjustments and conditions. Aankondiging • Oct 06
Capital Power Corporation to Report Q3, 2023 Results on Nov 01, 2023 Capital Power Corporation announced that they will report Q3, 2023 results Pre-Market on Nov 01, 2023 Aankondiging • Aug 03
Capital Power Corporation Declares Dividend for the Third Quarter 2023, Payable on October 31, 2023 Capital Power Corporation on August 1, 2023, approved an increase of 6% in the annual dividend for holders of its common shares, from $2.32 per common share to $2.46 per common share. This increased common share dividend will commence with the third quarter 2023 quarterly dividend payment on October 31, 2023 to shareholders of record at the close of business on September 30, 2023. Aankondiging • Aug 02
Capital Power Corporation Announces Board Changes Capital Power Corporation announced the appointment of Carolyn Graham to the Company’s Board of Directors effective August 2, 2023. The appointment follows the retirement of Katharine (Kate) Stevenson from the Board of Directors. Carolyn Graham is a corporate director and former financial/risk executive. She retired as Senior Executive Vice President of CWB Financial Group in 2022 after 22 years of service, including as Chief Risk Officer from 2020 to 2021 and Chief Financial Officer from 2014 to 2020. Carolyn holds the ICD.D designation from the Institute of Corporate Directors, and an ESG Certificate from Competent Boards and is a Fellow of the Chartered Professional Accountants of Alberta. She was recognized as one of Canada’s Most Powerful Women: Top 100 Award winner in 2017 and awarded with the Queen Elizabeth’s II Platinum Jubilee Medal (Alberta) in 2022 as an outstanding community leader advancing gender equity. Carolyn is a trustee and audit committee chair of Melcor REIT and an external member of the partnership board of Grant Thornton LLP (Canada). She is chair of the MacEwan University Board of Governors and a director of the Edmonton Symphony and Concert Hall Foundation. Aankondiging • Jul 07
Capital Power Corporation to Report Q2, 2023 Results on Aug 02, 2023 Capital Power Corporation announced that they will report Q2, 2023 results Pre-Market on Aug 02, 2023 Aankondiging • Jun 30
Capital Power Corporation Provides an Update on the Genesee Repowering Project Capital Power Corporation announced updates to Genesee Repowering Project schedule and costs. As a result of construction delays on the Repowering Project, the Company is modifying the commissioning timelines for the repowered units. Simple cycle commissioning of Unit 1 is expected to commence in December 2023, approximately 60 days later than initially anticipated. Simple cycle commissioning for Unit 2 is expected to be further delayed and will begin in March 2024. Combined cycle commissioning is expected to begin in April 2024 (Unit 1) and June 2024 (Unit 2). The total capital costs for the Repowering Project have increased to $1.35 billion as a result of cost escalations and increased labour costs. The delay in commissioning is expected to have a modest impact on the full year 2023 AFFO and adjusted EBITDA guidance as the unfavorable impact will be offset across the portfolio. The Company expects to be above the midpoint of the guidance range despite an unforced outage at Genesee during periods of high pricing in June that dampened a strong start to the second quarter relative to the guidance provided in the Company’s first quarter 2023 report. Management is currently evaluating the impact of commissioning delays on the Company’s target of being off coal in 2023 and expects to provide additional information on the 2023 outlook and off-coal target with the second quarter 2023 earnings release. Territorial Acknowledgement: In the spirit of reconciliation, Capital Power respectfully acknowledges that the company operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island, or North America. Capital Power’s head office is located within the traditional and contemporary home of many Indigenous Peoples of the Treaty 6 Territory and Métis Nation of Alberta Region 4. Aankondiging • Feb 16
Capital Power Corporation, Annual General Meeting, Apr 28, 2023 Capital Power Corporation, Annual General Meeting, Apr 28, 2023. Aankondiging • Feb 02
Capital Power Corporation to Report Q4, 2022 Results on Mar 01, 2023 Capital Power Corporation announced that they will report Q4, 2022 results Pre-Market on Mar 01, 2023 
