New Risk • Jun 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Earnings are forecast to decline by an average of 3.2% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (179% payout ratio). Large one-off items impacting financial results. Significant insider selling over the past 3 months (€232k sold). Recent Insider Transactions • May 21
CEO & Director recently sold €157k worth of stock On the 14th of May, Marc Murnaghan sold around 20k shares on-market at roughly €7.84 per share. This transaction amounted to 3.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Marc has been a net seller over the last 12 months, reducing personal holdings by €97k. Announcement • Apr 07
Polaris Renewable Energy Inc., Annual General Meeting, Jun 18, 2026 Polaris Renewable Energy Inc., Annual General Meeting, Jun 18, 2026. Announcement • Aug 01
Polaris Renewable Energy Inc. Declares Quarterly Dividend, Payable on August 22, 2025 Polaris Renewable Energy Inc. announced that its board of directors has declared a quarterly dividend of USD 0.15 per common share outstanding. This dividend will be paid on August 22 to shareholders of record at the close of business on August 11. Announcement • May 02
Polaris Renewable Energy Declares Quarterly Dividend, Payable on May 23, 2025 Polaris Renewable Energy Inc. announced that its board of directors has declared a quarterly dividend of USD 0.15 per common share outstanding. This dividend will be paid on May 23, 2025 to shareholders of record at the close of business on May 12th. The dividend is an "eligible dividend" as designated for Canadian federal, provincial, and territorial income tax purposes. The board of directors of Polaris Renewable Energy remains committed to paying a quarterly dividend and will evaluate further dividend increases, as appropriate, going forward. Announcement • Apr 08
Polaris Renewable Energy Inc., Annual General Meeting, Jun 19, 2025 Polaris Renewable Energy Inc., Annual General Meeting, Jun 19, 2025. Announcement • Mar 04
Polaris Renewable Energy Inc. (TSX:PIF) completed the acquisition of an unknown stake in Punta Lima Wind Farm, LLC from Santander Bank, National Association. Polaris Renewable Energy Inc. (TSX:PIF) agreed to acquire an unknown stake in Punta Lima Wind Farm, LLC from Santander Bank, National Association for $20 million on October 29, 2024. The total equity contribution of $20 million from Polaris will be subject to customary closing adjustments including working capital changes. Polaris intends to use cash on hand to fund the equity contribution. the transaction is subject to customary closing conditions, which principally consist of approval of the acquisition by local regulatory bodies as well as the execution of a corresponding LLC Agreement. On November 15, 2024, Polaris announced that it has successfully completed a private placement of $175 million senior secured green bonds. Net proceeds of the bonds will be used to refinance certain existing debt facilities, the acquisition of the Punta Lima wind farm in Puerto Rico and other investments in renewable energy assets. Santander US Capital Markets LLC acted as financial advisor for Santander Bank, National Association. The transaction is expected to close in the first quarter of 2025.
Polaris Renewable Energy Inc. (TSX:PIF) completed the acquisition of an unknown stake in Punta Lima Wind Farm, LLC from Santander Bank, National Association on March 3, 2025. Announcement • Feb 05
Polaris Renewable Energy Inc. Declares Quarterly Dividend, Payable on February 28, 2025 Polaris Renewable Energy Inc. announced that its board of directors has declared a quarterly dividend of USD 0.15 per common share outstanding. This dividend will be paid on February 28, 2025 to shareholders of record at the close of business on February 17, 2025. Announcement • Jan 21
Polaris Renewable Energy Inc. to Report Q4, 2024 Results on Feb 20, 2025 Polaris Renewable Energy Inc. announced that they will report Q4, 2024 results on Feb 20, 2025 Recent Insider Transactions • Jan 03
CEO & Director recently bought €225k worth of stock On the 31st of December, Marc Murnaghan bought around 25k shares on-market at roughly €8.98 per share. This transaction amounted to 5.3% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €347k. Marc has been a buyer over the last 12 months, purchasing a net total of €81k worth in shares. Recent Insider Transactions • Nov 08
CEO & Director recently bought €347k worth of stock On the 6th of November, Marc Murnaghan bought around 42k shares on-market at roughly €8.36 per share. This transaction amounted to 9.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Marc has been a buyer over the last 12 months, purchasing a net total of €58k worth in shares. Declared Dividend • Nov 03
Third quarter dividend of US$0.15 announced Shareholders will receive a dividend of US$0.15. Ex-date: 8th November 2024 Payment date: 22nd November 2024 Dividend yield will be 7.2%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (178% earnings payout ratio). However, it is well covered by cash flows (43% cash payout ratio). The dividend has increased by an average of 4.6% per year over the past 9 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 97% to bring the payout ratio under control. EPS is expected to grow by 37% over the next year, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Nov 01
Polaris Renewable Energy Inc. Declares Quarterly Dividend, Payable on November 22, 2024 Polaris Renewable Energy Inc. announced that its board of directors has declared a quarterly dividend of USD 0.15 per common share outstanding. This dividend will be paid on November 22, 2024 to shareholders of record at the close of business on November 11, 2024. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: US$0.02 (vs US$0.048 in 3Q 2023) Third quarter 2024 results: EPS: US$0.02 (down from US$0.048 in 3Q 2023). Revenue: US$17.7m (down 6.3% from 3Q 2023). Net income: US$451.0k (down 56% from 3Q 2023). Profit margin: 2.6% (down from 5.4% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Announcement • Oct 29
Polaris Renewable Energy Inc. (TSX:PIF) agreed to acquire an unknown minority stake in Punta Lima Wind Farm, LLC from Santander Bank, National Association. Polaris Renewable Energy Inc. (TSX:PIF) agreed to acquire an unknown minority stake in Punta Lima Wind Farm, LLC from Santander Bank, National Association on October 29, 2024. The transaction is subject to approval customary closing conditions and regulatory board / committee. Santander US Capital Markets LLC acted as financial advisor for Santander Bank, National Association. Announcement • Oct 10
Polaris Renewable Energy Inc. to Report Q3, 2024 Results on Oct 31, 2024 Polaris Renewable Energy Inc. announced that they will report Q3, 2024 results on Oct 31, 2024 Recent Insider Transactions • Aug 17
Independent Director recently bought €52k worth of stock On the 14th of August, Adarsh Mehta bought around 7k shares on-market at roughly €7.90 per share. This transaction amounted to 5.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €151k more in shares than they have sold in the last 12 months. Declared Dividend • Aug 04
Second quarter dividend of US$0.15 announced Shareholders will receive a dividend of US$0.15. Ex-date: 12th August 2024 Payment date: 23rd August 2024 Dividend yield will be 7.2%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (163% earnings payout ratio). However, it is well covered by cash flows (40% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 8 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 82% to bring the payout ratio under control. EPS is expected to grow by 22% over the next year, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: US$0.05 (vs US$0.22 in 2Q 2023) Second quarter 2024 results: EPS: US$0.05 (down from US$0.22 in 2Q 2023). Revenue: US$18.7m (down 10% from 2Q 2023). Net income: US$985.0k (down 79% from 2Q 2023). Profit margin: 5.3% (down from 22% in 2Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 4.4% p.a. on average during the next 2 years, compared to a 2.1% growth forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • Aug 01
Polaris Renewable Energy Inc. Declares Quarterly Dividend, Payable on August 23, 2024 Polaris Renewable Energy Inc. announced that its board of directors has declared a quarterly dividend of USD 0.15 per common share outstanding. This dividend will be paid on August 23, 2024 to shareholders of record at the close of business on August 12, 2024. Announcement • Jul 22
Polaris Renewable Energy Inc. to Report Q2, 2024 Results on Aug 01, 2024 Polaris Renewable Energy Inc. announced that they will report Q2, 2024 results on Aug 01, 2024 New Risk • May 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 12% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Minor Risk Dividend is not well covered by earnings (111% payout ratio). Declared Dividend • May 08
First quarter dividend of US$0.15 announced Shareholders will receive a dividend of US$0.15. Ex-date: 10th May 2024 Payment date: 24th May 2024 Dividend yield will be 6.8%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (110% earnings payout ratio). However, it is well covered by cash flows (38% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 8 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 22% to bring the payout ratio under control. EPS is expected to grow by 2.2% over the next year, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • May 03
First quarter 2024 earnings released: EPS: US$0.21 (vs US$0.22 in 1Q 2023) First quarter 2024 results: EPS: US$0.21 (down from US$0.22 in 1Q 2023). Revenue: US$20.6m (up 2.6% from 1Q 2023). Net income: US$4.35m (down 7.5% from 1Q 2023). Profit margin: 21% (down from 23% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.9% p.a. on average during the next 2 years, while revenues in the Renewable Energy industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • May 03
Polaris Renewable Energy Inc. Declares Quarterly Dividend, Payable on May 24, 2024 Polaris Renewable Energy Inc. announced that its board of directors has declared a quarterly dividend of USD 0.15 per common share outstanding. This dividend will be paid on May 24th, 2024, to shareholders of record at the close of business on May 13th, 2024. The dividend is an "eligible dividend" as designated for Canadian federal, provincial, and territorial income tax purposes. Announcement • Apr 06
Polaris Renewable Energy Inc., Annual General Meeting, Jun 20, 2024 Polaris Renewable Energy Inc., Annual General Meeting, Jun 20, 2024. Announcement • Apr 02
Polaris Renewable Energy Inc. to Report Q1, 2024 Results on May 02, 2024 Polaris Renewable Energy Inc. announced that they will report Q1, 2024 results on May 02, 2024 Recent Insider Transactions • Mar 07
Independent Director recently bought €57k worth of stock On the 5th of March, Adarsh Mehta bought around 7k shares on-market at roughly €7.91 per share. This transaction amounted to 6.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €102k more in shares than they have sold in the last 12 months. New Risk • Feb 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 32% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). Earnings are forecast to decline by an average of 32% per year for the foreseeable future. Minor Risk Dividend is not well covered by earnings (108% payout ratio). Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: US$0.56 (vs US$0.12 in FY 2022) Full year 2023 results: EPS: US$0.56 (up from US$0.12 in FY 2022). Revenue: US$78.5m (up 25% from FY 2022). Net income: US$11.7m (up 370% from FY 2022). Profit margin: 15% (up from 4.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.3% p.a. on average during the next 2 years, compared to a 9.5% growth forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Declared Dividend • Feb 08
Third quarter dividend of US$0.15 announced Shareholders will receive a dividend of US$0.15. Ex-date: 9th February 2024 Payment date: 23rd February 2024 Dividend yield will be 6.4%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not adequately covered by earnings (95% earnings payout ratio). However, it is well covered by cash flows (48% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 8 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 5.2% to bring the payout ratio under control. However, EPS is expected to decline by 13% over the next year, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Feb 05
Polaris Renewable Energy Declares Quarterly Dividend, Payable on February 23, 2024 Polaris Renewable Energy Inc. announced that its board of directors has declared a quarterly dividend of $0.15 per common share outstanding. This dividend will be paid on February 23rd, 2024, to shareholders of record at the close of business on February 12th, 2024. The dividend is an "eligible dividend" as designated for Canadian federal, provincial, and territorial income tax purposes. Announcement • Jan 24
Polaris Renewable Energy Inc. to Report Q4, 2023 Results on Feb 22, 2024 Polaris Renewable Energy Inc. announced that they will report Q4, 2023 results on Feb 22, 2024 New Risk • Nov 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 12% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (105% payout ratio). Large one-off items impacting financial results. Announcement • Nov 03
Polaris Renewable Energy Inc. Declares Dividend, Payable on November 24, 2023 Polaris Renewable Energy Inc. announced that its board of directors has declared a quarterly dividend of $0.15 per common share outstanding. This dividend will be paid on November 24th, 2023, to shareholders of record at the close of business on November 13th, 2023. The dividend is an "eligible dividend" as designated for Canadian federal, provincial, and territorial income tax purposes. Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: US$0.05 (vs US$0.074 loss in 3Q 2022) Third quarter 2023 results: EPS: US$0.05 (up from US$0.074 loss in 3Q 2022). Revenue: US$18.8m (up 30% from 3Q 2022). Net income: US$1.02m (up US$2.51m from 3Q 2022). Profit margin: 5.4% (up from net loss in 3Q 2022). Revenue is forecast to grow 7.4% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Announcement • Aug 04
Polaris Renewable Energy Declares Quarterly Dividend, Payable on August 25, 2023 Polaris Renewable Energy Inc. announced that its board of directors has declared a quarterly dividend of $0.15 per common share outstanding. This dividend will be paid on August 25th, 2023 to shareholders of record at the close of business on August 14th, 2023. Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: US$0.22 (vs US$0.079 loss in 2Q 2022) Second quarter 2023 results: EPS: US$0.22 (up from US$0.079 loss in 2Q 2022). Revenue: US$20.8m (up 37% from 2Q 2022). Net income: US$4.62m (up US$6.16m from 2Q 2022). Profit margin: 22% (up from net loss in 2Q 2022). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Announcement • Jul 14
Polaris Renewable Energy Inc. to Report Q2, 2023 Results on Aug 03, 2023 Polaris Renewable Energy Inc. announced that they will report Q2, 2023 results on Aug 03, 2023 Announcement • Jun 23
Polaris Renewable Energy Inc. Announces Director Elections Polaris Renewable Energy Inc. at its annual and special meeting of shareholders held on June 22, 2023, approved election of Catherine Fagnan and Adarsh P. Mehta as Directors. Announcement • May 05
Polaris Renewable Energy Inc. Declares Quarterly Dividend, Payable on May 26, 2023 Polaris Renewable Energy Inc. announced that its board of directors has declared a quarterly dividend of USD 0.15 per common share outstanding. This dividend will be paid on May 26th, 2023, to shareholders of record at the close of business on May 15th, 2023. Reported Earnings • May 05
First quarter 2023 earnings released: EPS: US$0.22 (vs US$0.13 in 1Q 2022) First quarter 2023 results: EPS: US$0.22 (up from US$0.13 in 1Q 2022). Revenue: US$20.1m (up 25% from 1Q 2022). Net income: US$4.70m (up 86% from 1Q 2022). Profit margin: 23% (up from 16% in 1Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 1.0% decline forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: US$0.12 (vs US$0.027 in FY 2021) Full year 2022 results: EPS: US$0.12 (up from US$0.027 in FY 2021). Revenue: US$62.6m (up 5.2% from FY 2021). Net income: US$2.50m (up 399% from FY 2021). Profit margin: 4.0% (up from 0.8% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 8.5% decline forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Feb 07
Polaris Renewable Energy Inc. Declares Quarterly Dividend, Payable on February 24, 2023 Polaris Renewable Energy Inc. announced that its board of directors has declared a quarterly dividend of USD 0.15 per common share outstanding. This dividend will be paid on February 24, 2023, to shareholders of record at the close of business on February 13, 2023. Announcement • Jan 05
Polaris Renewable Energy Inc. Completes Construction, Testing and Initial Operation of A 10.4 Mw (Net) Geothermal Binary Power Plant at the San Jacinto Geothermal Project in Telica, Leon, Republic of Nicaragua Polaris Renewable Energy Inc. announced that it has completed construction, testing and initial operation of a 10.4 MW (net) geothermal binary power plant (Organic Rankine Cycle) at the San Jacinto Geothermal Project in Telica, Leon, Republic of Nicaragua. Initial start-up, tests and deliveries of energy commenced on December 30th, 2022. Full capacity was achieved on December 31st, 2022. Certain standard commissioning tests will continue to be performed over the course of the next two weeks with technical Commercial Operation expected to be declared by local authorities within the month. However, as anticipated, any deliveries of electricity during the commissioning phase will be paid at the rate in the current Power Purchase Agreement ("PPA") of $111.20 /Mwhr. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Director Marcela de Vásquez was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 04
Third quarter 2022 earnings released: US$0.07 loss per share (vs US$0.11 profit in 3Q 2021) Third quarter 2022 results: US$0.07 loss per share (down from US$0.11 profit in 3Q 2021). Revenue: US$14.5m (down 2.0% from 3Q 2021). Net loss: US$1.49m (down 169% from profit in 3Q 2021). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • Aug 05
Second quarter 2022 earnings released: US$0.08 loss per share (vs US$0.008 profit in 2Q 2021) Second quarter 2022 results: US$0.08 loss per share (down from US$0.008 profit in 2Q 2021). Revenue: US$15.2m (up 7.2% from 2Q 2021). Net loss: US$1.54m (down US$1.70m from profit in 2Q 2021). Over the next year, revenue is forecast to grow 21% compared to a 16% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Director Marcela de Vásquez was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jul 14
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Director Marcela de Vásquez was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 06
First quarter 2022 earnings released: EPS: US$0.13 (vs US$0.054 loss in 1Q 2021) First quarter 2022 results: EPS: US$0.13 (up from US$0.054 loss in 1Q 2021). Revenue: US$16.1m (up 2.5% from 1Q 2021). Net income: US$2.53m (up US$3.44m from 1Q 2021). Profit margin: 16% (up from net loss in 1Q 2021). Over the next year, revenue is forecast to grow 11% compared to a 16% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Reported Earnings • Feb 26
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: US$0.03 (down from US$1.84 in FY 2020). Revenue: US$59.5m (down 20% from FY 2020). Net income: US$501.0k (down 98% from FY 2020). Profit margin: 0.8% (down from 39% in FY 2020). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 3.0%. Over the next year, revenue is forecast to grow 4.8% compared to a 27% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 06
Third quarter 2021 earnings released: EPS US$0.11 (vs US$0.084 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: US$14.8m (down 13% from 3Q 2020). Net income: US$2.18m (up 65% from 3Q 2020). Profit margin: 15% (up from 7.8% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS US$0.008 (vs US$0.065 loss in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: US$14.2m (down 25% from 2Q 2020). Net income: US$159.0k (up US$1.18m from 2Q 2020). Profit margin: 1.1% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 08
First quarter 2021 earnings released: US$0.05 loss per share (vs US$0.28 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: US$15.7m (down 23% from 1Q 2020). Net loss: US$912.0k (down 121% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 05
Full year 2020 earnings released: EPS US$1.84 (vs US$0.92 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$74.7m (up 4.9% from FY 2019). Net income: US$28.8m (up 99% from FY 2019). Profit margin: 39% (up from 20% in FY 2019). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Mar 05
Revenue misses expectations Revenue missed analyst estimates by 2.0%. Over the next year, revenue is expected to shrink by 15% compared to a 28% growth forecast for the Renewable Energy industry in Germany. Upcoming Dividend • Feb 11
Upcoming Dividend of US$0.15 Per Share Will be paid on the 26th of February to those who are registered shareholders by the 18th of February. The trailing yield of 3.2% is below the top quartile of German dividend payers (3.3%), but it is higher than industry peers (2.1%). Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improved over the past week After last week's 17% share price gain to US$15.30, the stock is trading at a trailing P/E ratio of 14.8x, up from the previous P/E ratio of 12.7x. This compares to an average P/E of 33x in the Renewable Energy industry in Germany. Total returns to shareholders over the past three years are 41%. Is New 90 Day High Low • Feb 06
New 90-day high: €15.30 The company is up 69% from its price of €9.05 on 06 November 2020. The German market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €50.34 per share. Is New 90 Day High Low • Jan 21
New 90-day high: €13.00 The company is up 51% from its price of €8.60 on 23 October 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €50.29 per share. Is New 90 Day High Low • Dec 23
New 90-day high: €12.20 The company is up 44% from its price of €8.50 on 24 September 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €50.17 per share. Announcement • Dec 19
Polaris Infrastructure Inc. Approves Revised Terms to Its Power Purchase Agreement Polaris Infrastructure Inc. announce that its board of directors has approved revised terms to its Power Purchase Agreement ("PPA") at its San Jacinto geothermal facility in Nicaragua by its wholly-owned subsidiary Polaris Energy Nicaragua, S.A. ("PENSA"). After extensive discussions with the Ministry of Energy and Mines in Nicaragua, the Company announced the following as it relates to the continuing commitment to provide renewable, clean, baseload power to the country of Nicaragua at long-term competitive rates: The term of the PPA has been extended for an additional 10 years to January 2039. A non-indexed USD 110.00 per Mwhr price versus the current USD 130.712 per Mwhr price in 2020. Contractual confirmation for Polaris Infrastructure to include a Binary Unit of up to 10MW's. An extension of two years to the income tax holiday such that income taxes will now be payable in 2025 versus 2023. The previous price penalty clause requiring a minimum power production delivered has been eliminated. The amended terms are to take effect immediately. Valuation Update With 7 Day Price Move • Nov 27
Market bids up stock over the past week After last week's 16% share price gain to US$10.70, the stock is trading at a trailing P/E ratio of 10.1x, up from the previous P/E ratio of 8.7x. This compares to an average P/E of 28x in the Renewable Energy industry in Germany. Total returns to shareholders over the past three years are 16%. Is New 90 Day High Low • Nov 19
New 90-day high: €9.45 The company is up 3.0% from its price of €9.15 on 21 August 2020. The German market is also up 3.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Renewable Energy industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €48.19 per share. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS US$0.08 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$17.1m (down 3.0% from 3Q 2019). Net income: US$1.32m (down 50% from 3Q 2019). Profit margin: 7.8% (down from 15% in 3Q 2019). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue misses expectations Revenue missed analyst estimates by 6.7%. Over the next year, revenue is forecast to grow 8.5%, compared to a 24% growth forecast for the Renewable Energy industry in Germany. Is New 90 Day High Low • Oct 29
New 90-day low: €8.10 The company is down 10.0% from its price of €9.00 on 30 July 2020. The German market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €44.66 per share. Is New 90 Day High Low • Oct 02
New 90-day low: €8.35 The company is down 11% from its price of €9.35 on 03 July 2020. The German market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €44.12 per share. 
