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Northland Power

TSX:NPI
Snowflake Description

Average dividend payer with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NPI
TSX
CA$4B
Market Cap
  1. Home
  2. CA
  3. Utilities
Company description

Northland Power Inc. develops, builds, owns, and operates green power projects primarily in Canada and Europe. The last earnings update was 78 days ago. More info.


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NPI Share Price and Events
7 Day Returns
1.9%
TSX:NPI
1.6%
CA Renewable Energy
2.1%
CA Market
1 Year Returns
-1%
TSX:NPI
-4.6%
CA Renewable Energy
-9.2%
CA Market
NPI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Northland Power (NPI) 1.9% 10.4% 11.3% -1% 23.9% 45.4%
CA Renewable Energy 1.6% 9.9% 3.1% -4.6% 32.3% -7.4%
CA Market 2.1% 9.9% -0.1% -9.2% 25.6% 6.5%
1 Year Return vs Industry and Market
  • NPI outperformed the Renewable Energy industry which returned -4.6% over the past year.
  • NPI outperformed the Market in Canada which returned -9.2% over the past year.
Price Volatility
NPI
Industry
5yr Volatility vs Market

NPI Value

 Is Northland 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 Northland 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 Northland Power.

TSX:NPI 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 11.4%
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:NPI
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))
= 0.495 (1 + (1- 26.5%) (185.67%))
1.171
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.17
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (1.171 * 8.05%)
11.38%

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

The calculations below outline how an intrinsic value for Northland 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:NPI DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (CAD, Millions) 1,245.00 1,389.00 344.20 234.50 238.70
Source Analyst x1 Analyst x1 Analyst x1 Analyst x1 Analyst x1
Present Value
Discounted (@ 11.38%)
1,117.79 1,119.65 249.10 152.37 139.25
Present value of next 5 years cash flows CA$2,778.17
TSX:NPI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= CA$238.70 × (1 + 1.95%) ÷ (11.38% – 1.95%)
CA$2,579.57
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= CA$2,579.57 ÷ (1 + 11.38%)5
CA$1,504.87
TSX:NPI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= CA$2,778.17 + CA$1,504.87
CA$4,283.04
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$4,283.04 / 180.20
CA$23.77
TSX:NPI Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$23.77
Current discount Discount to share price of CA$23.26
= -1 x (CA$23.26 - CA$23.77) / CA$23.77
2.1%

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

Current Discount
Amount off the current price Northland Power is available for.
Intrinsic value
2%
Share price is CA$23.26 vs Future cash flow value of CA$23.77
Current Discount Checks
For Northland Power to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Northland Power's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Northland Power's share price is below the future cash flow value, but not 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 Northland Power's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Northland Power's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:NPI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in CAD CA$1.53
TSX:NPI Share Price ** TSX (2019-01-22) in CAD CA$23.26
Canada Renewable Energy Industry PE Ratio Median Figure of 5 Publicly-Listed Renewable Energy Companies 16.31x
Canada Market PE Ratio Median Figure of 554 Publicly-Listed Companies 14.2x

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

** Primary Listing of Northland Power.

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

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

= 23.26 ÷ 1.53

15.21x

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

  • Northland Power is good value based on earnings compared to the CA Renewable Energy industry average.
  • Northland Power is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does Northland Power's expected growth come at a high price?
Raw Data
TSX:NPI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.21x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
15.5%per year
Canada Renewable Energy Industry PEG Ratio Median Figure of 5 Publicly-Listed Renewable Energy Companies 1.98x
Canada Market PEG Ratio Median Figure of 264 Publicly-Listed Companies 1x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.21x ÷ 15.5%

0.98x

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

  • Northland Power is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Northland Power's assets?
Raw Data
TSX:NPI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in CAD CA$4.44
TSX:NPI Share Price * TSX (2019-01-22) in CAD CA$23.26
Canada Renewable Energy Industry PB Ratio Median Figure of 15 Publicly-Listed Renewable Energy Companies 1x
Canada Market PB Ratio Median Figure of 2,297 Publicly-Listed Companies 1.47x
TSX:NPI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 23.26 ÷ 4.44

5.24x

* Primary Listing of Northland Power.

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

  • Northland Power is overvalued based on assets compared to the CA Renewable Energy industry average.
X
Value checks
We assess Northland 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. Northland Power has a total score of 2/6, 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.

NPI Future Performance

 How is Northland 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
15.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Northland Power expected to grow at an attractive rate?
  • Northland Power's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Northland Power's earnings growth is expected to exceed the Canada market average.
  • Northland Power's revenue growth is positive but not above the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:NPI Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:NPI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 15.5%
TSX:NPI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 4.6%
Canada Renewable Energy Industry Earnings Growth Rate Market Cap Weighted Average 37%
Canada Renewable Energy Industry Revenue Growth Rate Market Cap Weighted Average 2.6%
Canada Market Earnings Growth Rate Market Cap Weighted Average 14.2%
Canada Market Revenue Growth Rate Market Cap Weighted Average 7%

*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:NPI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 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:NPI Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 2,046 1
2022-12-31 1,696 2
2021-12-31 1,782 2
2020-12-31 1,893 1,446 383 5
2019-12-31 1,606 1,237 279 7
2018-12-31 1,545 1,127 282 7
TSX:NPI Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2018-09-30 1,569 1,100 271
2018-06-30 1,514 1,063 224
2018-03-31 1,499 862 206
2017-12-31 1,376 849 150
2017-09-30 1,460 936 268
2017-06-30 1,431 922 216
2017-03-31 1,285 888 217
2016-12-31 1,099 720 110
2016-09-30 792 448 -50
2016-06-30 714 407 -104
2016-03-31 705 388 -49
2015-12-31 728 399 -12

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Northland Power's earnings are expected to grow by 15.5% yearly, however this is not considered high growth (20% yearly).
  • Northland Power's revenue is expected to grow by 4.6% 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:NPI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Northland Power Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:NPI 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 2.27 2.87 1.94 4.00
2019-12-31 1.66 2.35 1.39 5.00
2018-12-31 1.59 1.68 1.54 4.00
TSX:NPI Past Financials Data
Date (Data in CAD Millions) EPS *
2018-09-30 1.53
2018-06-30 1.27
2018-03-31 1.17
2017-12-31 0.85
2017-09-30 1.53
2017-06-30 1.24
2017-03-31 1.25
2016-12-31 0.64
2016-09-30 -0.29
2016-06-30 -0.61
2016-03-31 -0.28
2015-12-31 -0.07

*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.
  • Unable to establish if Northland Power will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Northland 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.
Northland Power has a total score of 2/6, 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.

NPI Past Performance

  How has Northland 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 Northland 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.
  • Northland Power has delivered over 20% year on year earnings growth in the past 5 years.
  • Northland Power's 1-year earnings growth is less than its 5-year average (1.2% vs 38.3%)
  • Northland Power's earnings growth has not exceeded the CA Renewable Energy industry average in the past year (1.2% vs 1.2%).
Earnings and Revenue History
Northland 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 Northland Power Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:NPI 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 1,569.34 270.97 70.85
2018-06-30 1,514.40 223.69 77.45
2018-03-31 1,498.58 205.95 74.21
2017-12-31 1,376.26 149.91 79.94
2017-09-30 1,460.15 267.76 87.75
2017-06-30 1,430.65 215.75 82.25
2017-03-31 1,284.92 217.33 76.44
2016-12-31 1,099.00 110.28 65.28
2016-09-30 792.06 -49.86 56.04
2016-06-30 714.01 -104.15 48.44
2016-03-31 704.67 -48.80 43.19
2015-12-31 728.14 -12.05 41.84
2015-09-30 744.78 -65.55 41.58
2015-06-30 729.59 4.45 42.04
2015-03-31 732.24 -150.11 42.48
2014-12-31 760.07 -120.45 41.30
2014-09-30 746.21 -58.89 38.36
2014-06-30 726.07 -9.03 35.84
2014-03-31 680.53 128.68 33.65
2013-12-31 557.24 137.26 33.13
2013-09-30 476.08 120.82 32.42
2013-06-30 406.40 61.31 31.57
2013-03-31 367.29 -48.98 29.71
2012-12-31 361.68 -21.40 27.45
2012-09-30 367.35 -40.60 24.35
2012-06-30 365.52 -88.49 23.35
2012-03-31 360.48 -76.59 23.75

*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.
  • Whilst Northland Power has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • Northland Power used its assets more efficiently than the CA Renewable Energy industry average last year based on Return on Assets.
  • Northland Power has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Northland 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.
Northland Power has a total score of 3/6, 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.

NPI Health

 How is Northland 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 Northland Power's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Northland Power is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Northland Power's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Northland 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 0.1x 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 Northland Power Company Filings, last reported 3 months ago.

TSX:NPI Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 1,508.76 7,668.43 315.12
2018-06-30 1,484.56 7,931.37 455.24
2018-03-31 1,522.26 8,175.34 443.26
2017-12-31 1,457.89 7,829.27 400.63
2017-09-30 1,423.42 7,597.10 360.96
2017-06-30 1,451.77 7,138.71 396.78
2017-03-31 1,447.41 6,755.36 324.80
2016-12-31 1,375.12 6,635.55 307.52
2016-09-30 1,167.05 6,763.77 229.88
2016-06-30 1,217.38 6,340.61 166.38
2016-03-31 1,261.60 5,881.42 177.81
2015-12-31 1,407.07 5,426.19 151.93
2015-09-30 1,430.17 5,111.04 196.91
2015-06-30 1,494.71 4,294.87 290.36
2015-03-31 1,327.94 3,379.41 242.79
2014-12-31 1,102.22 3,450.01 193.41
2014-09-30 1,205.13 2,604.20 162.09
2014-06-30 1,284.41 2,418.08 518.73
2014-03-31 1,150.97 1,908.09 352.08
2013-12-31 952.74 1,877.82 141.56
2013-09-30 939.31 1,693.31 109.98
2013-06-30 813.14 1,425.44 57.33
2013-03-31 708.45 1,355.24 46.85
2012-12-31 701.12 1,509.61 31.72
2012-09-30 726.18 1,204.12 55.65
2012-06-30 768.49 1,101.00 101.01
2012-03-31 707.87 1,123.59 68.36
  • Northland Power's level of debt (508.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (180.5% vs 508.3% today).
  • Debt is not well covered by operating cash flow (14.3%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.1x coverage).
X
Financial health checks
We assess Northland 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. Northland Power has a total score of 2/6, 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.

NPI Dividends

 What is Northland 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
5.16%
Current annual income from Northland Power dividends. Estimated to be 5.39% next year.
If you bought CA$2,000 of Northland Power shares you are expected to receive CA$103 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?
  • Northland Power's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.19%).
  • Northland Power's dividend is below the markets top 25% of dividend payers in Canada (6.05%).
Upcoming dividend payment

Purchase Northland Power on or before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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:NPI 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 5.5%
Canada Market Average Dividend Yield Market Cap Weighted Average of 328 Stocks 3.6%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.1%
Canada Bottom 25% Dividend Yield 25th Percentile 2.2%
Canada Top 25% Dividend Yield 75th Percentile 6.1%

Industry and Market average data is calculated daily.

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

TSX:NPI Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 1.33 1.00
2021-12-31 1.33 1.00
2020-12-31 1.27 7.00
2019-12-31 1.22 8.00
2018-12-31 1.20 8.00
TSX:NPI Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2018-11-06 1.200 5.435
2018-08-08 1.200 5.540
2018-05-09 1.200 4.938
2018-02-22 1.120 4.928
2017-11-08 1.200 5.193
2017-08-09 1.080 4.561
2017-05-09 1.080 4.651
2017-03-02 1.080 4.431
2017-02-24 1.080 4.436
2016-11-09 1.080 4.681
2016-08-10 1.080 4.525
2016-05-13 1.080 4.693
2016-05-11 1.080 4.824
2016-02-12 1.080 5.247
2015-12-08 1.080 5.886
2015-09-04 1.080 6.221
2015-08-14 1.080 6.888
2015-05-11 1.080 6.703
2015-01-15 1.080 6.325
2014-11-13 1.080 6.815
2014-08-14 1.080 6.329
2014-07-16 1.080 6.113
2014-06-05 1.080 6.008
2014-05-12 1.080 6.066
2013-12-05 1.080 6.589
2013-11-08 1.080 6.768
2013-08-07 1.080 6.987
2013-05-08 1.080 6.135
2013-02-28 1.080 5.750
2013-02-21 1.080 5.677
2012-11-06 1.080 5.714
2012-08-08 1.080 5.729
2012-05-09 1.080 5.998
2012-02-29 1.080 6.218
2012-02-22 1.080 6.186
2011-11-09 1.080 6.285
2011-08-15 1.080 6.838
2011-06-13 1.080 6.730
2010-12-17 1.080 6.749
2010-10-19 1.080 6.894
2010-07-21 1.080 7.274
2010-04-20 1.080 7.939
2010-01-20 1.080 8.219
2009-12-18 1.080 8.988
2009-10-20 1.080 9.759
2009-07-15 1.080 10.290
2009-04-21 1.080 11.126
2009-01-26 1.080 10.430

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Northland Power's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.4x coverage).
X
Income/ dividend checks
We assess Northland 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 Northland Power afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Northland Power has a total score of 4/6, see the detailed checks below.


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

NPI Management

 What is the CEO of Northland 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
Mike Crawley
COMPENSATION CA$1,161,809
TENURE AS CEO 0.4 years
CEO Bio

Mr. Mike Crawley serves as Chief Executive Officer at Northland Power Incorporated since August 04, 2018 and has been its President since August 2018. He was Executive Vice President of Development at Northland Power Inc. from July 20, 2015 until August 04, 2018. Mr. Crawley served as the President and Chief Executive Officer of GDF SUEZ Canada, Inc. since April 2002. Mr. Crawley oversaw AIM's growth into one of Canada's top wind power developers. He held senior management positions in both the public and private sectors. Prior to entering the renewable power sector, he held various senior sales management, strategy development and product development roles with the Canadian Imperial Bank of Commerce. Mr. Crawley served as Executive Assistant to the Leader of the Official Opposition (Ontario) and Director of Organization for a major federal political party. Active within the power generation sector, he was appointed last July to the Ontario Government's Electricity Conservation and Supply Task Force, which reported in January 2004 to the Ontario Energy Minister. He has been a Member of Advisory Board of InstarAGF Asset Management Inc. He served as a Director of GDF SUEZ Canada, Inc. As a volunteer, Mr. Crawley served as a Director on the Boards of the Lyndhurst Hospital Foundation and the Canadian Youth Entrepreneurship Foundation (Toronto Chapter). Recently, Mr. Crawley also served on the Board of Directors of the Association of Power Producers of Ontario (formerly IPPSO).

CEO Compensation
  • Mike's compensation has increased by more than 20% in the past year.
  • Mike's remuneration is lower than average for companies of similar size in Canada.
Management Team Tenure

Average tenure of the Northland Power management team in years:

1.4
Average Tenure
  • The average tenure for the Northland Power management team is less than 2 years, this suggests a new team.
Management Team

Mike Crawley

TITLE
CEO & President
COMPENSATION
CA$1M
TENURE
0.4 yrs

Paul Bradley

TITLE
Chief Financial Officer
COMPENSATION
CA$2M
TENURE
7.8 yrs

Michael Shadbolt

TITLE
VP & General Counsel
COMPENSATION
CA$754K

Linda Bertoldi

TITLE
Secretary & Director
COMPENSATION
CA$113K

Troy Patton

TITLE
Chief Operations Officer
AGE
49
TENURE
1.3 yrs

Adam Beaumont

TITLE
Senior Director of Corporate Finance

Barb Bokla

TITLE
Manager of Investor Relations

Sarah Charuk

TITLE
Director of Communications

John Pires

TITLE
Head of M&A & Project Finance and VP
TENURE
4.8 yrs

Morten Melin

TITLE
Executive Vice President of Construction
AGE
50
TENURE
1.4 yrs
Board of Directors Tenure

Average tenure of the Northland Power board of directors in years:

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

Jim Temerty

TITLE
Chairman of the Board
COMPENSATION
CA$250K
TENURE
22 yrs

Linda Bertoldi

TITLE
Secretary & Director
COMPENSATION
CA$113K
TENURE
9 yrs

John Turner

TITLE
Lead Director
COMPENSATION
CA$202K

Barry Gilmour

TITLE
Director
COMPENSATION
CA$146K
TENURE
4.7 yrs

Russ Goodman

TITLE
Director
COMPENSATION
CA$158K
AGE
65
TENURE
4.7 yrs

John Brace

TITLE
Director
COMPENSATION
CA$4M
TENURE
0.8 yrs

Marie Bountrogianni

TITLE
Director
COMPENSATION
CA$140K
TENURE
10 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
26. Mar 18 Buy James Temerty Individual 26. Mar 18 26. Mar 18 150,000 CA$22.89 CA$3,413,950
23. Mar 18 Buy James Temerty Individual 23. Mar 18 23. Mar 18 150,000 CA$22.83 CA$3,425,010
X
Management checks
We assess Northland 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. Northland 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.

NPI News

Simply Wall St News

Calculating The Fair Value Of Northland Power Inc. (TSE:NPI)

by projecting its future cash flows and then discounting them to today's value. … Discounted Cash Flows (DCF). … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model

Simply Wall St -

Do You Know What Northland Power Inc.'s (TSE:NPI) P/E Ratio Means?

To keep it practical, we'll show how Northland Power Inc.'s (TSE:NPI) P/E ratio could help you assess the value on offer. … Based on the last twelve months, Northland Power's P/E ratio is 13.77. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

Could The Northland Power Inc (TSE:NPI) Ownership Structure Tell Us Something Useful?

The big shareholder groups in Northland Power Inc (TSE:NPI) have power over the company. … With a market capitalization of CA$4.0b, Northland Power is a decent size, so it is probably on the radar of institutional investors. … View our latest analysis for Northland Power

Simply Wall St -

Northland Power Inc (TSE:NPI): The Best Of Both Worlds

Northland Power Inc (TSE:NPI) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … is a company with a

Simply Wall St -

Should We Be Delighted With Northland Power Inc's (TSE:NPI) ROE Of 24%?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … Another way to think of that is that for every CA$1 worth of equity in the company, it was able to earn CA$0.24. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Does The Hype Around Northland Power Inc's (TSE:NPI) Growth Justify Its August Share Price?

Northland Power Inc (TSE:NPI) is considered a high-growth stock, but its last closing price of CA$22.6 left some investors wondering if this high future earnings potential can be rationalized by its current price tag. … What can we expect from Northland Power in the future. … One reason why investors are attracted to NPI is the high growth potential in the near future

Simply Wall St -

Should You Be Concerned About Northland Power Inc's (TSE:NPI) Shareholders?

In this article, I will take a quick look at Northland Power Inc’s (TSE:NPI) recent ownership structure – an unconventional investing subject, but an important one. … Ownership structure has been found to have an impact on shareholder returns in both short- and long-term. … The effect of an active institutional investor with a similar ownership as a passive pension-fund can be vastly different on a company's corporate governance and accountability to shareholders.

Simply Wall St -

Should You Be Tempted To Buy Northland Power Inc (TSE:NPI) Because Of Its PE Ratio?

Northland Power Inc (TSE:NPI) is currently trading at a trailing P/E of 21.3x, which is lower than the industry average of 52.1x. … While this makes NPI appear like a great stock to buy, you might change your mind after I explain the assumptions behind the P/E ratio. … Check out our latest analysis for Northland Power

Simply Wall St -

Should You Expect Northland Power Inc (TSE:NPI) To Continue Delivering An ROE Of 23.23%?

and looking to gauge the potential return on investment in Northland Power Inc (TSE:NPI). … Northland Power Inc (TSE:NPI) delivered an ROE of 23.23% over the past 12 months, which is an impressive feat relative to its industry average of 2.08% during the same period. … With more debt, NPI can invest even more and earn more money, thus pushing up its returns.

Simply Wall St -

Northland Power Inc (TSE:NPI) Has Attractive Fundamentals, Here's Why

In the case of Northland Power Inc (TSE:NPI), there's. … Below, I've touched on some key aspects you should know on a high level … For those interested in understanding where the figures come from and want to see the analysis,

Simply Wall St -

NPI Company Info

Map
Description

Northland Power Inc. develops, builds, owns, and operates green power projects primarily in Canada and Europe. It generates electricity from thermal, wind, solar, hydro, and biomass power plants. As of September 24, 2018, the company owned or had a net economic interest in power producing facilities with a total capacity of approximately 2,029 megawatts. The company was founded in 1987 and is headquartered in Toronto, Canada.

Details
Name: Northland Power Inc.
NPI
Exchange: TSX
Founded: 1987
CA$4,130,223,949
180,201,743
Website: http://www.northlandpower.ca
Address: Northland Power Inc.
30 St. Clair Avenue West,
Suite 1200,
Toronto,
Ontario, M4V 3A1,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX NPI Common Shares The Toronto Stock Exchange CA CAD 15. Apr 1998
OTCPK NPIF.F Common Shares Pink Sheets LLC US USD 15. Apr 1998
DB 1NR Common Shares Deutsche Boerse AG DE EUR 15. Apr 1998
Number of employees
Current staff
Staff numbers
290
Northland Power employees.
Industry
Independent Power Producers and Energy Traders
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/01/23 00:18
End of day share price update: 2019/01/22 00:00
Last estimates confirmation: 2019/01/17
Last earnings filing: 2018/11/06
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.