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Polaris Infrastructure

TSX:PIF
Snowflake Description

Undervalued with solid track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PIF
TSX
CA$226M
Market Cap
  1. Home
  2. CA
  3. Utilities
Company description

Polaris Infrastructure Inc., a renewable energy company, acquires, explores, develops, and operates renewable energy projects in Latin America. The last earnings update was 50 days ago. More info.


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  • Polaris Infrastructure has significant price volatility in the past 3 months.
PIF Share Price and Events
7 Day Returns
-0.6%
TSX:PIF
0.6%
CA Renewable Energy
1.1%
CA Market
1 Year Returns
2.3%
TSX:PIF
9.4%
CA Renewable Energy
-2.2%
CA Market
PIF Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Polaris Infrastructure (PIF) -0.6% 13.9% 33.3% 2.3% 80.3% -76%
CA Renewable Energy 0.6% 2% 0.8% 9.4% 18.8% 7%
CA Market 1.1% 1.2% 1% -2.2% 13.2% 2.1%
1 Year Return vs Industry and Market
  • PIF underperformed the Renewable Energy industry which returned 9.4% over the past year.
  • PIF outperformed the Market in Canada which returned -2.2% over the past year.
Price Volatility
PIF
Industry
5yr Volatility vs Market

PIF Value

 Is Polaris Infrastructure 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 Polaris Infrastructure 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 Polaris Infrastructure.

TSX:PIF Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.4%
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:PIF
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Renewable Energy Unlevered Beta Simply Wall St/ S&P Global 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.49 (1 + (1- 26.5%) (107.32%))
0.917
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.92
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (0.917 * 5.96%)
7.41%

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

The calculations below outline how an intrinsic value for Polaris Infrastructure is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

TSX:PIF DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 7.41%)
2019 41.40 Analyst x2 38.54
2020 51.15 Analyst x2 44.33
2021 35.00 Analyst x1 28.24
2022 36.00 Analyst x1 27.04
2023 37.00 Analyst x1 25.88
2024 34.52 Est @ -6.71% 22.47
2025 33.10 Est @ -4.12% 20.06
2026 32.34 Est @ -2.3% 18.25
2027 32.00 Est @ -1.02% 16.81
2028 31.96 Est @ -0.13% 15.63
Present value of next 10 years cash flows $257.26
TSX:PIF DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $31.96 × (1 + 1.95%) ÷ (7.41% – 1.95%)
$596.04
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $596.04 ÷ (1 + 7.41%)10
$291.52
TSX:PIF Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $257.26 + $291.52
$548.79
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $548.79 / 15.71
$34.94
TSX:PIF Discount to Share Price
Calculation Result
Exchange Rate USD/CAD
(Reporting currency to currency of TSX:PIF)
1.32
Value per Share
(CAD)
= Value per Share in USD x Exchange Rate (USD/CAD)
= $34.94 x 1.32
CA$46.1
Value per share (CAD) From above. CA$46.10
Current discount Discount to share price of CA$14.42
= -1 x (CA$14.42 - CA$46.10) / CA$46.10
68.7%

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

Current Discount
Amount off the current price Polaris Infrastructure is available for.
Intrinsic value
>50%
Share price is CA$14.42 vs Future cash flow value of CA$46.1
Current Discount Checks
For Polaris Infrastructure to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Polaris Infrastructure's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Polaris Infrastructure'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 Polaris Infrastructure's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Polaris Infrastructure's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:PIF PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.94
TSX:PIF Share Price ** TSX (2019-06-24) in CAD CA$14.42
TSX:PIF Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.758 $10.93
Canada Renewable Energy Industry PE Ratio Median Figure of 8 Publicly-Listed Renewable Energy Companies 13.69x
Canada Market PE Ratio Median Figure of 542 Publicly-Listed Companies 15.1x

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

** Primary Listing of Polaris Infrastructure.

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

= TSX:PIF Share Price ÷ EPS (both in USD)

= 10.93 ÷ 0.94

11.64x

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

  • Polaris Infrastructure is good value based on earnings compared to the CA Renewable Energy industry average.
  • Polaris Infrastructure is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does Polaris Infrastructure's expected growth come at a high price?
Raw Data
TSX:PIF PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.64x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
Not available
Canada Renewable Energy Industry PEG Ratio Median Figure of 5 Publicly-Listed Renewable Energy Companies -0.07x
Canada Market PEG Ratio Median Figure of 248 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Polaris Infrastructure, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Polaris Infrastructure's assets?
Raw Data
TSX:PIF PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $12.74
TSX:PIF Share Price * TSX (2019-06-24) in CAD CA$14.42
TSX:PIF Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.758 $10.93
Canada Renewable Energy Industry PB Ratio Median Figure of 15 Publicly-Listed Renewable Energy Companies 2.17x
Canada Market PB Ratio Median Figure of 2,425 Publicly-Listed Companies 1.43x
TSX:PIF PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:PIF Share Price ÷ Book Value per Share (both in USD)

= 10.93 ÷ 12.74

0.86x

* Primary Listing of Polaris Infrastructure.

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

  • Polaris Infrastructure is good value based on assets compared to the CA Renewable Energy industry average.
X
Value checks
We assess Polaris Infrastructure'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. Polaris Infrastructure has a total score of 5/6, 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.

PIF Future Performance

 How is Polaris Infrastructure expected to perform in the next 1 to 3 years based on estimates from 4 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
9.2%
Expected annual growth in earnings per share.
Earnings growth vs Low Risk Savings
Is Polaris Infrastructure expected to grow at an attractive rate?
  • Polaris Infrastructure's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Polaris Infrastructure's earnings growth is positive but not above the Canada market average.
  • Polaris Infrastructure's revenue growth is expected to exceed the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:PIF Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:PIF Future Earnings per Share Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 9.2%
TSX:PIF Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 6%
Canada Renewable Energy Industry Earnings Growth Rate Market Cap Weighted Average 24.6%
Canada Renewable Energy Industry Revenue Growth Rate Market Cap Weighted Average 2.3%
Canada Market Earnings Growth Rate Market Cap Weighted Average 14.9%
Canada Market Revenue Growth Rate Market Cap Weighted Average 5.9%

*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:PIF Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:PIF Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 93 67 1
2022-12-31 91 63 1
2021-12-31 89 60 1
2020-12-31 85 60 4
2019-12-31 74 50 4
TSX:PIF Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 73 36 15
2018-12-31 69 37 12
2018-09-30 66 38 9
2018-06-30 63 38 6
2018-03-31 61 36 3
2017-12-31 60 35 2
2017-09-30 60 36 3
2017-06-30 59 30 0
2017-03-31 55 31 -3
2016-12-31 55 25 -4
2016-09-30 51 24 -7
2016-06-30 50 24 -30

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Polaris Infrastructure's earnings are expected to grow by 9.2% yearly, however this is not considered high growth (20% yearly).
  • Polaris Infrastructure's revenue is expected to grow by 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:PIF Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Polaris Infrastructure Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:PIF Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 1.07 1.07 1.07 1.00
2019-12-31 0.79 0.79 0.79 1.00
TSX:PIF Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.94
2018-12-31 0.77
2018-09-30 0.58
2018-06-30 0.39
2018-03-31 0.21
2017-12-31 0.11
2017-09-30 0.17
2017-06-30 0.01
2017-03-31 -0.21
2016-12-31 -0.27
2016-09-30 -0.48
2016-06-30 -1.93

*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 Polaris Infrastructure will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Polaris Infrastructure'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.
Polaris Infrastructure 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.

PIF Past Performance

  How has Polaris Infrastructure 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 Polaris Infrastructure'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.
  • Polaris Infrastructure has delivered over 20% year on year earnings growth in the past 5 years.
  • Polaris Infrastructure's 1-year earnings growth exceeds its 5-year average (348.9% vs 60.4%)
  • Polaris Infrastructure's earnings growth has exceeded the CA Renewable Energy industry average in the past year (348.9% vs 158.8%).
Earnings and Revenue History
Polaris Infrastructure'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 Polaris Infrastructure Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:PIF Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 72.70 15.01 4.63
2018-12-31 68.82 12.14 4.27
2018-09-30 66.10 9.15 2.90
2018-06-30 63.21 6.06 3.23
2018-03-31 61.47 3.34 4.19
2017-12-31 60.11 1.66 4.26
2017-09-30 60.24 2.67 3.93
2017-06-30 59.23 0.14 4.06
2017-03-31 55.47 -3.36 3.68
2016-12-31 54.66 -4.26 3.67
2016-09-30 51.07 -7.46 4.46
2016-06-30 49.70 -30.04 4.53
2016-03-31 50.38 -37.37 5.79
2015-12-31 50.15 -37.49 5.70
2015-09-30 50.91 -44.80 6.41
2015-06-30 50.89 -24.21 6.66
2015-03-31 49.79 -25.56 6.15
2014-12-31 48.18 -24.68 6.96
2014-09-30 45.19 -20.78 6.70
2014-06-30 43.55 -31.07 7.87
2014-03-31 45.03 -44.09 9.17
2013-12-31 46.21 -50.70 10.36
2013-09-30 44.11 -100.36 12.71
2013-06-30 39.80 -89.55 13.41
2013-03-31 33.62 -65.68 13.02
2012-12-31 28.06 -60.13 13.13
2012-09-30 21.43 -151.19 12.24
2012-06-30 15.76 -140.63 12.95

*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.
  • Polaris Infrastructure has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Polaris Infrastructure used its assets more efficiently than the CA Renewable Energy industry average last year based on Return on Assets.
  • Polaris Infrastructure has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Polaris Infrastructure'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.
Polaris Infrastructure has a total score of 5/6, 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.

PIF Health

 How is Polaris Infrastructure'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 Polaris Infrastructure's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Polaris Infrastructure is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Polaris Infrastructure's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Polaris Infrastructure'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 Polaris Infrastructure Company Filings, last reported 2 months ago.

TSX:PIF Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 199.69 184.21 33.01
2018-12-31 198.45 187.12 37.81
2018-09-30 188.75 160.32 39.92
2018-06-30 187.06 162.87 34.48
2018-03-31 185.44 166.56 34.76
2017-12-31 187.21 169.07 37.22
2017-09-30 188.51 171.07 40.89
2017-06-30 189.76 173.02 44.00
2017-03-31 191.80 174.96 48.38
2016-12-31 194.66 176.89 45.74
2016-09-30 194.42 178.47 42.42
2016-06-30 197.50 177.91 47.64
2016-03-31 199.57 179.22 56.11
2015-12-31 202.89 180.37 61.59
2015-09-30 212.15 186.21 64.33
2015-06-30 236.38 192.97 71.72
2015-03-31 136.21 235.88 16.88
2014-12-31 133.60 253.10 15.29
2014-09-30 146.56 245.93 16.85
2014-06-30 150.20 251.34 18.80
2014-03-31 161.13 253.57 17.70
2013-12-31 162.42 259.21 22.55
2013-09-30 175.60 264.66 24.87
2013-06-30 186.66 267.34 31.80
2013-03-31 205.89 273.50 42.78
2012-12-31 205.89 274.13 51.33
2012-09-30 257.95 256.31 42.99
2012-06-30 260.13 239.39 38.30
  • Polaris Infrastructure's level of debt (92.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (157.5% vs 92.2% today).
  • Debt is not well covered by operating cash flow (19.4%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.4x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Polaris Infrastructure'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. Polaris Infrastructure 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.

PIF Dividends

 What is Polaris Infrastructure'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
5.49%
Current annual income from Polaris Infrastructure dividends. Estimated to be 5.86% next year.
If you bought CA$2,000 of Polaris Infrastructure shares you are expected to receive CA$110 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?
  • Polaris Infrastructure's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.08%).
  • Polaris Infrastructure's dividend is below the markets top 25% of dividend payers in Canada (5.71%).
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:PIF 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 4 Analyst Estimates (S&P Global) See Below
Canada Renewable Energy Industry Average Dividend Yield Market Cap Weighted Average of 8 Stocks 4.9%
Canada Market Average Dividend Yield Market Cap Weighted Average of 336 Stocks 3.5%
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 5.7%

Industry and Market average data is calculated daily.

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

TSX:PIF Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.72 1.00
2022-12-31 0.72 1.00
2021-12-31 0.68 1.00
2020-12-31 0.61 3.00
2019-12-31 0.60 3.00
TSX:PIF Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-06 0.600 6.055
2019-02-06 0.600 7.055
2018-11-06 0.600 7.856
2018-08-07 0.600 6.849
2018-05-08 0.600 5.341
2018-02-07 0.600 4.032
2017-11-07 0.600 4.314
2017-08-08 0.560 4.128
2017-05-09 0.480 3.769
2017-02-07 0.480 4.391
2016-11-08 0.440 3.786
2016-08-09 0.400 3.533
2016-03-11 0.400 6.404

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

  • Whilst dividend payments have been stable, Polaris Infrastructure has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Polaris Infrastructure only paid a dividend in the past 3 years.
Current Payout to shareholders
What portion of Polaris Infrastructure's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.4x coverage).
X
Income/ dividend checks
We assess Polaris Infrastructure'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 Polaris Infrastructure afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Polaris Infrastructure has a total score of 3/6, see the detailed checks below.


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

PIF Management

 What is the CEO of Polaris Infrastructure'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
Marc Murnaghan
COMPENSATION $747,701
AGE 46
TENURE AS CEO 4.1 years
CEO Bio

Mr. Marc Murnaghan has been the Chief Executive Officer of Polaris Infrastructure Inc. since May 13, 2015. Mr. Murnaghan is a Partner of Harrington Global Inc. Mr. Murnaghan has over 20 years of experience in the investment banking business and prior to joining Harrington Global Inc. in September 2014, he served as Co-Head of the Investment Banking group at Cormark Securities Inc. Mr. Murnaghan served as Managing Director of Investment Banking at Cormark Securities. Mr. Murnaghan ran the Power and Alternative Energy group where he helped raise equity capital for companies in the sector in areas such as solar, wind, hydro, geothermal, biomass, power electronics, battery technologies and fuel cells. Over his career, Mr. Murnaghan has acted as advisor to companies on strategic transactions, including corporate sales, asset sales and strategic investments. Mr. Murnaghan serves as Chairman of Catapult Environmental Inc. He serves as Chair of the Board of Directors at Autism Speaks Canada, the leading autism science and advocacy organization in Canada. He has been a Director of Polaris Infrastructure Inc. since May 13, 2015.

CEO Compensation
  • Marc's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Marc's remuneration is about average for companies of similar size in Canada.
Management Team Tenure

Average tenure of the Polaris Infrastructure management team in years:

4
Average Tenure
  • The tenure for the Polaris Infrastructure management team is about average.
Management Team

Marc Murnaghan

TITLE
CEO & Director
COMPENSATION
$748K
AGE
46
TENURE
4.1 yrs

Anton Jelic

TITLE
Chief Financial Officer
TENURE
0.5 yrs

Taylor Carter

TITLE
Consultant
COMPENSATION
$489K
TENURE
4 yrs
Board of Directors Tenure

Average tenure and age of the Polaris Infrastructure board of directors in years:

4.1
Average Tenure
59.5
Average Age
  • The tenure for the Polaris Infrastructure board of directors is about average.
Board of Directors

Jorge Bernhard

TITLE
Chairman & Lead Independent Director
COMPENSATION
$160K
AGE
63
TENURE
3 yrs

Marc Murnaghan

TITLE
CEO & Director
COMPENSATION
$748K
AGE
46
TENURE
4.1 yrs

Jaime Guillen

TITLE
Independent Director
COMPENSATION
$126K
AGE
56
TENURE
4.1 yrs

Jim Lawless

TITLE
Independent Director
COMPENSATION
$121K
AGE
67
TENURE
8.3 yrs

Marcela de Vásquez

TITLE
Director
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Polaris Infrastructure individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
02. Apr 19 Buy Jorge Bernhard Individual 01. Apr 19 01. Apr 19 8,700 CA$11.45 CA$99,410
11. Mar 19 Buy Jorge Bernhard Individual 08. Mar 19 08. Mar 19 8,000 CA$10.85 CA$86,512
18. Jul 18 Sell Goodwood Inc. Company 13. Jul 18 18. Jul 18 -7,000 CA$13.80 CA$-92,700
X
Management checks
We assess Polaris Infrastructure'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. Polaris Infrastructure 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.

PIF News

Simply Wall St News

Easy Come, Easy Go: How Polaris Infrastructure (TSE:PIF) Shareholders Got Unlucky And Saw 91% Of Their Cash Evaporate

(TSE:PIF) for five whole years - as the share price tanked 91%. … We also note that the stock has performed poorly over the last year, with the share price down 38%. … During five years of share price growth, Polaris Infrastructure moved from a loss to profitability.

Simply Wall St -

These Fundamentals Make Polaris Infrastructure Inc. (TSE:PIF) Truly Worth Looking At

Attractive stocks have exceptional fundamentals. … In the case of Polaris Infrastructure Inc. … (TSE:PIF), there's

Simply Wall St -

Should You Take Comfort From Insider Transactions At Polaris Infrastructure Inc. (TSE:PIF)?

So we'll take a look at whether insiders have been buying or selling shares in Polaris Infrastructure Inc. … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … Polaris Infrastructure Insider Transactions Over The Last Year.

Simply Wall St -

What Kind Of Investor Owns Most Of Polaris Infrastructure Inc. (TSE:PIF)?

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. … Polaris Infrastructure is a smaller company with a market capitalization of CA$182m, so it may still be flying under the radar of many institutional investors.

Simply Wall St -

Polaris Infrastructure Inc. (TSE:PIF) Is Employing Capital Very Effectively

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … What is Return On Capital Employed (ROCE)? … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St -

Should You Worry About Polaris Infrastructure Inc.'s (TSE:PIF) CEO Salary Level?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … See our latest analysis for Polaris Infrastructure? … How Does Marc Murnaghan's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Does Polaris Infrastructure Inc. (TSE:PIF) Have A Good P/E Ratio?

Polaris Infrastructure has a price to earnings ratio of 11.05, based on the last twelve months. … Price to Earnings Ratio = Price per Share (in the reporting currency) ÷ Earnings per Share (EPS) … P/E of 11.05 = $6.45 (Note: this is the share price in the reporting currency, namely, USD ) ÷ $0.58

Simply Wall St -

Is Polaris Infrastructure Inc's (TSE:PIF) Balance Sheet Strong Enough To Weather A Storm?

However, an important fact which most ignore is: how financially healthy is the business? … So, understanding the company's financial health becomes. … Here are few basic financial health checks you should consider before taking the plunge.

Simply Wall St -

Polaris Infrastructure Inc (TSE:PIF): Commentary On Fundamentals

I've been keeping an eye on Polaris Infrastructure Inc (TSE:PIF) because I'm attracted to its fundamentals. … Looking at the company as a whole, as a potential stock investment, I believe PIF has a lot to offer. … is a company with a

Simply Wall St -

Is Polaris Infrastructure Inc's (TSE:PIF) CEO Incentives Align With Yours?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Marc Murnaghan's Compensation Compare With Similar Sized Companies. … It would therefore appear that Polaris Infrastructure Inc pays Marc Murnaghan more than the median CEO remuneration at companies of a similar size, in the same market

Simply Wall St -

PIF Company Info

Description

Polaris Infrastructure Inc., a renewable energy company, acquires, explores, develops, and operates renewable energy projects in Latin America. The company, through its subsidiaries, owns and operates the San Jacinto project, a 72 megawatt (MW) net capacity geothermal facility located in northwest Nicaragua. Its exploration and development property includes the Casita San Cristobal project comprising an exploration concession with an area of 100 square kilometers located in northwest Nicaragua. Polaris Infrastructure Inc. also operates a run-of-river (ROR) hydro facility of 5 MW in Canchayllo, Peru; and is developing 2 ROR hydro projects, El Carmen and 8 de Agosto in Peru. The company was formerly known as Ram Power, Corp. and changed its name to Polaris Infrastructure Inc. in May 2015. Polaris Infrastructure Inc. was incorporated in 1984 and is based in Toronto, Canada.

Details
Name: Polaris Infrastructure Inc.
PIF
Exchange: TSX
Founded: 1984
CA$226,484,831
15,706,299
Website: http://www.polarisinfrastructure.com
Address: Polaris Infrastructure Inc.
77 Bloor Street West,
Suite 600,
Toronto,
Ontario, M5S 1M2,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX PIF Common Shares The Toronto Stock Exchange CA CAD 21. Oct 2009
OTCPK RAMP.F Common Shares Pink Sheets LLC US USD 21. Oct 2009
DB G8O2 Common Shares Deutsche Boerse AG DE EUR 21. Oct 2009
Number of employees
Current staff
Staff numbers
134
Polaris Infrastructure employees.
Industry
Renewable Electricity
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/25 00:22
End of day share price update: 2019/06/24 00:00
Last estimates confirmation: 2019/06/03
Last earnings filing: 2019/05/06
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


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.