Innergex Renewable Energy Inc.

OTCPK:INGX.F Stock Report

Market Cap: US$1.2b

Innergex Renewable Energy Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: INGX.F ($6.03) is trading below our estimate of fair value ($23.59)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for INGX.F?

Key metric: As INGX.F is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for INGX.F. This is calculated by dividing INGX.F's market cap by their current revenue.
What is INGX.F's PS Ratio?
PS Ratio1.7x
SalesCA$1.02b
Market CapCA$1.76b

Price to Sales Ratio vs Peers

How does INGX.F's PS Ratio compare to its peers?

The above table shows the PS ratio for INGX.F vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.2x
NEP NextEra Energy Partners
1.4x5.4%US$1.6b
RNW ReNew Energy Global
2.2x21.3%US$2.2b
MNTK Montauk Renewables
3.1x16.3%US$640.5m
AY Atlantica Sustainable Infrastructure
2.2x5.1%US$2.6b
INGX.F Innergex Renewable Energy
1.7x8.1%US$1.8b

Price-To-Sales vs Peers: INGX.F is good value based on its Price-To-Sales Ratio (1.7x) compared to the peer average (2.2x).

Price to Sales Ratio vs Industry

How does INGX.F's PS Ratio compare vs other companies in the US Renewable Energy Industry?

2 CompaniesPrice / SalesEstimated GrowthMarket Cap
AZRE.F Azure Power Global
0.08xn/aUS$38.50m
VVPR VivoPower International
0.4xn/aUS$4.75m
No more companies available in this PS range
INGX.F 1.7xIndustry Avg. 2.2xNo. of Companies5PS0246810+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: INGX.F is good value based on its Price-To-Sales Ratio (1.7x) compared to the North American Renewable Energy industry average (2.2x).

Price to Sales Ratio vs Fair Ratio

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

INGX.F PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.7x
Fair PS Ratio4.6x

Price-To-Sales vs Fair Ratio: INGX.F is good value based on its Price-To-Sales Ratio (1.7x) compared to the estimated Fair Price-To-Sales Ratio (4.6x).

Analyst Price Targets

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

The above table shows the analyst INGX.F forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$6.03
US$8.55
+41.8%
17.7%US$12.22US$7.19n/a10
Nov ’25US$6.40
US$8.70
+35.9%
17.8%US$12.32US$7.25n/a9
Oct ’25US$7.90
US$8.88
+12.4%
18.1%US$12.58US$6.66n/a10
Sep ’25US$6.77
US$8.70
+28.6%
18.3%US$12.38US$6.55n/a10
Aug ’25US$6.77
US$8.68
+28.2%
17.7%US$12.29US$6.87n/a10
Jul ’25US$7.03
US$8.56
+21.8%
17.3%US$11.68US$6.75n/a10
Jun ’25US$7.19
US$8.12
+12.9%
19.4%US$11.73US$6.60n/a10
May ’25US$6.01
US$7.92
+31.7%
18.2%US$10.90US$6.54n/a10
Apr ’25US$5.82
US$8.27
+42.1%
21.7%US$11.85US$6.67n/a9
Mar ’25US$6.28
US$8.27
+31.7%
21.7%US$11.85US$6.67n/a9
Feb ’25US$7.08
US$10.62
+50.0%
19.2%US$14.88US$7.44n/a9
Jan ’25US$6.97
US$10.40
+49.2%
18.4%US$14.71US$7.36n/a9
Dec ’24US$7.11
US$10.31
+45.0%
18.8%US$14.50US$7.25n/a9
Nov ’24US$6.43
US$10.74
+67.0%
18.8%US$14.42US$7.21US$6.409
Oct ’24US$7.49
US$12.93
+72.6%
13.7%US$15.94US$10.38US$7.9011
Sep ’24US$9.41
US$12.94
+37.5%
13.2%US$15.99US$10.42US$6.7712
Aug ’24US$9.77
US$13.18
+34.9%
13.5%US$16.66US$10.60US$6.7712
Jul ’24US$9.28
US$13.50
+45.5%
13.1%US$16.60US$10.56US$7.0312
Jun ’24US$10.38
US$13.27
+27.8%
13.1%US$16.16US$10.28US$7.1912
May ’24US$10.15
US$14.07
+38.6%
13.8%US$17.73US$11.08US$6.0112
Apr ’24US$10.90
US$14.03
+28.7%
13.8%US$17.45US$10.91US$5.8212
Mar ’24US$10.75
US$14.36
+33.6%
14.6%US$17.64US$11.02US$6.2812
Feb ’24US$12.07
US$15.13
+25.3%
11.6%US$17.95US$12.34US$7.0812
Jan ’24US$11.94
US$14.99
+25.6%
11.7%US$18.30US$12.08US$6.9712
Dec ’23US$12.54
US$15.15
+20.8%
12.1%US$18.58US$12.26US$7.1112
Nov ’23US$11.05
US$15.37
+39.1%
11.7%US$18.37US$12.13US$6.4312

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.

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