NYSE:HASI

Stock Analysis Report

Hannon Armstrong Sustainable Infrastructure Capital

Executive Summary

Hannon Armstrong Sustainable Infrastructure Capital, Inc.


Snowflake Analysis

Solid track record unattractive dividend payer.


Similar Companies

Share Price & News

How has Hannon Armstrong Sustainable Infrastructure Capital's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: HASI has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-1.7%

HASI

-10.1%

US REITs

-10.6%

US Market


1 Year Return

52.3%

HASI

5.9%

US REITs

5.2%

US Market

Return vs Industry: HASI exceeded the US REITs industry which returned 11.6% over the past year.

Return vs Market: HASI exceeded the US Market which returned 10.2% over the past year.


Shareholder returns

HASIIndustryMarket
7 Day-1.7%-10.1%-10.6%
30 Day8.7%-6.5%-8.5%
90 Day27.7%-4.5%-4.6%
1 Year59.6%52.3%10.1%5.9%7.4%5.2%
3 Year123.9%88.5%24.8%9.3%31.7%23.2%
5 Year181.8%111.0%48.4%17.9%56.4%39.3%

Price Volatility Vs. Market

How volatile is Hannon Armstrong Sustainable Infrastructure Capital's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Hannon Armstrong Sustainable Infrastructure Capital undervalued compared to its fair value and its price relative to the market?

29.38x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: HASI ($37.49) is trading above our estimate of fair value ($11.65)

Significantly Below Fair Value: HASI is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: HASI is good value based on its PE Ratio (29.4x) compared to the REITs industry average (36.3x).

PE vs Market: HASI is poor value based on its PE Ratio (29.4x) compared to the US market (17.1x).


Price to Earnings Growth Ratio

PEG Ratio: HASI is poor value based on its PEG Ratio (36.9x)


Price to Book Ratio

PB vs Industry: HASI is overvalued based on its PB Ratio (2.6x) compared to the US REITs industry average (1.9x).


Next Steps

Future Growth

How is Hannon Armstrong Sustainable Infrastructure Capital forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

0.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: HASI's forecast earnings growth (0.8% per year) is below the savings rate (1.7%).

Earnings vs Market: HASI's earnings (0.8% per year) are forecast to grow slower than the US market (13.2% per year).

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

Revenue vs Market: HASI's revenue (15% per year) is forecast to grow faster than the US market (7.6% per year).

High Growth Revenue: HASI's revenue (15% per year) is forecast to grow slower 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 (11.4%).


Next Steps

Past Performance

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

45.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: HASI has high quality earnings.

Growing Profit Margin: HASI's current net profit margins are higher than last year (65.3%).


Past Earnings Growth Analysis

Earnings Trend: HASI's earnings have grown significantly by 45.7% per year over the past 5 years.

Accelerating Growth: HASI's earnings growth over the past year (105.1%) exceeds its 5-year average (45.7% per year).

Earnings vs Industry: HASI earnings growth over the past year (105.1%) exceeded the REITs industry 5%.


Return on Equity

High ROE: HASI's Return on Equity (8.7%) is considered low.


Next Steps

Financial Health

How is Hannon Armstrong Sustainable Infrastructure Capital's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: HASI has a low level of unsold assets or inventory.

Debt Coverage by Assets: HASI's debt is not covered by short term assets (assets are 0.8x debt).


Financial Institutions Analysis

Asset Level: HASI's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if HASI has a sufficient allowance for bad loans.

Low Risk Liabilities: HASI reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if HASI has an acceptable proportion of non-loan assets held.

Low Risk Deposits: HASI has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if HASI has an appropriate level of bad loans.


Next Steps

Dividend

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

3.63%

Current Dividend Yield


Upcoming Dividend Payment

TodayFeb 28 2020Ex Dividend DateApr 01 2020Dividend Pay DateApr 10 20209 days from Ex DividendBuy in the next 33 days to receive upcoming dividend

Dividend Yield vs Market

Notable Dividend: HASI's dividend (3.63%) is higher than the bottom 25% of dividend payers in the US market (1.53%).

High Dividend: HASI's dividend (3.63%) is low compared to the top 25% of dividend payers in the US market (3.96%).


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 7 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (105%), HASI's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: HASI's dividends in 3 years are forecast to be covered by earnings (93.1% payout ratio).


Next Steps

Management

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

3.1yrs

Average management tenure


CEO

Jeff Eckel (60yo)

7.1yrs

Tenure

US$5,226,786

Compensation

Mr. Jeffrey Walter Eckel, also knwon as Jeff, has served as Chairman of Board of Directors of Hannon Armstrong Sustainable Infrastructure Capital, Inc. since 2013 and has served as President and Chief Exec ...


CEO Compensation Analysis

Compensation vs Market: Jeff's total compensation ($USD5.23M) is about average for companies of similar size in the US market ($USD4.98M).

Compensation vs Earnings: Jeff's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Jeffrey Eckel
Chairman7.1yrsUS$5.23m1.64% $41.2m
Nathaniel Rose
Chief Investment Officer & Executive VP2.7yrsUS$2.14m0.28% $7.0m
Steven Chuslo
General Counsel & Executive VP12.1yrsUS$1.97m0.36% $9.0m
J. Herron
Executive Vice President0.9yrsUS$2.39m0.28% $6.9m
Daniel McMahon
Executive VP & Head of Portfolio Management Group13.1yrsUS$1.88m0.23% $5.8m
Jeffrey Lipson
Executive VP & CFO0.9yrsno data0.023% $574.7k
Charles Melko
Senior VP & Chief Accounting Officer2.9yrsno data0.035% $868.5k
Jeff Martin
VP & CTO3.1yrsno datano data
Amanda Cimaglia
Director of Investor Relations & Corporate Communications0yrsno datano data
Dana Smith
Chief Human Resources Officer3.1yrsno datano data

3.1yrs

Average Tenure

49yo

Average Age

Experienced Management: HASI's management team is considered experienced (3.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Jeffrey Eckel
Chairman7.1yrsUS$5.23m1.64% $41.2m
Richard Osborne
Lead Independent Director5.8yrsUS$154.99k0.053% $1.3m
Simone Lagomarsino
Independent Director0.6yrsno data0.0076% $191.5k
Michael Eckhart
Independent Director0.6yrsno data0.0015% $38.2k
Rebecca Blalock
Independent Director2.9yrsUS$129.99k0.017% $425.9k
Steven Osgood
Independent Director5.1yrsUS$149.99k0.043% $1.1m
Teresa Brenner
Independent Director3.8yrsUS$144.99k0.016% $397.0k
Mark Cirilli
Independent Director7.1yrsUS$144.99k0.10% $2.6m
Charles O'Neil
Independent Director6.8yrsUS$144.99k0.038% $944.4k

5.1yrs

Average Tenure

62yo

Average Age

Experienced Board: HASI's board of directors are considered experienced (5.1 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

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 21.1%.


Top Shareholders

Company Information

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


Key Information

  • Name: Hannon Armstrong Sustainable Infrastructure Capital, Inc.
  • Ticker: HASI
  • Exchange: NYSE
  • Founded: 2012
  • Industry: Industrial REITs
  • Sector: Real Estate
  • Implied Market Cap: US$2.513b
  • Market Cap: US$2.458b
  • Shares outstanding: 65.85m
  • 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

Biography

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 energy efficiency projects that reduce a building’s or facility’s energy usage or cost through the use of solar generation, including heating, ventilation, and air conditioning systems, as well as lighting, energy controls, roofs, windows, building shells, and/or combined heat and power systems. The company 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 seismic retrofits and other projects. The company qualifies as a real estate investment trust for U.S. federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. Hannon Armstrong Sustainable Infrastructure Capital, Inc. was incorporated in 2012 and is headquartered in Annapolis, Maryland. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/27 01:13
End of Day Share Price2020/02/26 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.