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INE

Innergex Renewable Energy TSX:INE Stock Report

Last Price

CA$19.54

Market Cap

CA$4.0b

7D

0.6%

1Y

-1.4%

Updated

13 Aug, 2022

Data

Company Financials +
INE fundamental analysis
Snowflake Score
Valuation2/6
Future Growth3/6
Past Performance0/6
Financial Health3/6
Dividends3/6

INE Stock Overview

Innergex Renewable Energy Inc. operates as an independent renewable power producer in Canada, the United States, France, and Chile.

Innergex Renewable Energy Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Innergex Renewable Energy
Historical stock prices
Current Share PriceCA$19.54
52 Week HighCA$22.03
52 Week LowCA$15.89
Beta0.34
1 Month Change6.31%
3 Month Change14.67%
1 Year Change-1.41%
3 Year Change31.85%
5 Year Change35.13%
Change since IPO134.57%

Recent News & Updates

Shareholder Returns

INECA Renewable EnergyCA Market
7D0.6%1.0%3.0%
1Y-1.4%6.3%0.7%

Return vs Industry: INE underperformed the Canadian Renewable Energy industry which returned 6.3% over the past year.

Return vs Market: INE underperformed the Canadian Market which returned 0.7% over the past year.

Price Volatility

Is INE's price volatile compared to industry and market?
INE volatility
INE Average Weekly Movement2.9%
Renewable Energy Industry Average Movement4.4%
Market Average Movement10.6%
10% most volatile stocks in CA Market18.9%
10% least volatile stocks in CA Market4.3%

Stable Share Price: INE is less volatile than 75% of Canadian stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: INE's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1990488Michel Letellierhttps://www.innergex.com

Innergex Renewable Energy Inc. operates as an independent renewable power producer in Canada, the United States, France, and Chile. It acquires, owns, develops, and operates hydroelectric facilities, and wind and solar farms, as well as energy storage facilities. The company operates through three segments: Hydroelectric Power Generation, Wind Power Generation, and Solar Power Generation.

Innergex Renewable Energy Fundamentals Summary

How do Innergex Renewable Energy's earnings and revenue compare to its market cap?
INE fundamental statistics
Market CapCA$3.99b
Earnings (TTM)-CA$83.96m
Revenue (TTM)CA$795.42m

5.0x

P/S Ratio

-47.5x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
INE income statement (TTM)
RevenueCA$795.42m
Cost of RevenueCA$203.19m
Gross ProfitCA$592.24m
Other ExpensesCA$676.20m
Earnings-CA$83.96m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)-0.41
Gross Margin74.46%
Net Profit Margin-10.56%
Debt/Equity Ratio361.3%

How did INE perform over the long term?

See historical performance and comparison

Dividends

3.7%

Current Dividend Yield

-166%

Payout Ratio

Does INE pay a reliable dividends?

See INE dividend history and benchmarks
When do you need to buy INE by to receive an upcoming dividend?
Innergex Renewable Energy dividend dates
Ex Dividend DateSep 28 2022
Dividend Pay DateOct 17 2022
Days until Ex dividend45 days
Days until Dividend pay date64 days

Does INE pay a reliable dividends?

See INE dividend history and benchmarks
We’ve recently updated our valuation analysis.

Valuation

Is INE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for INE?

Other financial metrics that can be useful for relative valuation.

INE key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue12.3x
Enterprise Value/EBITDA18.3x
PEG Ration/a

Price to Sales Ratio vs Peers

How does INE's PS Ratio compare to its peers?

INE PS Ratio vs Peers
The above table shows the PS ratio for INE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average6.1x
BLX Boralex
6.8x2.9%CA$5.0b
RNW TransAlta Renewables
9x0.6%CA$4.8b
NPI Northland Power
4.6x-0.5%CA$10.8b
BEPC Brookfield Renewable
4x5.2%CA$19.3b
INE Innergex Renewable Energy
5x4.0%CA$4.0b

Price-To-Sales vs Peers: INE is good value based on its Price-To-Sales Ratio (5x) compared to the peer average (6.1x).


Price to Earnings Ratio vs Industry

How does INE's PE Ratio compare vs other companies in the CA Renewable Energy Industry?

Price-To-Sales vs Industry: INE is expensive based on its Price-To-Sales Ratio (5x) compared to the Canadian Renewable Energy industry average (4.1x)


Price to Sales Ratio vs Fair Ratio

What is INE's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

INE PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio5x
Fair PS Ratio4.1x

Price-To-Sales vs Fair Ratio: INE is expensive based on its Price-To-Sales Ratio (5x) compared to the estimated Fair Price-To-Sales Ratio (4.1x).


Share Price vs Fair Value

What is the Fair Price of INE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: INE (CA$19.54) is trading below our estimate of fair value (CA$20.95)

Significantly Below Fair Value: INE is trading below fair value, but not by a significant amount.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.


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Future Growth

How is Innergex Renewable Energy forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


73.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: INE is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.6%).

Earnings vs Market: INE is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: INE is expected to become profitable in the next 3 years.

Revenue vs Market: INE's revenue (4% per year) is forecast to grow slower than the Canadian market (6.7% per year).

High Growth Revenue: INE's revenue (4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if INE's Return on Equity is forecast to be high in 3 years time


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Past Performance

How has Innergex Renewable Energy performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-59.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: INE is currently unprofitable.

Growing Profit Margin: INE is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: INE is unprofitable, and losses have increased over the past 5 years at a rate of 59.7% per year.

Accelerating Growth: Unable to compare INE's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: INE is unprofitable, making it difficult to compare its past year earnings growth to the Renewable Energy industry (-14%).


Return on Equity

High ROE: INE has a negative Return on Equity (-4.92%), as it is currently unprofitable.


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Financial Health

How is Innergex Renewable Energy's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Stable Cash Runway

  • Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: INE's short term assets (CA$501.4M) do not cover its short term liabilities (CA$648.2M).

Long Term Liabilities: INE's short term assets (CA$501.4M) do not cover its long term liabilities (CA$6.2B).


Debt to Equity History and Analysis

Debt Level: INE's net debt to equity ratio (346.9%) is considered high.

Reducing Debt: INE's debt to equity ratio has reduced from 662.9% to 361.3% over the past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable INE has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: INE is unprofitable but has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by 0.4% per year.


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Dividend

What is Innergex Renewable Energy current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


3.68%

Current Dividend Yield

Upcoming Dividend Payment

TodayAug 14 2022Ex Dividend DateSep 28 2022Dividend Pay DateOct 17 202219 days from Ex DividendBuy in the next 45 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: INE's dividend (3.68%) is higher than the bottom 25% of dividend payers in the Canadian market (1.82%).

High Dividend: INE's dividend (3.68%) is low compared to the top 25% of dividend payers in the Canadian market (5.31%).


Stability and Growth of Payments

Stable Dividend: INE's dividends per share have been stable in the past 10 years.

Growing Dividend: INE's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: INE is paying a dividend but the company is unprofitable.


Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (124.3%), INE's dividend payments are not well covered by cash flows.


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Management

How experienced are the management team and are they aligned to shareholders interests?

4.9yrs

Average management tenure


CEO

Michel Letellier (57 yo)

14.83yrs

Tenure

CA$2,000,519

Compensation

Mr. Michel Letellier, MBA, has been the Chief Executive Officer and President of Innergex Renewable Energy Inc. since October 25, 2007. Mr. Letellier is responsible for providing strategic leadership and o...


CEO Compensation Analysis

Compensation vs Market: Michel's total compensation ($USD1.56M) is below average for companies of similar size in the Canadian market ($USD3.51M).

Compensation vs Earnings: Michel's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: INE's management team is considered experienced (4.9 years average tenure).


Board Members

Experienced Board: INE's board of directors are considered experienced (5.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 13.5%.


Top Shareholders

Company Information

Innergex Renewable Energy Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Innergex Renewable Energy Inc.
  • Ticker: INE
  • Exchange: TSX
  • Founded: 1990
  • Industry: Renewable Electricity
  • Sector: Utilities
  • Implied Market Cap: CA$3.988b
  • Shares outstanding: 204.12m
  • Website: https://www.innergex.com

Number of Employees


Location

  • Innergex Renewable Energy Inc.
  • 1225 Saint-Charles Street West
  • 10th Floor
  • Longueuil
  • Quebec
  • J4K 0B9
  • Canada

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/13 00:00
End of Day Share Price2022/08/12 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.