Recent Insider Transactions • May 04
Independent Chair recently bought CA$958k worth of stock On the 1st of May, Barry Perry bought around 15k shares on-market at roughly CA$64.75 per share. This transaction amounted to 57% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Barry's only on-market trade for the last 12 months. Declared Dividend • May 01
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 4.3%, which is lower than the industry average of 5.1%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 23x 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 2,481% to bring the payout ratio under control. EPS is expected to grow by 200% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Apr 30
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: CA$0.04 (down from CA$1.04 in 1Q 2025). Revenue: CA$1.21b (up 26% from 1Q 2025). Net income: CA$15.0m (down 90% from 1Q 2025). Profit margin: 1.2% (down from 15% in 1Q 2025). Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) missed analyst estimates by 93%. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Renewable Energy industry in Canada. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • 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. Announcement • 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 Upcoming Dividend • Mar 24
Upcoming dividend of CA$0.69 per share Eligible shareholders must have bought the stock before 31 March 2026. Payment date: 30 April 2026. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.3%. Lower than top quartile of Canadian dividend payers (5.7%). In line with average of industry peers (4.3%). Declared Dividend • Mar 06
Fourth quarter dividend of CA$0.69 announced Shareholders will receive a dividend of CA$0.69. Ex-date: 31st March 2026 Payment date: 15th April 2026 Dividend yield will be 4.5%, which is lower than the industry average of 5.1%. Sustainability & Growth Dividend is not covered by earnings (253% earnings payout ratio) nor is it covered by cash flows (441% cash payout ratio). The dividend has increased by an average of 7.3% 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 181% to bring the payout ratio under control. EPS is expected to grow by 116% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Mar 05
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: CA$0.88 (down from CA$5.16 in FY 2024). Revenue: CA$3.72b (up 1.2% from FY 2024). Net income: CA$160.0m (down 76% from FY 2024). Profit margin: 4.3% (down from 18% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) missed analyst estimates by 54%. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Renewable Energy industry in Canada. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Announcement • 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. Announcement • 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. Announcement • Feb 17
Capital Power Corporation, Annual General Meeting, Apr 28, 2026 Capital Power Corporation, Annual General Meeting, Apr 28, 2026. Announcement • 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 Upcoming Dividend • Dec 24
Upcoming dividend of CA$0.69 per share Eligible shareholders must have bought the stock before 31 December 2025. Payment date: 30 January 2026. Payout ratio is on the higher end at 100%, and the cash payout ratio is above 100%. Trailing yield: 4.6%. Lower than top quartile of Canadian dividend payers (5.9%). In line with average of industry peers (4.6%). Major Estimate Revision • Nov 05
Consensus EPS estimates fall by 20%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from CA$3.26b to CA$3.47b. EPS estimate fell from CA$1.94 to CA$1.55 per share. Net income forecast to grow 6.5% next year vs 8.2% growth forecast for Renewable Energy industry in Canada. Consensus price target up from CA$73.96 to CA$75.96. Share price was steady at CA$70.68 over the past week. Declared Dividend • Nov 02
Third quarter dividend of CA$0.69 announced Shareholders will receive a dividend of CA$0.69. Ex-date: 31st December 2025 Payment date: 30th January 2026 Dividend yield will be 3.8%, which is lower than the industry average of 5.1%. Sustainability & Growth Dividend is not adequately covered by earnings (100% earnings payout ratio) nor is it covered by cash flows (192% cash payout ratio). The dividend has increased by an average of 7.3% 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 11% to bring the payout ratio under control. EPS is expected to grow by 47% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Oct 30
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: CA$0.94 (down from CA$1.32 in 3Q 2024). Revenue: CA$1.21b (up 20% from 3Q 2024). Net income: CA$154.0m (down 11% from 3Q 2024). Profit margin: 13% (down from 17% in 3Q 2024). Revenue exceeded analyst estimates by 26%. Earnings per share (EPS) missed analyst estimates by 7.8%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Renewable Energy industry in Canada. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 18% per year. Announcement • 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. Upcoming Dividend • Sep 22
Upcoming dividend of CA$0.69 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 31 October 2025. Payout ratio is on the higher end at 88% but the company is not cash flow positive. Trailing yield: 4.3%. Lower than top quartile of Canadian dividend payers (5.8%). Lower than average of industry peers (4.8%). Major Estimate Revision • Aug 06
Consensus EPS estimates fall by 49% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CA$3.51b to CA$3.24b. EPS estimate also fell from CA$3.28 per share to CA$1.67 per share. Net income forecast to grow 0.5% next year vs 27% growth forecast for Renewable Energy industry in Canada. Consensus price target broadly unchanged at CA$65.33. Share price fell 8.3% to CA$57.13 over the past week. Declared Dividend • Aug 01
Second quarter dividend increased to CA$0.69 Dividend of CA$0.69 is 6.0% higher than last year. Ex-date: 29th September 2025 Payment date: 31st October 2025 Dividend yield will be 4.7%, which is lower than the industry average of 5.1%. Sustainability & Growth Dividend is covered by earnings (88% 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 6.7% 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. EPS is expected to grow by 66% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Jul 31
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Shareholders have been diluted in the past year (19% increase in shares outstanding). Announcement • 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. Announcement • 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. New Risk • Jun 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 6.6% per year for the foreseeable future. Minor Risks High level of debt (92% net debt to equity). Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Shareholders have been diluted in the past year (20% increase in shares outstanding). Upcoming Dividend • Jun 23
Upcoming dividend of CA$0.65 per share Eligible shareholders must have bought the stock before 30 June 2025. Payment date: 31 July 2025. Payout ratio is a comfortable 56% but the company is not cash flow positive. Trailing yield: 4.6%. Lower than top quartile of Canadian dividend payers (6.1%). In line with average of industry peers (4.8%). Announcement • 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. Reported Earnings • May 01
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: CA$1.03 (down from CA$1.58 in 1Q 2024). Revenue: CA$988.0m (down 9.9% from 1Q 2024). Net income: CA$144.0m (down 26% from 1Q 2024). Profit margin: 15% (down from 18% in 1Q 2024). Revenue exceeded analyst estimates by 29%. Earnings per share (EPS) also surpassed analyst estimates by 78%. Revenue is expected to decline by 10% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Canada are expected to grow by 3.8%. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • 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. Major Estimate Revision • Apr 24
Consensus EPS estimates increase by 18% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from CA$2.22 to CA$2.63. Revenue forecast steady at CA$2.68b. Net income forecast to shrink 48% next year vs 30% growth forecast for Renewable Energy industry in Canada . Consensus price target down from CA$66.38 to CA$64.73. Share price rose 6.4% to CA$50.20 over the past week. New Risk • Apr 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% 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 9.3% per year for the foreseeable future. Minor Risks High level of debt (90% net debt to equity). Dividend is not well covered by cash flows (dividend per share is over 5x cash flows per share). Large one-off items impacting financial results. Shareholders have been diluted in the past year (17% increase in shares outstanding). Announcement • 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. Announcement • 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 Upcoming Dividend • Mar 24
Upcoming dividend of CA$0.65 per share Eligible shareholders must have bought the stock before 31 March 2025. Payment date: 30 April 2025. Payout ratio is a comfortable 49% but the company is paying out more than the cash it is generating. Trailing yield: 5.3%. Lower than top quartile of Canadian dividend payers (6.3%). In line with average of industry peers (5.2%). Declared Dividend • Feb 28
Fourth quarter dividend of CA$0.65 announced Shareholders will receive a dividend of CA$0.65. Ex-date: 31st March 2025 Payment date: 30th April 2025 Dividend yield will be 5.1%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but not covered by cash flows (491% cash payout ratio). 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 62% over the next 3 years. Since a fall of 45% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. New Risk • Feb 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 37% 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 Earnings are forecast to decline by an average of 26% per year for the foreseeable future. Minor Risks High level of debt (90% net debt to equity). Dividend is not well covered by cash flows (491% cash payout ratio). Large one-off items impacting financial results. Reported Earnings • Feb 27
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: CA$5.16 (down from CA$6.07 in FY 2023). Revenue: CA$3.68b (down 9.6% from FY 2023). Net income: CA$665.0m (down 6.3% from FY 2023). Profit margin: 18% (in line with FY 2023). Revenue exceeded analyst estimates by 5.1%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Revenue is expected to decline by 7.5% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Canada are expected to grow by 4.1%. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • 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. Announcement • Feb 17
Capital Power Corporation, Annual General Meeting, Apr 29, 2025 Capital Power Corporation, Annual General Meeting, Apr 29, 2025. Announcement • 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 Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CA$50.69, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 18x in the Renewable Energy industry in Canada. Total returns to shareholders of 51% over the past three years. Upcoming Dividend • Dec 24
Upcoming dividend of CA$0.65 per share Eligible shareholders must have bought the stock before 31 December 2024. Payment date: 31 January 2025. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 4.1%. Lower than top quartile of Canadian dividend payers (6.4%). Lower than average of industry peers (4.8%). Announcement • 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 Price Target Changed • Dec 17
Price target increased by 7.4% to CA$61.78 Up from CA$57.50, the current price target is an average from 10 analysts. New target price is approximately in line with last closing price of CA$63.32. Stock is up 68% over the past year. The company is forecast to post earnings per share of CA$4.17 for next year compared to CA$6.07 last year. Price Target Changed • Dec 12
Price target increased by 7.1% to CA$60.63 Up from CA$56.60, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of CA$61.02. Stock is up 58% over the past year. The company is forecast to post earnings per share of CA$4.21 for next year compared to CA$6.07 last year. Announcement • 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 Announcement • 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. Major Estimate Revision • Nov 06
Consensus revenue estimates increase by 17% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from CA$3.06b to CA$3.59b. EPS estimate increased from CA$4.11 to CA$4.17 per share. Net income forecast to shrink 21% next year vs 17% growth forecast for Renewable Energy industry in Canada . Consensus price target up from CA$49.00 to CA$55.70. Share price rose 16% to CA$58.60 over the past week. Price Target Changed • Nov 01
Price target increased by 14% to CA$55.70 Up from CA$49.00, the current price target is an average from 10 analysts. New target price is approximately in line with last closing price of CA$55.30. Stock is up 42% over the past year. The company is forecast to post earnings per share of CA$4.17 for next year compared to CA$6.07 last year. Announcement • 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. Announcement • 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%. Lower than top quartile of Canadian dividend payers (5.9%). Higher than average of industry peers (4.7%). 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: CA$1.2m 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 (CA$1.2m 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 5.8%, which is higher than the industry average of 5.1%. 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. Major Estimate Revision • Aug 07
Consensus revenue estimates increase by 14% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from CA$2.77b to CA$3.16b. EPS estimate unchanged from CA$3.85 at last update. Renewable Energy industry in Canada expected to see average net income growth of 12% next year. Consensus price target up from CA$42.36 to CA$44.91. Share price rose 4.7% to CA$43.41 over the past week. Reported Earnings • Aug 01
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: CA$774.0m (down 6.0% from 2Q 2023). Net income: CA$75.0m (down 5.1% from 2Q 2023). Profit margin: 9.7% (in line with 2Q 2023). Revenue is expected to decline by 28% p.a. on average during the next 2 years, while revenues in the Renewable Energy industry in Canada are expected to grow by 3.6%. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • 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. Announcement • 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 Announcement • 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. Announcement • 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 CA$745k worth of stock On the 10th of May, Bryan DeNeve bought around 20k shares on-market at roughly CA$37.23 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 CA$729k more in shares than they have sold in the last 12 months. 
