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Capital Power

TSX:CPX
Snowflake Description

Fair value unattractive dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CPX
TSX
CA$3B
Market Cap
  1. Home
  2. CA
  3. Utilities
Company description

Capital Power Corporation develops, acquires, owns, and operates power generation facilities in Canada and the United States. The last earnings update was 112 days ago. More info.


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CPX Share Price and Events
7 Day Returns
-1.5%
TSX:CPX
-1.8%
CA Renewable Energy
-0.4%
CA Market
1 Year Returns
28.7%
TSX:CPX
7.3%
CA Renewable Energy
-1.1%
CA Market
CPX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Capital Power (CPX) -1.5% 2.1% 8.6% 28.7% 62.9% 26.1%
CA Renewable Energy -1.8% 6.5% 9.5% 7.3% 24.8% -5.7%
CA Market -0.4% 3.7% 2.3% -1.1% 20.3% 4.2%
1 Year Return vs Industry and Market
  • CPX outperformed the Renewable Energy industry which returned 7.3% over the past year.
  • CPX outperformed the Market in Canada which returned -1.1% over the past year.
Price Volatility
CPX
Industry
5yr Volatility vs Market

CPX Value

 Is Capital Power undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Capital Power to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Capital Power.

TSX:CPX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.4%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:CPX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 8.1%
Renewable Energy Unlevered Beta Simply Wall St/ S&P Global 0.5
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.501 (1 + (1- 26.5%) (72.62%))
0.769
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (0.8 * 8.05%)
8.39%

Discounted Cash Flow Calculation for TSX:CPX using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Capital Power is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

TSX:CPX DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (CAD, Millions) 482.15 492.57 485.10 473.95 471.00
Source Analyst x6 Analyst x7 Analyst x2 Analyst x2 Analyst x1
Present Value
Discounted (@ 8.39%)
444.83 419.27 380.95 343.39 314.84
Present value of next 5 years cash flows CA$1,903.28
TSX:CPX DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= CA$471.00 × (1 + 1.95%) ÷ (8.39% – 1.95%)
CA$7,453.28
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= CA$7,453.28 ÷ (1 + 8.39%)5
CA$4,982.11
TSX:CPX Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= CA$1,903.28 + CA$4,982.11
CA$6,885.39
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$6,885.39 / 101.72
CA$67.69
TSX:CPX Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$67.69
Current discount Discount to share price of CA$29.20
= -1 x (CA$29.20 - CA$67.69) / CA$67.69
56.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Capital Power is available for.
Intrinsic value
>50%
Share price is CA$29.2 vs Future cash flow value of CA$67.69
Current Discount Checks
For Capital Power to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Capital Power's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Capital Power's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Capital Power's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Capital Power's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:CPX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in CAD CA$0.78
TSX:CPX Share Price ** TSX (2019-02-15) in CAD CA$29.2
Canada Renewable Energy Industry PE Ratio Median Figure of 6 Publicly-Listed Renewable Energy Companies 16.66x
Canada Market PE Ratio Median Figure of 559 Publicly-Listed Companies 14.87x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Capital Power.

TSX:CPX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:CPX Share Price ÷ EPS (both in CAD)

= 29.2 ÷ 0.78

37.31x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Capital Power is overvalued based on earnings compared to the CA Renewable Energy industry average.
  • Capital Power is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does Capital Power's expected growth come at a high price?
Raw Data
TSX:CPX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 37.31x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
13.9%per year
North America Renewable Energy Industry PEG Ratio Median Figure of 9 Publicly-Listed Renewable Energy Companies 2.69x
Canada Market PEG Ratio Median Figure of 261 Publicly-Listed Companies 0.96x

*Line of best fit is calculated by linear regression .

TSX:CPX PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 37.31x ÷ 13.9%

2.69x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Capital Power is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Capital Power's assets?
Raw Data
TSX:CPX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in CAD CA$28.72
TSX:CPX Share Price * TSX (2019-02-15) in CAD CA$29.2
Canada Renewable Energy Industry PB Ratio Median Figure of 15 Publicly-Listed Renewable Energy Companies 1.39x
Canada Market PB Ratio Median Figure of 2,329 Publicly-Listed Companies 1.52x
TSX:CPX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:CPX Share Price ÷ Book Value per Share (both in CAD)

= 29.2 ÷ 28.72

1.02x

* Primary Listing of Capital Power.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Capital Power is good value based on assets compared to the CA Renewable Energy industry average.
X
Value checks
We assess Capital Power's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Renewable Energy industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Renewable Energy industry average (and greater than 0)? (1 check)
  5. Capital Power has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CPX Future Performance

 How is Capital Power expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
13.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Capital Power expected to grow at an attractive rate?
  • Capital Power's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Capital Power's earnings growth is positive but not above the Canada market average.
  • Capital Power's revenue growth is positive but not above the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:CPX Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:CPX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 13.9%
TSX:CPX Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 2.5%
Canada Renewable Energy Industry Earnings Growth Rate Market Cap Weighted Average 35.2%
Canada Renewable Energy Industry Revenue Growth Rate Market Cap Weighted Average 2.7%
Canada Market Earnings Growth Rate Market Cap Weighted Average 16.9%
Canada Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:CPX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:CPX Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 462
2022-12-31 1,422 555 1
2021-12-31 1,449 562 1
2020-12-31 1,439 597 166 5
2019-12-31 1,427 615 208 5
2018-12-31 1,370 503 149 4
TSX:CPX Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2018-09-30 1,168 392 81
2018-06-30 1,118 447 57
2018-03-31 1,004 416 99
2017-12-31 1,046 372 108
2017-09-30 1,093 366 149
2017-06-30 1,146 351 224
2017-03-31 1,189 343 141
2016-12-31 1,199 375 88
2016-09-30 1,258 420 97
2016-06-30 1,357 499 80
2016-03-31 1,215 443 22
2015-12-31 1,241 419 67

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Capital Power's earnings are expected to grow by 13.9% yearly, however this is not considered high growth (20% yearly).
  • Capital Power's revenue is expected to grow by 2.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:CPX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Capital Power Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:CPX Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 1.62 1.84 1.46 3.00
2019-12-31 2.03 2.09 1.96 3.00
2018-12-31 1.39 1.43 1.35 2.00
TSX:CPX Past Financials Data
Date (Data in CAD Millions) EPS *
2018-09-30 0.78
2018-06-30 0.55
2018-03-31 0.96
2017-12-31 1.07
2017-09-30 1.51
2017-06-30 2.32
2017-03-31 1.47
2016-12-31 0.91
2016-09-30 1.00
2016-06-30 0.82
2016-03-31 0.22
2015-12-31 0.70

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Capital Power is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Capital Power's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Capital Power has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CPX Past Performance

  How has Capital Power performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Capital Power's growth in the last year to its industry (Renewable Energy).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Capital Power's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Capital Power's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Capital Power's 1-year earnings growth is negative, it can't be compared to the CA Renewable Energy industry average.
Earnings and Revenue History
Capital Power's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Capital Power Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:CPX Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 1,168.00 81.00 223.00
2018-06-30 1,118.00 57.00 216.00
2018-03-31 1,004.00 99.00 215.00
2017-12-31 1,046.00 108.00 212.00
2017-09-30 1,093.00 149.00 217.00
2017-06-30 1,146.00 224.00 215.00
2017-03-31 1,189.00 141.00 213.00
2016-12-31 1,199.00 88.00 210.00
2016-09-30 1,258.00 97.00 208.00
2016-06-30 1,357.00 80.00 208.00
2016-03-31 1,215.00 22.00 205.00
2015-12-31 1,241.00 67.00 205.00
2015-09-30 1,342.00 71.00 207.00
2015-06-30 1,121.00 -24.00 208.00
2015-03-31 1,278.00 30.00 212.00
2014-12-31 1,228.00 23.00 211.00
2014-09-30 1,123.00 61.00 219.00
2014-06-30 1,255.00 151.00 224.00
2014-03-31 1,336.00 151.00 228.00
2013-12-31 1,393.00 155.00 235.00
2013-09-30 1,331.00 97.00 228.00
2013-06-30 1,345.00 96.00 229.00
2013-03-31 1,285.00 48.00 224.00
2012-12-31 1,296.00 56.00 224.00
2012-09-30 1,434.00 125.00 218.00
2012-06-30 1,473.00 101.00 221.00
2012-03-31 1,684.00 108.00 235.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Capital Power has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Capital Power used its assets less efficiently than the CA Renewable Energy industry average last year based on Return on Assets.
  • Capital Power's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Capital Power's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Renewable Energy industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Capital Power has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CPX Health

 How is Capital Power's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Capital Power's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Capital Power's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Capital Power's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Capital Power's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Capital Power Company Filings, last reported 4 months ago.

TSX:CPX Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 2,987.00 2,157.00 41.00
2018-06-30 2,996.00 2,099.00 49.00
2018-03-31 2,991.00 2,101.00 48.00
2017-12-31 3,062.00 2,164.00 52.00
2017-09-30 3,156.00 2,173.00 62.00
2017-06-30 3,096.00 2,453.00 47.00
2017-03-31 2,918.00 1,625.00 65.00
2016-12-31 2,901.00 1,528.00 98.00
2016-09-30 2,720.00 1,552.00 25.00
2016-06-30 2,675.00 1,587.00 30.00
2016-03-31 2,739.00 1,554.00 53.00
2015-12-31 2,816.00 1,648.00 80.00
2015-09-30 2,852.00 1,617.00 42.00
2015-06-30 2,812.00 1,646.00 54.00
2015-03-31 3,066.00 1,593.00 86.00
2014-12-31 3,003.00 1,591.00 75.00
2014-09-30 2,937.00 1,535.00 121.00
2014-06-30 3,004.00 1,526.00 89.00
2014-03-31 3,019.00 1,568.00 106.00
2013-12-31 3,004.00 1,528.00 100.00
2013-09-30 2,987.00 2,063.00 32.00
2013-06-30 2,964.00 1,725.00 51.00
2013-03-31 2,973.00 1,635.00 39.00
2012-12-31 2,752.00 1,659.00 53.00
2012-09-30 2,615.00 1,665.00 35.00
2012-06-30 2,555.00 1,581.00 42.00
2012-03-31 2,643.00 1,554.00 139.00
  • Capital Power's level of debt (72.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (68.9% vs 72.2% today).
  • Debt is not well covered by operating cash flow (18.2%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 3x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Capital Power's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Capital Power has a total score of 0/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CPX Dividends

 What is Capital Power's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.13%
Current annual income from Capital Power dividends. Estimated to be 6.72% next year.
If you bought CA$2,000 of Capital Power shares you are expected to receive CA$123 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Capital Power's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.12%).
  • Capital Power's dividend is above the markets top 25% of dividend payers in Canada (5.93%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:CPX Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
Canada Renewable Energy Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 5.2%
Canada Market Average Dividend Yield Market Cap Weighted Average of 329 Stocks 3.6%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.1%
Canada Bottom 25% Dividend Yield 25th Percentile 2.1%
Canada Top 25% Dividend Yield 75th Percentile 5.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:CPX Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 2.19 1.00
2022-12-31 2.16 2.00
2021-12-31 2.13 2.00
2020-12-31 1.97 9.00
2019-12-31 1.84 9.00
2018-12-31 1.72 9.00
TSX:CPX Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-02-15 1.790 6.130
2018-10-26 1.790 6.430
2018-07-30 1.790 6.405
2018-04-27 1.670 6.601
2018-02-15 1.670 6.869
2017-11-16 1.670 7.033
2017-07-26 1.670 6.634
2017-04-28 1.560 6.278
2017-02-17 1.560 6.135
2016-11-17 1.560 6.553
2016-07-25 1.560 7.455
2016-04-22 1.460 7.726
2016-02-18 1.460 8.159
2015-11-18 1.460 8.408
2015-07-27 1.460 7.434
2015-04-24 1.360 5.907
2015-02-25 1.360 5.537
2014-11-20 1.360 5.222
2014-07-25 1.360 5.051
2014-04-25 1.260 4.890
2014-02-28 1.260 5.022
2013-11-20 1.260 5.777
2013-07-26 1.260 6.010
2013-04-26 1.260 5.926
2013-03-01 1.260 5.875
2012-07-26 1.260 5.674
2012-04-27 1.260 5.336
2012-03-13 1.260 5.323
2011-11-23 1.260 5.090
2011-08-03 1.260 5.098
2011-04-29 1.260 4.889
2011-03-08 1.260 4.961
2010-11-24 1.260 5.199
2010-08-03 1.260 5.361
2010-04-30 1.260 5.576
2010-03-19 1.260 5.574
2009-11-25 1.260 5.882
2009-10-30 1.260 6.469
2009-09-16 1.260 6.256

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Capital Power has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Capital Power only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Capital Power's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.9x coverage).
X
Income/ dividend checks
We assess Capital Power's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Capital Power afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Capital Power has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CPX Management

 What is the CEO of Capital Power's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Brian Vaasjo
COMPENSATION CA$2,885,838
AGE 63
TENURE AS CEO 9.6 years
CEO Bio

Mr. Brian Tellef Vaasjo serves the President, Chief Executive Officer and Director of Capital Power Corporation. He possesses over 35 years of industry experience, which includes time as Executive Vice President of EPCOR and as President of EPCOR's Energy Division. He also was with the Enbridge Group of Companies for 19 years. He was President of Capital Power Income L.P. from September 2005 until July 2009, and Chairman of the Board of its general partner from July 2009 to November 2011. He holds an MBA from the University of Alberta, where he also received his undergraduate degree. He attended the University of Western Ontario Executive Program and is a Fellow of the Society of the Chartered Professional Accountants. He is a member of the Financial Executives Institute of Canada and serves on the University of Alberta School of Business Advisory Council. He is past Board Chair of the United Way, the Alberta Capital Region, and the Alberta Shock Trauma Air Rescue Society (STARS). He also served on the boards of the Alberta Society of Management Accountants and the Citadel Theatre.

CEO Compensation
  • Brian's compensation has been consistent with company performance over the past year.
  • Brian's remuneration is about average for companies of similar size in Canada.
Management Team Tenure

Average tenure and age of the Capital Power management team in years:

5
Average Tenure
54.5
Average Age
  • The average tenure for the Capital Power management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Brian Vaasjo

TITLE
President
COMPENSATION
CA$3M
AGE
63
TENURE
9.6 yrs

Bryan DeNeve

TITLE
Senior VP of Finance & CFO
COMPENSATION
CA$1M
AGE
53
TENURE
3.8 yrs

Darcy Trufyn

TITLE
Senior Vice President of Operations
COMPENSATION
CA$1M
AGE
63
TENURE
6.3 yrs

Kate Chisholm

TITLE
SVP and Chief Legal & Sustainability Officer
COMPENSATION
CA$884K
AGE
55
TENURE
6.3 yrs

Mark A. Zimmerman

TITLE
Senior Vice President of Corporate Development & Commercial Services
COMPENSATION
CA$1M
AGE
54
TENURE
3.3 yrs

Randy Mah

TITLE
Senior Manager of Investor Relations

Jacquie Pylypiuk

TITLE
Vice President of Human Resources
COMPENSATION
CA$333K
AGE
49
TENURE
3.8 yrs
Board of Directors Tenure

Average tenure and age of the Capital Power board of directors in years:

6.8
Average Tenure
60
Average Age
  • The tenure for the Capital Power board of directors is about average.
Board of Directors

Don Lowry

TITLE
Chairman of the Board
COMPENSATION
CA$302K
AGE
67
TENURE
9.6 yrs

Brian Vaasjo

TITLE
President
COMPENSATION
CA$3M
AGE
63
TENURE
9.8 yrs

Phil Lachambre

TITLE
Director
COMPENSATION
CA$162K
AGE
67
TENURE
9.6 yrs

Doyle Beneby

TITLE
Director
COMPENSATION
CA$202K
AGE
59
TENURE
6.8 yrs

Jill Gardiner

TITLE
Director
COMPENSATION
CA$164K
AGE
60
TENURE
3.8 yrs

Al Bellstedt

TITLE
Director
COMPENSATION
CA$146K
AGE
69
TENURE
9.6 yrs

Kelly Huntington

TITLE
Director
COMPENSATION
CA$185K
AGE
43
TENURE
3.7 yrs

Kate Stevenson

TITLE
Director
COMPENSATION
CA$104K
AGE
56
TENURE
1.8 yrs

Brian Trent

TITLE
Director
COMPENSATION
CA$132K
AGE
59
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • Capital Power insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
29. Jan 19 Sell Brian Vaasjo Individual 21. Jan 19 22. Jan 19 -96,401 CA$28.70 CA$-2,759,500
28. Jan 19 Sell Bryan DeNeve Individual 23. Jan 19 23. Jan 19 -200 CA$28.54 CA$-5,708
13. Dec 18 Buy Darcy Trufyn Individual 10. Dec 18 10. Dec 18 2,546 CA$28.36 CA$72,205
19. Nov 18 Sell Bryan DeNeve Individual 14. Nov 18 14. Nov 18 -50 CA$27.01 CA$-1,350
09. Nov 18 Buy Brian Vaasjo Individual 09. Nov 18 09. Nov 18 10,000 CA$26.15 CA$261,470
06. Jun 18 Sell Bryan DeNeve Individual 04. Jun 18 04. Jun 18 -200 CA$25.04 CA$-5,008
28. May 18 Buy Brian Vaasjo Individual 25. May 18 25. May 18 10,000 CA$24.99 CA$249,947
10. May 18 Sell Bryan DeNeve Individual 07. May 18 07. May 18 -120 CA$25.53 CA$-3,064
X
Management checks
We assess Capital Power's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Capital Power has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CPX News

Simply Wall St News

Are Capital Power Corporation's (TSE:CPX) Interest Costs Too High?

Mid-caps stocks, like Capital Power Corporation (TSE:CPX) with a market capitalization of CA$3.0b, aren’t the focus of most investors who prefer to direct their investments towards either large-cap or small-cap stocks. … However, generally ignored mid-caps have historically delivered better risk-adjusted returns than the two other categories of stocks. … View our latest analysis for Capital Power

Simply Wall St -

Here’s why Capital Power Corporation’s (TSE:CPX) Returns On Capital Matters So Much

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … Return On Capital Employed (ROCE): What is it? … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

What Does Capital Power Corporation's (TSE:CPX) P/E Ratio Tell You?

This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … To keep it practical, we'll show how Capital Power Corporation's (TSE:CPX) P/E ratio could help you assess the value on offer. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

Is Capital Power Corporation's (TSE:CPX) 3.9% ROE Worse Than Average?

Capital Power has a ROE of 3.9%, based on the last twelve months. … One way to conceptualize this, is that for each CA$1 of shareholders' equity it has, the company made CA$0.038 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

How Much Are Capital Power Corporation (TSE:CPX) Insiders Spending On Buying Shares?

So we'll take a look at whether insiders have been buying or selling shares in Capital Power Corporation (TSE:CPX). … In any event it's generally a positive if insiders are buying shares at around the current price. … In the last twelve months there was more buying than selling by Capital Power insiders

Simply Wall St -

Is Capital Power Corporation (TSE:CPX) Excessively Paying Its CEO?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Brian Vaasjo's Compensation Compare With Similar Sized Companies. … Our data indicates that Capital Power Corporation is worth CA$2.8b, and total annual CEO compensation is CA$2.9m.

Simply Wall St -

Could Capital Power Corporation's (TSE:CPX) Investor Composition Influence The Stock Price?

Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … We also tend to see lower insider ownership in companies that were previously publicly owned. … institutions own shares in the company.

Simply Wall St -

Is Capital Power Corporation's (TSE:CPX) Balance Sheet A Threat To Its Future?

Small-caps and large-caps are wildly popular among investors; however, mid-cap stocks, such as Capital Power Corporation (TSE:CPX) with a market-capitalization of CA$3.0b, rarely draw their attention. … Remember this is a very top-level look that focuses exclusively on financial health, so I recommend a deeper analysis. … View our latest analysis for Capital Power

Simply Wall St -

Will Capital Power Corporation (TSE:CPX) Continue To Underperform Its Industry?

and want to learn about Return on Equity using a real-life example. … Capital Power Corporation (TSE:CPX) performed in line with its independent power producers and energy traders industry on the basis of its ROE – producing a return of 3.0% relative to the peer average of 3.1% over the past 12 months. … View our latest analysis for Capital Power

Simply Wall St -

Does Capital Power Corporation's (TSE:CPX) PE Ratio Warrant A Sell?

The content of this article will benefit those of you who are starting to educate yourself about investing in the stock market. … and want to learn about the link between company’s fundamentals and stock market performance. … Although some investors may jump to the conclusion that you should avoid the stock or sell if you own it, understanding the assumptions behind the P/E ratio might change your mind.

Simply Wall St -

CPX Company Info

Map
Description

Capital Power Corporation develops, acquires, owns, and operates power generation facilities in Canada and the United States. The company generates electricity from various energy sources, including natural and landfill gas, coal, wind, waste heat, solid fuels, and solar. It owns approximately 4,500 megawatts of power generation capacity. The company was founded in 1891 and is headquartered in Edmonton, Canada.

Details
Name: Capital Power Corporation
CPX
Exchange: TSX
Founded: 1891
CA$2,970,079,781
101,715,061
Website: http://www.capitalpower.com
Address: Capital Power Corporation
10423-101 Street NW,
Suite 1200,
Edmonton,
Alberta, T5H 0E9,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX CPX Common Shares The Toronto Stock Exchange CA CAD 24. Jun 2009
OTCPK CPXW.F Common Shares Pink Sheets LLC US USD 24. Jun 2009
DB 2CP Common Shares Deutsche Boerse AG DE EUR 24. Jun 2009
TSX CPX.PRG PFD SHS SER 7 The Toronto Stock Exchange CA CAD 04. Oct 2016
TSX CPX.PRI PFD SHS SER 9 The Toronto Stock Exchange CA CAD 09. Aug 2017
Number of employees
Current staff
Staff numbers
731
Capital Power employees.
Industry
Independent Power Producers and Energy Traders
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/18 02:39
End of day share price update: 2019/02/15 00:00
Last estimates confirmation: 2019/02/13
Last earnings filing: 2018/10/29
Last earnings reported: 2018/09/30
Last annual earnings reported: 2017/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.