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Valener

TSX:VNR
Snowflake Description

Adequate balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VNR
TSX
CA$867M
Market Cap
  1. Home
  2. CA
  3. Utilities
Company description

Valener Inc., through its subsidiaries, engages in the natural gas business in Canada and the United States. The last earnings update was 6 days ago. More info.


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VNR Share Price and Events
7 Day Returns
4.1%
TSX:VNR
1%
CA Gas Utilities
-0.4%
CA Market
1 Year Returns
8%
TSX:VNR
11%
CA Gas Utilities
-0.5%
CA Market
VNR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Valener (VNR) 4.1% 7.7% 12.1% 8% 13.6% 40.6%
CA Gas Utilities 1% 6.8% 0.7% 11% 18.7% 28.5%
CA Market -0.4% 4.1% 2.5% -0.5% 22.7% 4.7%
1 Year Return vs Industry and Market
  • VNR underperformed the Gas Utilities industry which returned 11% over the past year.
  • VNR outperformed the Market in Canada which returned -0.5% over the past year.
Price Volatility
VNR
Industry
5yr Volatility vs Market

Value

 Is Valener 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 Valener 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 Valener.

TSX:VNR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 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:VNR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 8.1%
Gas Utilities Unlevered Beta Simply Wall St/ S&P Global 0.4
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.402 (1 + (1- 26.5%) (9.74%))
0.431
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:VNR using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Valener 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:VNR DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (CAD, Millions) 53.29 58.20 58.20 58.10 58.10
Source Est @ 7.22% Analyst x1 Analyst x1 Analyst x1 Analyst x1
Present Value
Discounted (@ 8.39%)
49.17 49.54 45.70 42.09 38.84
Present value of next 5 years cash flows CA$225.34
TSX:VNR DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= CA$58.10 × (1 + 1.95%) ÷ (8.39% – 1.95%)
CA$919.40
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= CA$919.40 ÷ (1 + 8.39%)5
CA$614.57
TSX:VNR Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= CA$225.34 + CA$614.57
CA$839.91
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$839.91 / 39.35
CA$21.35
TSX:VNR Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$21.35
Current discount Discount to share price of CA$22.03
= -1 x (CA$22.03 - CA$21.35) / CA$21.35
-3.2%

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

  • The current share price of Valener is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Valener's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Valener's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:VNR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CAD CA$1.54
TSX:VNR Share Price ** TSX (2019-02-13) in CAD CA$22.03
North America Gas Utilities Industry PE Ratio Median Figure of 14 Publicly-Listed Gas Utilities Companies 22.06x
Canada Market PE Ratio Median Figure of 559 Publicly-Listed Companies 14.43x

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

** Primary Listing of Valener.

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

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

= 22.03 ÷ 1.54

14.28x

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

  • Valener is good value based on earnings compared to the North America Gas Utilities industry average.
  • Valener is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does Valener's expected growth come at a high price?
Raw Data
TSX:VNR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.28x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
-2.3%per year
North America Gas Utilities Industry PEG Ratio Median Figure of 12 Publicly-Listed Gas Utilities Companies 2.29x
Canada Market PEG Ratio Median Figure of 262 Publicly-Listed Companies 0.96x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.28x ÷ -2.3%

-6.11x

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

  • Valener earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Valener's assets?
Raw Data
TSX:VNR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CAD CA$18.11
TSX:VNR Share Price * TSX (2019-02-13) in CAD CA$22.03
Canada Gas Utilities Industry PB Ratio Median Figure of 5 Publicly-Listed Gas Utilities Companies 1.1x
Canada Market PB Ratio Median Figure of 2,328 Publicly-Listed Companies 1.52x
TSX:VNR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 22.03 ÷ 18.11

1.22x

* Primary Listing of Valener.

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

  • Valener is overvalued based on assets compared to the CA Gas Utilities industry average.
X
Value checks
We assess Valener'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 Gas Utilities 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 Gas Utilities industry average (and greater than 0)? (1 check)
  5. Valener 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.

Future Performance

 How is Valener expected to perform in the next 1 to 3 years based on estimates from 5 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
-2.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Valener expected to grow at an attractive rate?
  • Valener's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Valener's earnings are expected to decrease over the next 1-3 years, this is below the Canada market average.
  • Unable to compare Valener's revenue growth to the Canada market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
TSX:VNR Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:VNR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts -2.3%
Canada Gas Utilities Industry Earnings Growth Rate Market Cap Weighted Average 66.5%
North America Gas Utilities Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
Canada Market Earnings Growth Rate Market Cap Weighted Average 16.8%
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:VNR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:VNR Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-09-30 58
2022-09-30 57
2021-09-30 56
2020-09-30 58 58
2019-09-30 56 60
TSX:VNR Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2018-12-31 85 63 60
2018-09-30 69 62 46
2018-06-30 66 61 44
2018-03-31 67 62 46
2017-12-31 64 59 43
2017-09-30 74 60 53
2017-06-30 75 59 54
2017-03-31 69 59 49
2016-12-31 69 59 46
2016-09-30 84 57 62
2016-06-30 80 60 57
2016-03-31 84 59 62

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Valener's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Unable to determine if Valener is high growth as no revenue estimate data is available.
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:VNR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Valener Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:VNR Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-09-30
2022-09-30
2021-09-30
2020-09-30 1.46 1.46 1.46 1.00
2019-09-30
TSX:VNR Past Financials Data
Date (Data in CAD Millions) EPS *
2018-12-31 1.54
2018-09-30 1.19
2018-06-30 1.14
2018-03-31 1.17
2017-12-31 1.12
2017-09-30 1.37
2017-06-30 1.41
2017-03-31 1.27
2016-12-31 1.18
2016-09-30 1.61
2016-06-30 1.47
2016-03-31 1.62

*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 Valener will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Valener'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 North America 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.
Valener has a total score of 0/6, 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.

Past Performance

  How has Valener 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 Valener's growth in the last year to its industry (Gas Utilities).
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.
  • Valener's year on year earnings growth rate has been positive over the past 5 years.
  • Valener's 1-year earnings growth exceeds its 5-year average (39.3% vs 5.5%)
  • Valener's earnings growth has exceeded the North America Gas Utilities industry average in the past year (39.3% vs 2.4%).
Earnings and Revenue History
Valener'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 Valener Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:VNR Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 85.30 60.37 1.96
2018-09-30 69.16 46.44 2.12
2018-06-30 66.09 44.43 2.27
2018-03-31 67.00 45.63 2.27
2017-12-31 63.81 43.34 2.16
2017-09-30 74.01 53.06 2.13
2017-06-30 75.08 54.44 2.23
2017-03-31 69.39 48.91 2.14
2016-12-31 68.89 45.73 2.03
2016-09-30 84.00 62.15 2.09
2016-06-30 80.36 56.57 2.08
2016-03-31 83.90 62.16 2.26
2015-12-31 83.46 69.55 2.20
2015-09-30 59.36 44.79 2.13
2015-06-30 57.62 45.65 2.68
2015-03-31 54.65 42.18 2.53
2014-12-31 51.10 35.45 2.50
2014-09-30 51.18 36.64 2.52
2014-06-30 53.77 39.03 2.00
2014-03-31 55.39 40.47 1.87
2013-12-31 50.18 35.36 2.22
2013-09-30 52.57 37.10 2.10
2013-06-30 54.33 38.27 2.14
2013-03-31 53.66 37.71 2.29
2012-12-31 51.00 35.46 1.98
2012-09-30 42.26 28.01 2.01
2012-06-30 41.14 27.57 1.80
2012-03-31 44.61 28.62 1.88

*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.
  • Valener has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Valener used its assets more efficiently than the North America Gas Utilities industry average last year based on Return on Assets.
  • Valener's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Valener'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 Gas Utilities 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.
Valener has a total score of 4/6, 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.

Health

 How is Valener'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 Valener's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Valener is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Valener's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Valener'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.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.2x 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 Valener Company Filings, last reported 1 month ago.

TSX:VNR Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 808.74 84.46 2.11
2018-09-30 777.95 85.87 1.12
2018-06-30 792.00 94.88 0.43
2018-03-31 795.38 99.78 2.20
2017-12-31 763.22 102.28 0.51
2017-09-30 757.03 103.76 0.71
2017-06-30 777.33 112.25 0.64
2017-03-31 789.97 116.72 0.51
2016-12-31 770.53 90.25 1.34
2016-09-30 744.18 93.80 1.16
2016-06-30 751.59 100.25 0.54
2016-03-31 768.91 127.68 5.09
2015-12-31 768.54 124.85 3.11
2015-09-30 718.53 124.99 1.45
2015-06-30 759.26 101.42 3.03
2015-03-31 765.29 67.35 2.47
2014-12-31 725.26 71.29 1.69
2014-09-30 713.46 66.78 0.76
2014-06-30 718.66 69.22 0.96
2014-03-31 738.02 71.22 1.67
2013-12-31 712.51 71.65 1.06
2013-09-30 697.23 67.60 0.48
2013-06-30 713.74 53.11 0.84
2013-03-31 708.62 51.60 1.16
2012-12-31 688.36 52.02 0.61
2012-09-30 675.66 51.43 0.49
2012-06-30 696.57 26.94 0.66
2012-03-31 611.28 44.30 0.87
  • Valener's level of debt (10.4%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (10.1% vs 10.4% today).
  • Debt is well covered by operating cash flow (74.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 33.4x coverage).
X
Financial health checks
We assess Valener'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. Valener has a total score of 4/6, 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.

Dividends

 What is Valener'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
5.45%
Current annual income from Valener dividends. Estimated to be 5.78% next year.
If you bought CA$2,000 of Valener shares you are expected to receive CA$109 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?
  • Valener's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.11%).
  • Valener's dividend is below the markets top 25% of dividend payers in Canada (5.93%).
Upcoming dividend payment

Purchase Valener 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:VNR 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 5 Analyst Estimates (S&P Global) See Below
Canada Gas Utilities Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 6.3%
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:VNR Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2023-09-30 1.38 2.00
2022-09-30 1.36 3.00
2021-09-30 1.29 2.00
2020-09-30 1.25 5.00
2019-09-30 1.20 5.00
TSX:VNR Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-02-08 1.200 5.471
2018-11-23 1.200 5.949
2018-08-09 1.160 5.934
2018-05-10 1.160 5.708
2018-02-09 1.160 5.670
2017-11-24 1.160 5.160
2017-08-09 1.160 5.198
2017-05-11 1.120 5.027
2017-02-08 1.120 5.215
2016-11-24 1.120 5.370
2016-08-11 1.080 5.102
2016-05-13 1.080 4.829
2016-02-12 1.080 5.245
2015-11-27 1.080 5.920
2015-08-07 1.040 6.184
2015-05-14 1.040 6.156
2015-02-12 1.040 6.046
2014-11-27 1.000 6.159
2014-08-11 1.000 6.259
2014-05-14 1.000 6.323
2014-02-07 1.000 6.381
2013-11-28 1.000 6.495
2013-08-09 1.000 6.419
2013-05-13 1.000 6.172
2013-02-11 1.000 6.178
2012-11-29 1.000 6.229
2012-08-10 1.000 6.244
2012-05-14 1.000 6.543
2012-02-13 1.000 6.470
2011-11-18 1.000 6.241
2011-08-11 1.000 6.574
2011-05-16 1.000 6.121
2010-11-19 1.000 5.932

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

  • Whilst dividend payments have been stable, Valener has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Valener only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Valener'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 (1.2x coverage).
X
Income/ dividend checks
We assess Valener'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 Valener afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Valener 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.

Management

 What is the CEO of Valener'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
Sophie Brochu
COMPENSATION CA$1,854,664
AGE 54
TENURE AS CEO 12 years
CEO Bio

Ms. Sophie Brochu, C.M., has been the Chief Executive Officer and President of Énergir Inc. at Valener Inc. She has been the Chief Executive Officer and President of Gaz Métro Inc., the General Partner of Société en commandite Gaz Métro since February 07, 2007. Ms. Brochu serves as President, Chief Executive Officer and Director of Énergir Inc. at Énergir, LP. Ms. Brochu served as the Vice President of Customer and Gas Supply at Société en commandite Gaz Métro since 2003. She joined Gaz Métro in 1997 as Vice-President, Business Development where she held several positions including Executive Vice-President from November 2005 to February 2007, responsible for all natural gas distribution activities in Québec. She served as the Chief Executive Officer and President of Gaz Métro Plus, Inc. She is an active in the energy industry for almost 20 years and served in Gaz Métro for the 10 years. She started her career in 1987 as a Financial Analyst with SOQUIP (Société québécoise d’initiatives pétrolières) and held several positions, including Vice-President, Development from 1992 1997 and Assistant to the President from 1990 to 1992. Ms. Brochu served as Vice President of Sales, Marketing and Customer Services of SOQUIP since January 2003. She has been Non-Independent Director of Gaz Métro inc. since February 7, 2007. She has been an Independent Director of Bank of Montreal since March 22, 2011. She has been an Independent Director at BCE Inc. since May 2010. Ms. Brochu serves as an Independent Director of Bell Canada since 2010 and Northern New England Energy Corporation. She also serves as a Director of the Institut de réadaptation de Montréal and the Société du Musée d’archéologie et d’histoire de Montréal (Pointe-à-Callière). She served as Chairman of the Board of the Montréal Museum of Archaeology and History (Pointe-à-Callière). She was co-President of the Centraide of Greater Montréal campaign for 2010 and she is the Chair of Forces Avenir which promotes students involvement in their communities. She co-founded “80, ruelle de l’Avenir”, a project aimed at encouraging students in the Centre-Sud and Hochelaga neighbourhoods of Montréal to remain in school. She is also a Director of the Fondation Chagnon. Ms. Brochu is a graduate (Diploma) in Economics from Université Laval in Québec City in 1987, where she specialized in the Energy Field.

CEO Compensation
  • Insufficient data for Sophie to compare compensation growth.
  • Sophie's remuneration is about average for companies of similar size in Canada.
Management Team

Sophie Brochu

TITLE
President & CEO of Énergir Inc.
COMPENSATION
CA$2M
AGE
54
TENURE
12 yrs

Martin Imbleau

TITLE
Senior VP of Operations
COMPENSATION
CA$830K

Stéphanie Trudeau

TITLE
Senior Vice President of Regulatory
COMPENSATION
CA$634K

Mary Powell

TITLE
CEO & President of Green Mountain
COMPENSATION
CA$2M
AGE
58

Eric Lachance

TITLE
Senior VP of Regulatory Affairs
TENURE
1.1 yrs

Mariem Elsayed

TITLE
Investor Relations

Luc Génier

TITLE
Vice President of Sales and Market Development - Gaz Métro Inc
COMPENSATION
CA$616K

Lyne Burelle

TITLE
Corporate Secretary of Gaz Métro Inc

Mathieu Lepage

TITLE
Director of Finance and Treasurer
Board of Directors Tenure

Average tenure and age of the Valener board of directors in years:

5.1
Average Tenure
63
Average Age
  • The tenure for the Valener board of directors is about average.
Board of Directors

Pierre Monahan

TITLE
Chairman of the Board
COMPENSATION
CA$63K
AGE
71
TENURE
8.7 yrs

François Gervais

TITLE
Independent Director
COMPENSATION
CA$53K
AGE
65
TENURE
8.4 yrs

Serge Régnier

TITLE
Independent Director
COMPENSATION
CA$37K
AGE
63
TENURE
1.9 yrs

Mary-Ann Bell

TITLE
Independent Director
COMPENSATION
CA$38K
AGE
58
TENURE
5.1 yrs

Gwen Klees

TITLE
Independent Director
COMPENSATION
CA$72K
AGE
54
TENURE
2.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
21. Feb 18 Buy Mary-Ann Bell Individual 20. Feb 18 20. Feb 18 2,000 CA$20.89 CA$41,780
20. Feb 18 Buy Serge Régnier Individual 15. Feb 18 15. Feb 18 1,104 CA$20.28 CA$22,389
16. Feb 18 Buy Gwen Klees Individual 15. Feb 18 15. Feb 18 1,380 CA$20.15 CA$27,813
15. Feb 18 Buy Pierre Monahan Individual 15. Feb 18 15. Feb 18 3,000 CA$20.16 CA$60,470
X
Management checks
We assess Valener'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. Valener 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.

News

Simply Wall St News

Have Insiders Been Buying Valener Inc (TSE:VNR) Shares?

We often see insiders buying up shares in companies that perform well over the long term. … So shareholders might well want to know whether insiders have been buying or selling shares in Valener Inc (TSE:VNR). … But logic dictates you should pay some attention to whether insiders are buying or selling shares.

Simply Wall St -

Do You Like Valener Inc (TSE:VNR) At This P/E Ratio?

The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … Valener has a price to earnings ratio of 17.44, based on the last twelve months. … How Do I Calculate A Price To Earnings Ratio

Simply Wall St -

Does Valener Inc's (TSE:VNR) CEO Pay Compare Well With Peers?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … View our latest analysis for Valener? … How Does Sophie Brochu's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Want To Invest In Valener Inc (TSE:VNR)? Here's How It Performed Lately

Assessing Valener Inc's (TSE:VNR) performance as a company requires looking at more than just a years' earnings data. … VNR's trailing twelve-month earnings (from 30 September 2018) of CA$46m has? … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 5.4%, indicating the rate at which VNR is growing has slowed down

Simply Wall St -

Are Valener Inc's (TSE:VNR) Interest Costs Too High?

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 -

Calculating The Intrinsic Value Of Valener Inc (TSE:VNR)

In this article I am going to calculate the intrinsic value of Valener Inc (TSE:VNR). … by taking the foreast future cash flows of the company and discounting them back to today's value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model

Simply Wall St -

What You Need To Know About Valener Inc’s (TSE:VNR) Cash Situation

I’ve analysed below, the health and outlook of Valener’s cash flow, which will help you understand the stock from a cash standpoint. … Valener’s free cash flow (FCF) is the level of cash flow the business generates from its operational activities, after it reinvests in the company as capital expenditure. … I will be analysing Valener’s FCF by looking at its FCF yield and its operating cash flow growth.

Simply Wall St -

Should We Be Cautious About Valener Inc's (TSE:VNR) ROE Of 6.2%?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … That means that for every CA$1 worth of shareholders' equity, it generated CA$0.062 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Valener Inc (TSE:VNR): A Look At Return On Capital

Your equity share is granted in return for the capital provided to the business to operate, and in order for an investment to be successful the business has to create earnings from the funds that make up this capital. … Therefore, looking at how efficiently Valener is able to use capital to create earnings will help us understand your potential return. … Investors use many different metrics but the analysis below focuses on return on capital employed (ROCE).

Simply Wall St -

How Financially Strong Is Valener Inc (TSE:VNR)?

Valener Inc (TSE:VNR) is a small-cap stock with a market capitalization of CA$794.50m. … While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … Assessing first and foremost the financial health is.

Simply Wall St -

Company Info

Map
Description

Valener Inc., through its subsidiaries, engages in the natural gas business in Canada and the United States. Its Energy Distribution segment engages in the natural gas distribution activities in Quebec and Vermont, as well as electricity distribution activities in Vermont to 205,000 customers through a pipeline network of approximately 11,000 kilometers in Quebec, as well as 50,000 customers in residential, commercial, and industrial markets through a network of 1,500 kilometers. This segment is also involved in the distribution, transportation, production, purchase, and sale of electricity to 265,000 customers through 16,300 kilometers of overhead distribution lines; 2,000 kilometers of underground distribution lines; and 2,700 kilometers of overhead transmission lines. It operates 2 wind farms with an installed capacity of 69 megawatts, as well as 21 solar farms with an installed capacity of 25 megawatts in Vermont; and 44 hydroelectric generating stations in New England. The company’s Natural Gas Transportation segment operates 2 pipelines totaling 98 kilometers in northwest Quebec; 575- kilometers pipeline in Quebec; and 489- kilometers pipeline from the Quebec border to the suburbs of Boston. Its Electricity Production segment develops and owns solar power generation projects in the United States; and 3 wind farms with a total installed capacity of 340 megawatts on the private lands of Seigneurie de Beaupré. The company’s Energy Services, Storage and Other segment engages in the sale of liquefied natural gas as a fuel or energy product; electric power generation and transmission from a thermal power plant, as well as the sale, leasing, and maintenance of natural gas appliances; and underground natural gas storage activities in Quebec. Valener Inc. was incorporated in 2010 and is based in Montreal, Canada.

Details
Name: Valener Inc
VNR
Exchange: TSX
Founded: 2010
CA$866,774,557
39,345,191
Website: http://www.valener.com
Address: Valener Inc
1717, rue du Havre Street,
Montreal,
Quebec, H2K 2X3,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX VNR Common Shares The Toronto Stock Exchange CA CAD 01. Oct 2010
OTCPK VNRC.F Common Shares Pink Sheets LLC US USD 01. Oct 2010
DB 5NG Common Shares Deutsche Boerse AG DE EUR 01. Oct 2010
Number of employees
Current staff
Staff numbers
0
Valener employees.
Industry
Gas Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/14 00:38
End of day share price update: 2019/02/13 00:00
Last estimates confirmation: 2019/02/12
Last earnings filing: 2019/02/08
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/09/30


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.