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HASI

Hannon Armstrong Sustainable Infrastructure Capital NYSE:HASI Stock Report

Last Price

US$29.93

Market Cap

US$2.6b

7D

-5.5%

1Y

-45.4%

Updated

02 Oct, 2022

Data

Company Financials +
HASI fundamental analysis
Snowflake Score
Valuation2/6
Future Growth4/6
Past Performance2/6
Financial Health2/6
Dividends2/6

HASI Stock Overview

Hannon Armstrong Sustainable Infrastructure Capital, Inc.

Hannon Armstrong Sustainable Infrastructure Capital Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Hannon Armstrong Sustainable Infrastructure Capital
Historical stock prices
Current Share PriceUS$29.93
52 Week HighUS$65.74
52 Week LowUS$28.67
Beta1.56
1 Month Change-20.99%
3 Month Change-21.24%
1 Year Change-45.42%
3 Year Change4.87%
5 Year Change25.65%
Change since IPO162.54%

Recent News & Updates

Sep 26

Hannon Armstrong: Shares Are A Value After Big 2022 Beating, Stock Near Support

Summary The mortgage and real estate market are in turmoil with a surge in mortgage rates. One small sustainable infrastructure capital REIT is now an attractive buy with a big dividend and solid growth prospects. Hannon Armstrong's chart suggests now could be a good time to scoop up shares. Mortgage REITs, like the rest of the broader market, are threatening the June lows. The iShares Mortgage Real Estate Capped ETF (REM) is down about 20% from its early August rebound high as surging interest rates pressure the space. Unsettling for the real estate and mortgage markets are no doubt extremely high borrowing rates, at 6.7% as of last Friday, and now falling home prices, according to Zillow (Z). One small-cap REIT that has solid expected earnings and dividend growth now looks like a decent value. Mortgage REITS Threaten the June Low Stockcharts.com Home Prices Now Falling: Zillow Zillow Mortgage Rates Jump Near 7% Mortgage News Daily According to Bank of America Global Research, Hannon Armstrong (HASI) is a specialty finance company based in MD that provides capital and advisory services to companies in the renewable energy (wind/solar), energy efficiency, and sustainable infra markets. The company's $3 billion portfolio of 200+ transactions include 50% behind-the-meter assets such as energy efficiency, distributed solar, and storage, 45% of GC (grid-connected) assets such as wind and solar, and 5% of other sustainable infrastructure investments. The Maryland-based $2.8 billion market cap Mortgage Real Estate Investment Trusts industry company stock within the Financials sector trades at a high 31.9 trailing 12-month price-to-earnings ratio and pays a high 4.7% dividend yield, according to The Wall Street Journal. Competition remains tight for HASI's operations which could hurt returns looking ahead. On the bullish side, new partnerships the firm is crafting may brighten the future prospects for deals - that's key given the current maturity wall of its portfolio. Perhaps the big macro risk is what's happening with interest rates with its asset/liability mix. On valuation, BofA sees earnings rising this year and accelerating into 2024. Dividends should thus increase nicely in the coming quarters. The Bloomberg consensus forecast shows about the same EPS growth. Still, its operating P/E ratio remains high but has pulled back hard since BofA's last update - about 17x using last Friday's closing price, declining to under 14x by 2024. Free cash flow is high continue paying out nice dividends. HASI Earnings, Dividends, And Valuation Forecasts BofA Global Research Looking ahead, Wall Street Horizon's corporate event data show a dividend ex-date of October 3. Hannon's Q3 earnings date is also unconfirmed for Thursday, November 3 after market close. Corporate Event Calendar Wall Street Horizon The Technical Take HASI's stock price has dropped by more than half of its early 2021 peak. The low $50s was a critical spot, and when shares broke that support, a swift move to the mid-$30s came about. The stock then rebounded to what had been support but failed at its new resistance during the first quarter of this year.

Shareholder Returns

HASIUS Mortgage REITsUS Market
7D-5.5%-15.6%-2.5%
1Y-45.4%-42.4%-23.2%

Return vs Industry: HASI underperformed the US Mortgage REITs industry which returned -42.4% over the past year.

Return vs Market: HASI underperformed the US Market which returned -23.2% over the past year.

Price Volatility

Is HASI's price volatile compared to industry and market?
HASI volatility
HASI Average Weekly Movement9.4%
Mortgage REITs Industry Average Movement5.3%
Market Average Movement6.8%
10% most volatile stocks in US Market15.5%
10% least volatile stocks in US Market2.8%

Stable Share Price: HASI is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 9% a week.

Volatility Over Time: HASI's weekly volatility (9%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
198198Jeff Eckelhttps://www.hannonarmstrong.com

Hannon Armstrong Sustainable Infrastructure Capital, Inc. provides capital and services to the energy efficiency, renewable energy, and other sustainable infrastructure markets in the United States. The company’s projects include building or facility that reduce energy usage or cost through the use of solar generation and energy storage or energy efficiency improvements, including heating, ventilation, and air conditioning systems (HVAC), as well as lighting, energy controls, roofs, windows, building shells, and/or combined heat and power systems. It also focuses in the areas of grid connected projects that deploy cleaner energy sources, such as solar and wind to generate power; and other sustainable infrastructure projects, including upgraded transmission or distribution systems, water and storm water infrastructures, and other projects.

Hannon Armstrong Sustainable Infrastructure Capital Fundamentals Summary

How do Hannon Armstrong Sustainable Infrastructure Capital's earnings and revenue compare to its market cap?
HASI fundamental statistics
Market CapUS$2.63b
Earnings (TTM)US$85.68m
Revenue (TTM)US$106.95m

30.6x

P/E Ratio

24.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
HASI income statement (TTM)
RevenueUS$106.95m
Cost of RevenueUS$0
Gross ProfitUS$106.95m
Other ExpensesUS$21.27m
EarningsUS$85.68m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.98
Gross Margin100.00%
Net Profit Margin80.11%
Debt/Equity Ratio177.3%

How did HASI perform over the long term?

See historical performance and comparison

Dividends

5.0%

Current Dividend Yield

142%

Payout Ratio

Does HASI pay a reliable dividends?

See HASI dividend history and benchmarks
When do you need to buy HASI by to receive an upcoming dividend?
Hannon Armstrong Sustainable Infrastructure Capital dividend dates
Ex Dividend DateOct 03 2022
Dividend Pay DateOct 11 2022
Days until Ex dividend1 day
Days until Dividend pay date7 days

Does HASI pay a reliable dividends?

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

Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

HASI key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ratio1.9x

Price to Earnings Ratio vs Peers

How does HASI's PE Ratio compare to its peers?

HASI PE Ratio vs Peers
The above table shows the PE ratio for HASI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average8.3x
ABR Arbor Realty Trust
6.3x1.2%US$2.1b
BXMT Blackstone Mortgage Trust
9.9x7.4%US$4.0b
CMTG Claros Mortgage Trust
10.1x12.4%US$1.6b
ARI Apollo Commercial Real Estate Finance
7x12.7%US$1.2b
HASI Hannon Armstrong Sustainable Infrastructure Capital
30.6x16.0%US$2.6b

Price-To-Earnings vs Peers: HASI is expensive based on its Price-To-Earnings Ratio (30.6x) compared to the peer average (8.3x).


Price to Earnings Ratio vs Industry

How does HASI's PE Ratio compare vs other companies in the US Mortgage REITs Industry?

Price-To-Earnings vs Industry: HASI is expensive based on its Price-To-Earnings Ratio (30.6x) compared to the US Mortgage REITs industry average (9.7x)


Price to Earnings Ratio vs Fair Ratio

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

HASI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio30.6x
Fair PE Ratio14x

Price-To-Earnings vs Fair Ratio: HASI is expensive based on its Price-To-Earnings Ratio (30.6x) compared to the estimated Fair Price-To-Earnings Ratio (14x).


Share Price vs Fair Value

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

Below Fair Value: HASI ($29.93) is trading below our estimate of fair value ($57.17)

Significantly Below Fair Value: HASI is trading below fair value by more than 20%.


Analyst Price Targets

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

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


Discover undervalued companies

Future Growth

How is Hannon Armstrong Sustainable Infrastructure Capital forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


16.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: HASI's forecast earnings growth (16% per year) is above the savings rate (1.9%).

Earnings vs Market: HASI's earnings (16% per year) are forecast to grow faster than the US market (14.8% per year).

High Growth Earnings: HASI's earnings are forecast to grow, but not significantly.

Revenue vs Market: HASI's revenue (21.2% per year) is forecast to grow faster than the US market (7.7% per year).

High Growth Revenue: HASI's revenue (21.2% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: HASI's Return on Equity is forecast to be low in 3 years time (11.5%).


Discover growth companies

Past Performance

How has Hannon Armstrong Sustainable Infrastructure Capital performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


30.3%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: HASI has high quality earnings.

Growing Profit Margin: HASI's current net profit margins (80.1%) are lower than last year .


Past Earnings Growth Analysis

Earnings Trend: HASI's earnings have grown significantly by 30.3% per year over the past 5 years.

Accelerating Growth: HASI's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: HASI had negative earnings growth (-23.6%) over the past year, making it difficult to compare to the Mortgage REITs industry average (-1.6%).


Return on Equity

High ROE: HASI's Return on Equity (5.5%) is considered low.


Discover strong past performing companies

Financial Health

How is Hannon Armstrong Sustainable Infrastructure Capital's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: HASI's short term assets ($1.9B) exceed its short term liabilities ($205.4M).

Long Term Liabilities: HASI's short term assets ($1.9B) do not cover its long term liabilities ($2.7B).


Debt to Equity History and Analysis

Debt Level: HASI's net debt to equity ratio (159.8%) is considered high.

Reducing Debt: HASI's debt to equity ratio has reduced from 198.5% to 177.3% over the past 5 years.

Debt Coverage: HASI's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: Insufficient data to determine if HASI's interest payments on its debt are well covered by EBIT.


Balance Sheet


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Dividend

What is Hannon Armstrong Sustainable Infrastructure Capital current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


5.01%

Current Dividend Yield

Dividend Yield vs Market

Hannon Armstrong Sustainable Infrastructure Capital Dividend Yield vs Market
How does Hannon Armstrong Sustainable Infrastructure Capital dividend yield compare to the market?
SegmentDividend Yield
Company (Hannon Armstrong Sustainable Infrastructure Capital)5.0%
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (Mortgage REITs)14.9%
Analyst forecast in 3 Years (Hannon Armstrong Sustainable Infrastructure Capital)5.5%

Notable Dividend: HASI's dividend (5.01%) is higher than the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: HASI's dividend (5.01%) is in the top 25% of dividend payers in the US market (4.73%)


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, HASI has been paying a dividend for less than 10 years.

Growing Dividend: HASI's dividend payments have increased, but the company has only paid a dividend for 9 years.


Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (142.5%), HASI's dividend payments are not well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: HASI is paying a dividend but the company has no free cash flows.


Discover strong dividend paying companies

Management

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

5.7yrs

Average management tenure


CEO

Jeff Eckel (63 yo)

9.75yrs

Tenure

US$9,241,605

Compensation

Mr. Jeffrey Walter Eckel, also known as Jeff, serves as Chairman of Board of Directors, Chief Executive Officer and President of Hannon Armstrong Sustainable Infrastructure Capital, Inc. since 2013. Mr. Ec...


CEO Compensation Analysis

Jeff Eckel's Compensation vs Hannon Armstrong Sustainable Infrastructure Capital Earnings
How has Jeff Eckel's remuneration changed compared to Hannon Armstrong Sustainable Infrastructure Capital's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

US$86m

Mar 31 2022n/an/a

US$120m

Dec 31 2021US$9mUS$763k

US$126m

Sep 30 2021n/an/a

US$88m

Jun 30 2021n/an/a

US$112m

Mar 31 2021n/an/a

US$108m

Dec 31 2020US$4mUS$640k

US$82m

Sep 30 2020n/an/a

US$102m

Jun 30 2020n/an/a

US$90m

Mar 31 2020n/an/a

US$91m

Dec 31 2019US$5mUS$640k

US$80m

Sep 30 2019n/an/a

US$43m

Jun 30 2019n/an/a

US$50m

Mar 31 2019n/an/a

US$55m

Dec 31 2018US$5mUS$633k

US$40m

Sep 30 2018n/an/a

US$34m

Jun 30 2018n/an/a

US$25m

Mar 31 2018n/an/a

US$21m

Dec 31 2017US$4mUS$620k

US$29m

Sep 30 2017n/an/a

US$30m

Jun 30 2017n/an/a

US$25m

Mar 31 2017n/an/a

US$17m

Dec 31 2016US$5mUS$595k

US$13m

Sep 30 2016n/an/a

US$11m

Jun 30 2016n/an/a

US$10m

Mar 31 2016n/an/a

US$7m

Dec 31 2015US$5mUS$528k

US$7m

Compensation vs Market: Jeff's total compensation ($USD9.24M) is above average for companies of similar size in the US market ($USD6.89M).

Compensation vs Earnings: Jeff's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

Experienced Management: HASI's management team is seasoned and experienced (5.7 years average tenure).


Board Members

Experienced Board: HASI's board of directors are considered experienced (7.1 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: HASI insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

NYSE:HASI Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
25 Aug 22BuyUS$99,875Marc PangburnIndividual2,500US$39.95
12 Aug 22BuyUS$100,625Jeffrey EckelIndividual2,300US$43.75
13 May 22BuyUS$111,540Jeffrey LipsonIndividual3,000US$37.18
13 May 22BuyUS$99,810Jeffrey EckelIndividual2,668US$37.41
22 Feb 22SellUS$203,366Marc PangburnIndividual4,700US$43.27
08 Nov 21SellUS$317,033Nathaniel RoseIndividual5,000US$63.91
08 Nov 21SellUS$1,269,200Daniel McMahonIndividual20,000US$63.46

Ownership Breakdown

What is the ownership structure of HASI?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders1,945,5562.2%
General Public6,316,4837.2%
Institutions79,227,91290.6%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 11.5%.


Top Shareholders

Top 25 shareholders own 56.41% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
9.18%
The Vanguard Group, Inc.
8,032,457$240.4m2.54%0.01%
7.84%
BlackRock, Inc.
6,855,540$205.2m9.25%0.01%
7.03%
Wellington Management Group LLP
6,148,139$184.0m17.22%0.03%
3.86%
T. Rowe Price Group, Inc.
3,372,740$100.9m-1.16%0.01%
2.72%
Impax Asset Management Group plc
2,377,943$71.2m-1.9%0.23%
1.96%
State Street Global Advisors, Inc.
1,719,030$51.5m6.61%no data
1.89%
Van Eck Associates Corporation
1,656,908$49.6m-2.97%0.1%
1.86%
Handelsbanken Asset Management
1,628,060$48.7m1.89%0.1%
1.79%
abrdn plc
1,570,018$47.0m-0.55%0.05%
1.76%
Invesco Capital Management LLC
1,542,750$46.2m-5.01%0.04%
1.71%
Geode Capital Management, LLC
1,495,119$44.7m4.46%0.01%
1.43%
Neumeier Poma Investment Counsel LLC
1,252,048$37.5m-16.52%3.06%
1.31%
Amundi Asset Management
1,146,112$34.3m745.96%0.01%
1.3%
Northern Trust Global Investments
1,136,143$34.0m16.87%0.01%
1.25%
Stifel Asset Management Corp.
1,091,440$32.7m1.75%0.05%
1.24%
Loring, Wolcott & Coolidge Fiduciary Advisors, LLP
1,080,749$32.3m-12.8%0.4%
1.15%
Morgan Stanley, Investment Banking and Brokerage Investments
1,004,625$30.1m-13.24%0.01%
1.11%
Boston Common Asset Management, LLC
971,648$29.1m2.55%1.21%
0.94%
Eventide Asset Management, LLC
822,664$24.6m-9.64%0.49%
0.92%
Hermes Investment Management Limited
809,150$24.2m8.86%0.15%
0.9%
Foresight Group LLP
788,580$23.6m0%1.61%
0.85%
Jeffrey Eckel
742,222$22.2m0.31%no data
0.82%
Hood River Capital Management LLC
719,406$21.5m5.18%0.82%
0.8%
Norges Bank Investment Management
699,203$20.9m0%no data
0.79%
Vontobel Asset Management, Inc.
686,839$20.6m12.27%0.07%

Company Information

Hannon Armstrong Sustainable Infrastructure Capital, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Hannon Armstrong Sustainable Infrastructure Capital, Inc.
  • Ticker: HASI
  • Exchange: NYSE
  • Founded: 1981
  • Industry: Mortgage REITs
  • Sector: Diversified Financials
  • Implied Market Cap: US$2.625b
  • Market Cap: US$2.619b
  • Shares outstanding: 87.71m
  • Website: https://www.hannonarmstrong.com

Number of Employees


Location

  • Hannon Armstrong Sustainable Infrastructure Capital, Inc.
  • 1906 Towne Centre Boulevard
  • Suite 370
  • Annapolis
  • Maryland
  • 21401
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
HASINYSE (New York Stock Exchange)YesCommon StockUSUSDApr 2013
6HADB (Deutsche Boerse AG)YesCommon StockDEEURApr 2013
0J2ZLSE (London Stock Exchange)YesCommon StockGBUSDApr 2013
HASI *BMV (Bolsa Mexicana de Valores)YesCommon StockMXMXNApr 2013

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/02 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.