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Hannon Armstrong Sustainable Infrastructure Capital

NYSE:HASI
Snowflake Description

Acceptable track record second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HASI
NYSE
$2B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Hannon Armstrong Sustainable Infrastructure Capital, Inc. The last earnings update was 22 days ago. More info.


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HASI Share Price and Events
7 Day Returns
3.7%
NYSE:HASI
-0.3%
US REITs
-2.1%
US Market
1 Year Returns
47.6%
NYSE:HASI
13.8%
US REITs
1.3%
US Market
HASI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Hannon Armstrong Sustainable Infrastructure Capital (HASI) 3.7% 0.7% 13.3% 47.6% 33.5% 92.8%
US REITs -0.3% 2.4% 3.2% 13.8% 11.3% 25.6%
US Market -2.1% -4.2% 0% 1.3% 33.5% 38%
1 Year Return vs Industry and Market
  • HASI outperformed the REITs industry which returned 13.8% over the past year.
  • HASI outperformed the Market in United States of America which returned 1.3% over the past year.
Price Volatility
HASI
Industry
5yr Volatility vs Market

HASI Value

 Is Hannon Armstrong Sustainable Infrastructure Capital 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 Hannon Armstrong Sustainable Infrastructure Capital 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 Hannon Armstrong Sustainable Infrastructure Capital.

NYSE:HASI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

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 NYSE:HASI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 21%) (73.41%))
0.89
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.89
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.89 * 5.96%)
8.04%

Discounted Cash Flow Calculation for NYSE:HASI using 2 Stage Free Cash Flow to Equity Model

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

NYSE:HASI DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 8.04%)
2019 16.00 Analyst x1 14.81
2020 16.00 Analyst x1 13.71
2021 15.08 Est @ -5.78% 11.96
2022 14.59 Est @ -3.22% 10.71
2023 14.38 Est @ -1.44% 9.77
2024 14.35 Est @ -0.19% 9.03
2025 14.45 Est @ 0.69% 8.41
2026 14.64 Est @ 1.3% 7.89
2027 14.89 Est @ 1.73% 7.43
2028 15.19 Est @ 2.03% 7.01
Present value of next 10 years cash flows $100.72
NYSE:HASI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $15.19 × (1 + 2.73%) ÷ (8.04% – 2.73%)
$294.20
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $294.20 ÷ (1 + 8.04%)10
$135.82
NYSE:HASI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $100.72 + $135.82
$236.54
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $236.54 / 63.15
$3.75
NYSE:HASI Discount to Share Price
Calculation Result
Value per share (USD) From above. $3.75
Current discount Discount to share price of $27.16
= -1 x ($27.16 - $3.75) / $3.75
-625.1%

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

  • The current share price of Hannon Armstrong Sustainable Infrastructure Capital 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 Hannon Armstrong Sustainable Infrastructure Capital's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Hannon Armstrong Sustainable Infrastructure Capital's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:HASI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.99
NYSE:HASI Share Price ** NYSE (2019-05-24) in USD $27.16
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.62x
United States of America Market PE Ratio Median Figure of 3,082 Publicly-Listed Companies 17.36x

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

** Primary Listing of Hannon Armstrong Sustainable Infrastructure Capital.

NYSE:HASI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:HASI Share Price ÷ EPS (both in USD)

= 27.16 ÷ 0.99

27.38x

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

  • Hannon Armstrong Sustainable Infrastructure Capital is good value based on earnings compared to the US REITs industry average.
  • Hannon Armstrong Sustainable Infrastructure Capital is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Hannon Armstrong Sustainable Infrastructure Capital's expected growth come at a high price?
Raw Data
NYSE:HASI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 27.38x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
11.2%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.39x
United States of America Market PEG Ratio Median Figure of 2,120 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

NYSE:HASI PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 27.38x ÷ 11.2%

2.45x

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

  • Hannon Armstrong Sustainable Infrastructure Capital is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Hannon Armstrong Sustainable Infrastructure Capital's assets?
Raw Data
NYSE:HASI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $13.55
NYSE:HASI Share Price * NYSE (2019-05-24) in USD $27.16
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,207 Publicly-Listed Companies 1.8x
NYSE:HASI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:HASI Share Price ÷ Book Value per Share (both in USD)

= 27.16 ÷ 13.55

2x

* Primary Listing of Hannon Armstrong Sustainable Infrastructure Capital.

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

  • Hannon Armstrong Sustainable Infrastructure Capital is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Hannon Armstrong Sustainable Infrastructure Capital'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 REITs 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 REITs industry average (and greater than 0)? (1 check)
  5. Hannon Armstrong Sustainable Infrastructure Capital has a total score of 1/6, 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.

HASI Future Performance

 How is Hannon Armstrong Sustainable Infrastructure Capital expected to perform in the next 1 to 3 years based on estimates from 8 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
11.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Hannon Armstrong Sustainable Infrastructure Capital expected to grow at an attractive rate?
  • Hannon Armstrong Sustainable Infrastructure Capital's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Hannon Armstrong Sustainable Infrastructure Capital's earnings growth is positive but not above the United States of America market average.
  • Hannon Armstrong Sustainable Infrastructure Capital's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:HASI Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:HASI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 11.2%
NYSE:HASI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 14.4%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.7%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*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
NYSE:HASI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:HASI Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 103 97 80 2
2020-12-31 76 63 51 7
2019-12-31 71 37 50 7
NYSE:HASI Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 69 57 55
2018-12-31 61 59 40
2018-09-30 50 20 34
2018-06-30 43 13 25
2018-03-31 39 12 21
2017-12-31 40 12 29
2017-09-30 39 27 30
2017-06-30 39 60 25
2017-03-31 37 52 17
2016-12-31 36 57 13
2016-09-30 37 48 11
2016-06-30 37 13 10

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Hannon Armstrong Sustainable Infrastructure Capital's earnings are expected to grow by 11.2% yearly, however this is not considered high growth (20% yearly).
  • Hannon Armstrong Sustainable Infrastructure Capital's revenue is expected to grow by 14.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:HASI 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 8 Analyst Estimates (S&P Global) See Below

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

NYSE:HASI Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.07 1.07 1.07 1.00
2020-12-31 0.75 0.99 0.41 6.00
2019-12-31 0.77 0.92 0.46 6.00
NYSE:HASI Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.99
2018-12-31 0.75
2018-09-30 0.66
2018-06-30 0.49
2018-03-31 0.40
2017-12-31 0.57
2017-09-30 0.62
2017-06-30 0.55
2017-03-31 0.39
2016-12-31 0.32
2016-09-30 0.28
2016-06-30 0.27

*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.
  • Hannon Armstrong Sustainable Infrastructure Capital is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Hannon Armstrong Sustainable Infrastructure Capital'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 United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of 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.
Hannon Armstrong Sustainable Infrastructure Capital has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

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

HASI Past Performance

  How has Hannon Armstrong Sustainable Infrastructure Capital 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 Hannon Armstrong Sustainable Infrastructure Capital's growth in the last year to its industry (REITs).
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.
  • Hannon Armstrong Sustainable Infrastructure Capital has delivered over 20% year on year earnings growth in the past 5 years.
  • Hannon Armstrong Sustainable Infrastructure Capital's 1-year earnings growth exceeds its 5-year average (165.8% vs 52.7%)
  • Hannon Armstrong Sustainable Infrastructure Capital's earnings growth has exceeded the US REITs industry average in the past year (165.8% vs 16%).
Earnings and Revenue History
Hannon Armstrong Sustainable Infrastructure Capital'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 Hannon Armstrong Sustainable Infrastructure Capital Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:HASI Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 69.20 54.85 41.56
2018-12-31 60.93 39.78 39.15
2018-09-30 49.55 34.11 34.40
2018-06-30 43.16 25.46 32.75
2018-03-31 39.28 20.63 31.68
2017-12-31 40.10 28.96 30.47
2017-09-30 39.32 29.94 29.97
2017-06-30 38.87 25.48 28.57
2017-03-31 36.77 16.88 27.85
2016-12-31 35.96 12.85 27.17
2016-09-30 37.14 10.79 27.14
2016-06-30 37.12 9.68 27.20
2016-03-31 33.74 7.41 24.92
2015-12-31 32.29 6.56 24.04
2015-09-30 31.08 5.91 21.92
2015-06-30 30.54 6.47 20.09
2015-03-31 30.68 7.90 18.66
2014-12-31 28.62 8.81 16.37
2014-09-30 16.35 0.03 8.82
2014-06-30 13.34 -0.55 7.12
2014-03-31 8.62 -8.13 11.28
2013-12-31 3.63 -10.46 10.16
2013-09-30 11.58 -2.22 14.96
2013-06-30 17.70 2.20 18.16
2013-03-31 16.32 4.94 11.65
2012-12-31 17.60 4.64 11.65
2012-09-30 17.29 3.80 11.60
2012-06-30 7.06 -6.11 7.25

*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.
  • Hannon Armstrong Sustainable Infrastructure Capital has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Hannon Armstrong Sustainable Infrastructure Capital used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Unable to establish if Hannon Armstrong Sustainable Infrastructure Capital improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Hannon Armstrong Sustainable Infrastructure Capital'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 REITs 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.
Hannon Armstrong Sustainable Infrastructure Capital has a total score of 3/6, 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.

HASI Health

 How is Hannon Armstrong Sustainable Infrastructure Capital'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 Hannon Armstrong Sustainable Infrastructure Capital's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Hannon Armstrong Sustainable Infrastructure Capital is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Hannon Armstrong Sustainable Infrastructure Capital's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Hannon Armstrong Sustainable Infrastructure Capital'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 0.8x 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 Hannon Armstrong Sustainable Infrastructure Capital Company Filings, last reported 1 month ago.

NYSE:HASI Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 842.06 1,245.19 62.09
2018-12-31 804.52 1,241.78 21.72
2018-09-30 646.61 1,532.19 44.32
2018-06-30 646.40 1,449.15 49.41
2018-03-31 626.95 1,430.73 52.75
2017-12-31 642.78 1,428.54 57.27
2017-09-30 654.70 1,398.28 90.75
2017-06-30 663.26 1,315.26 41.70
2017-03-31 636.80 1,196.31 16.33
2016-12-31 574.34 975.44 30.43
2016-09-30 497.13 972.89 72.97
2016-06-30 502.23 876.22 19.28
2016-03-31 423.67 971.97 26.59
2015-12-31 432.11 911.74 42.65
2015-09-30 341.38 771.16 30.68
2015-06-30 346.30 725.70 21.67
2015-03-31 270.65 640.72 65.46
2014-12-31 274.04 634.94 58.20
2014-09-30 219.61 424.64 60.91
2014-06-30 222.14 408.54 38.69
2014-03-31 150.50 366.59 39.58
2013-12-31 150.62 337.04 31.85
2013-09-30 164.06 271.63 24.22
2013-06-30 163.25 194.14 14.81
2013-03-31 4.42 200.25 3.32
2012-12-31 5.85 200.12 8.02
2012-09-30 19.16 204.88 20.95
2012-06-30 15.37 222.35 0.72
  • Hannon Armstrong Sustainable Infrastructure Capital's level of debt (147.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (242.6% vs 147.9% today).
  • Debt is not well covered by operating cash flow (4.6%, less than 20% of total debt).
  • Unable to confirm if the interest payments on Hannon Armstrong Sustainable Infrastructure Capital's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Hannon Armstrong Sustainable Infrastructure Capital'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. Hannon Armstrong Sustainable Infrastructure Capital has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


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

HASI Dividends

 What is Hannon Armstrong Sustainable Infrastructure Capital'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
4.93%
Current annual income from Hannon Armstrong Sustainable Infrastructure Capital dividends. Estimated to be 5.07% next year.
If you bought $2,000 of Hannon Armstrong Sustainable Infrastructure Capital shares you are expected to receive $99 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?
  • Hannon Armstrong Sustainable Infrastructure Capital's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
  • Hannon Armstrong Sustainable Infrastructure Capital's dividend is above the markets top 25% of dividend payers in United States of America (3.76%).
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
NYSE:HASI 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 8 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2008 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

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

NYSE:HASI Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 1.46 3.00
2020-12-31 1.38 7.00
2019-12-31 1.34 8.00
NYSE:HASI Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-03 1.340 5.009
2019-05-01 1.340 4.938
2019-02-22 1.340 5.255
2019-02-21 1.340 5.627
2018-12-12 1.320 6.074
2018-09-12 1.320 6.078
2018-05-31 1.320 6.675
2018-05-04 1.320 7.019
2017-12-12 1.320 6.472
2017-09-12 1.320 5.503
2017-06-01 1.320 5.691
2017-03-15 1.320 6.283
2016-12-13 1.320 6.892
2016-09-15 1.200 5.639
2016-06-07 1.200 5.370
2016-03-15 1.200 6.136
2015-12-15 1.200 6.702
2015-09-16 1.040 5.957
2015-06-16 1.040 5.292
2015-03-17 1.040 5.408
2014-12-08 1.040 6.977
2014-09-16 0.880 6.370
2014-06-17 0.880 6.166
2014-03-13 0.880 6.309
2013-12-17 0.880 6.465
2013-11-07 0.560 4.597
2013-08-08 0.240 2.045

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

  • Whilst dividend payments have been stable, Hannon Armstrong Sustainable Infrastructure Capital has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Hannon Armstrong Sustainable Infrastructure Capital only paid a dividend in the past 6 years.
Current Payout to shareholders
What portion of Hannon Armstrong Sustainable Infrastructure Capital's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1x coverage).
X
Income/ dividend checks
We assess Hannon Armstrong Sustainable Infrastructure Capital's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 Hannon Armstrong Sustainable Infrastructure Capital afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Hannon Armstrong Sustainable Infrastructure Capital 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.

HASI Management

 What is the CEO of Hannon Armstrong Sustainable Infrastructure Capital'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
Jeff Eckel
COMPENSATION $5,226,786
AGE 59
TENURE AS CEO 6.3 years
CEO Bio

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 Executive Officer since 2013. Mr. Eckel was President and Chief Executive Officer since 2000, and prior to that from 1985 to 1989 a Senior Vice President, of Hannon Armstrong Capital, LLC. He previously held senior executive positions such as Chief Executive Officer of EnergyWorks, LLC and Wärtsilä Power Development. Mr. Eckel is a member of the board of directors of the Alliance To Save Energy and is a member of the President’s Council of Ceres, Inc., the Cornell University Program in Infrastructure Policy advisory board and a member of the Johns Hopkins Environmental, Energy, Sustainability and Health Institute advisory council. He was appointed by the governor of Maryland to the board of the Maryland Clean Energy Center in 2011 where he served until 2016 while also serving as its Chairman from 2012 to 2014. He was also a member of the board of directors of HA EnergySource Holdings LLC (“HA EnergySource”) from 2012 to 2016. Mr. Eckel has over 30 years of experience in financing, owning and operating infrastructure and energy assets. Mr. Eckel received a Bachelor of Arts degree from Miami University in 1980 and a Master of Public Administration degree from Syracuse University, Maxwell School of Citizenship and Public Affairs, in 1981. He holds Series 24, 63 and 79 securities licenses.

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

Average tenure and age of the Hannon Armstrong Sustainable Infrastructure Capital management team in years:

2.3
Average Tenure
48
Average Age
  • The tenure for the Hannon Armstrong Sustainable Infrastructure Capital management team is about average.
Management Team

Jeff Eckel

TITLE
Chairman
COMPENSATION
$5M
AGE
59
TENURE
6.3 yrs

Nate Rose

TITLE
Chief Investment Officer & Executive VP
COMPENSATION
$2M
AGE
40
TENURE
1.9 yrs

Steve Chuslo

TITLE
General Counsel & Executive VP
COMPENSATION
$2M
AGE
60
TENURE
11.3 yrs

J. Herron

TITLE
Executive Vice President
COMPENSATION
$2M
AGE
57
TENURE
0.2 yrs

Dan McMahon

TITLE
Executive VP & Head of Portfolio Management Group
COMPENSATION
$2M
AGE
46
TENURE
12.3 yrs

Jeff Lipson

TITLE
Executive VP & CFO
AGE
50
TENURE
0.2 yrs

Charles Melko

TITLE
Senior VP & Chief Accounting Officer
AGE
37
TENURE
2.2 yrs

Jeff Martin

TITLE
VP & CTO
TENURE
2.3 yrs

Amanda Cimaglia

TITLE
Director of Investor Relations & Corporate Communications

Dana Smith

TITLE
Chief Human Resources Officer
AGE
46
TENURE
2.3 yrs
Board of Directors Tenure

Average tenure and age of the Hannon Armstrong Sustainable Infrastructure Capital board of directors in years:

5.1
Average Tenure
61
Average Age
  • The tenure for the Hannon Armstrong Sustainable Infrastructure Capital board of directors is about average.
Board of Directors

Mark Cirilli

TITLE
Independent Director
COMPENSATION
$145K
AGE
46
TENURE
6.3 yrs

Jeff Eckel

TITLE
Chairman
COMPENSATION
$5M
AGE
59
TENURE
6.3 yrs

Charles O'Neil

TITLE
Independent Director
COMPENSATION
$145K
AGE
65
TENURE
6.1 yrs

Steve Osgood

TITLE
Independent Director
COMPENSATION
$150K
AGE
61
TENURE
4.3 yrs

Teresa Brenner

TITLE
Independent Director
COMPENSATION
$145K
AGE
54
TENURE
3.1 yrs

Richard Osborne

TITLE
Lead Independent Director
COMPENSATION
$155K
AGE
67
TENURE
5.1 yrs

Becky Blalock

TITLE
Independent Director
COMPENSATION
$130K
AGE
62
TENURE
2.2 yrs
Who owns this company?
Recent Insider Trading
  • Hannon Armstrong Sustainable Infrastructure Capital insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
14. May 19 Sell Nathaniel Rose Individual 13. May 19 13. May 19 -10,000 $26.37 $-263,700
09. May 19 Buy Jeffrey Eckel Individual 08. May 19 08. May 19 985 $26.84 $26,419
19. Nov 18 Buy Rebecca Blalock Individual 16. Nov 18 16. Nov 18 4,290 $23.36 $100,214
14. Nov 18 Buy Jeffrey Eckel Individual 12. Nov 18 12. Nov 18 89 $22.95 $2,043
13. Nov 18 Buy Richard Osborne Individual 09. Nov 18 09. Nov 18 2,500 $22.87 $57,175
08. Nov 18 Sell Daniel McMahon Individual 07. Nov 18 07. Nov 18 -20,000 $22.84 $-456,800
11. Jun 18 Buy Jeffrey Eckel Individual 08. Jun 18 11. Jun 18 2,000 $17.97 $35,924
07. Jun 18 Buy Jeffrey Eckel Individual 07. Jun 18 07. Jun 18 2,000 $17.90 $35,800
07. Jun 18 Buy Mark Cirilli Individual 07. Jun 18 07. Jun 18 5,555 $18.15 $100,838
04. Jun 18 Buy Steven Osgood Individual 04. Jun 18 04. Jun 18 5,000 $18.28 $91,400
X
Management checks
We assess Hannon Armstrong Sustainable Infrastructure Capital'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. Hannon Armstrong Sustainable Infrastructure Capital 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.

HASI News

Simply Wall St News

Does The Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE:HASI) Share Price Tend To Follow The Market?

Check out our latest analysis for Hannon Armstrong Sustainable Infrastructure Capital What we can learn from HASI's beta value Given that it has a beta of 1.12, we can surmise that the Hannon Armstrong Sustainable Infrastructure Capital share price has been fairly sensitive to market volatility (over the last 5 years). … If this beta value holds true in the future, Hannon Armstrong Sustainable Infrastructure Capital shares are likely to rise more than the market when the market is going up, but fall faster when the market is going down. … With a market capitalisation of US$1.7b, Hannon Armstrong Sustainable Infrastructure Capital is a small cap stock.

Simply Wall St -

Is Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE:HASI) A Good Dividend Stock?

Yet sometimes, investors buy a popular dividend stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations. … In this case, Hannon Armstrong Sustainable Infrastructure Capital likely looks attractive to dividend investors, given its 5.0% dividend yield and six-year payment history. … Some simple analysis can offer a lot of insights when buying a company for its dividend, and we'll go through this below.

Simply Wall St -

Should You Be Adding Hannon Armstrong Sustainable Infrastructure Capital (NYSE:HASI) To Your Watchlist Today?

If, on the other hand, you like companies that have revenue, and even earn profits, then you may well be interested in Hannon Armstrong Sustainable Infrastructure Capital (NYSE:HASI). … Hannon Armstrong Sustainable Infrastructure Capital's Earnings Per Share Are Growing. … While we note Hannon Armstrong Sustainable Infrastructure Capital's EBIT margins were flat over the last year, revenue grew by a solid 52% to US$61m.

Simply Wall St -

If You Had Bought Hannon Armstrong Sustainable Infrastructure Capital (NYSE:HASI) Shares Five Years Ago You'd Have A Total Return Of 151%

For example, the Hannon Armstrong Sustainable Infrastructure Capital, Inc. … Check out our latest analysis for Hannon Armstrong Sustainable Infrastructure Capital. … We can see that the Hannon Armstrong Sustainable Infrastructure Capital share price is up 35% in the last three years.

Simply Wall St -

How Many Insiders Bought Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE:HASI) Shares?

So we'll take a look at whether insiders have been buying or selling shares in Hannon Armstrong Sustainable Infrastructure Capital, Inc. … Hannon Armstrong Sustainable Infrastructure Capital Insider Transactions Over The Last Year. … In the last twelve months there was more buying than selling by Hannon Armstrong Sustainable Infrastructure Capital insiders.

Simply Wall St -

What Kind Of Investor Owns Most Of Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE:HASI)?

A look at the shareholders of Hannon Armstrong Sustainable Infrastructure Capital, Inc. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Hannon Armstrong Sustainable Infrastructure Capital has a market capitalization of US$1.6b, so we would expect some institutional investors to have noticed the stock.

Simply Wall St -

Is Hannon Armstrong Sustainable Infrastructure Capital, Inc.'s (NYSE:HASI) 5.6% ROE Strong Compared To Its Industry?

By way of learning-by-doing, we'll look at ROE to gain a better understanding of Hannon Armstrong Sustainable Infrastructure Capital, Inc. … Over the last twelve months Hannon Armstrong Sustainable Infrastructure Capital has recorded a ROE of 5.6%. … See our latest analysis for Hannon Armstrong Sustainable Infrastructure Capital?

Simply Wall St -

One Thing To Remember About The Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE:HASI) Share Price

(NYSE:HASI), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … The first thing to understand about beta is that the beta of the overall market is one.

Simply Wall St -

Is Now The Time To Look At Buying Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE:HASI)?

Hannon Armstrong Sustainable Infrastructure Capital, Inc. … A question to answer is whether Hannon Armstrong Sustainable Infrastructure Capital's current trading price of $19.42 reflective of the actual value of the? … Let’s take a look at Hannon Armstrong Sustainable Infrastructure Capital’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

Should You Take Comfort From Insider Transactions At Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE:HASI)?

So before you buy or sell Hannon Armstrong Sustainable Infrastructure Capital, Inc. … Hannon Armstrong Sustainable Infrastructure Capital Insider Transactions Over The Last Year. … In total, Hannon Armstrong Sustainable Infrastructure Capital insiders bought more than they sold over the last year

Simply Wall St -

HASI Company Info

Description

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. is headquartered in Annapolis, Maryland.

Details
Name: Hannon Armstrong Sustainable Infrastructure Capital, Inc.
HASI
Exchange: NYSE
Founded:
$1,696,295,596
$1,707,702,328
63,153,224
Website: http://www.hannonarmstrong.com
Address: Hannon Armstrong Sustainable Infrastructure Capital, Inc.
1906 Towne Centre Boulevard,
Suite 370,
Annapolis,
Maryland, 21401,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE HASI Common Stock New York Stock Exchange US USD 18. Apr 2013
DB 6HA Common Stock Deutsche Boerse AG DE EUR 18. Apr 2013
LSE 0J2Z Common Stock London Stock Exchange GB USD 18. Apr 2013
Number of employees
Current staff
Staff numbers
49
Hannon Armstrong Sustainable Infrastructure Capital employees.
Industry
Industrial REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/25 00:37
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/16
Last earnings filing: 2019/05/03
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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