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INNERGEX RENEWABLE ENERG (INE-DB-C.CA) Stock Fundamental Analysis

TSX:INE-DB-C - Toronto Stock Exchange - CA45790BAE44 - Currency: CAD

98.49  +0.49 (+0.5%)

Fundamental Rating

2

We assign a fundamental rating of 2 out of 10 to INE-DB-C. INE-DB-C was compared to 39 industry peers in the Independent Power and Renewable Electricity Producers industry. Both the profitability and financial health of INE-DB-C have multiple concerns. INE-DB-C is valued expensive and it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

In the past year INE-DB-C has reported negative net income.
In the past year INE-DB-C had a positive cash flow from operations.
In the past 5 years INE-DB-C always reported negative net income.
In the past 5 years INE-DB-C always reported a positive cash flow from operatings.
INE-DB-C.CA Yearly Net Income VS EBIT VS OCF VS FCFINE-DB-C.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 200M -200M 400M -400M -600M

1.2 Ratios

Looking at the Return On Assets, with a value of -1.45%, INE-DB-C is doing worse than 73.08% of the companies in the same industry.
With a Return On Equity value of -12.85%, INE-DB-C is not doing good in the industry: 73.08% of the companies in the same industry are doing better.
INE-DB-C has a Return On Invested Capital (2.68%) which is in line with its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for INE-DB-C is in line with the industry average of 4.67%.
Industry RankSector Rank
ROA -1.45%
ROE -12.85%
ROIC 2.68%
ROA(3y)-1.62%
ROA(5y)-1.18%
ROE(3y)-11.42%
ROE(5y)-8.74%
ROIC(3y)2.93%
ROIC(5y)2.75%
INE-DB-C.CA Yearly ROA, ROE, ROICINE-DB-C.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 5 -5 -10 -15

1.3 Margins

INE-DB-C has a Operating Margin of 29.65%. This is comparable to the rest of the industry: INE-DB-C outperforms 50.00% of its industry peers.
In the last couple of years the Operating Margin of INE-DB-C has declined.
With a decent Gross Margin value of 76.64%, INE-DB-C is doing good in the industry, outperforming 65.38% of the companies in the same industry.
In the last couple of years the Gross Margin of INE-DB-C has remained more or less at the same level.
Industry RankSector Rank
OM 29.65%
PM (TTM) N/A
GM 76.64%
OM growth 3Y2.21%
OM growth 5Y-4.18%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-0.39%
GM growth 5Y-1.18%
INE-DB-C.CA Yearly Profit, Operating, Gross MarginsINE-DB-C.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 20 -20 40 60 80

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1

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), INE-DB-C is destroying value.
The number of shares outstanding for INE-DB-C remains at a similar level compared to 1 year ago.
The number of shares outstanding for INE-DB-C has been increased compared to 5 years ago.
Compared to 1 year ago, INE-DB-C has a worse debt to assets ratio.
INE-DB-C.CA Yearly Shares OutstandingINE-DB-C.CA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M 200M
INE-DB-C.CA Yearly Total Debt VS Total AssetsINE-DB-C.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2B 4B 6B 8B

2.2 Solvency

Based on the Altman-Z score of 1.37, we must say that INE-DB-C is in the distress zone and has some risk of bankruptcy.
With an excellent Altman-Z score value of 1.37, INE-DB-C belongs to the best of the industry, outperforming 92.31% of the companies in the same industry.
A Debt/Equity ratio of 5.54 is on the high side and indicates that INE-DB-C has dependencies on debt financing.
The Debt to Equity ratio of INE-DB-C (5.54) is worse than 61.54% of its industry peers.
Industry RankSector Rank
Debt/Equity 5.54
Debt/FCF N/A
Altman-Z 1.37
ROIC/WACC0.4
WACC6.71%
INE-DB-C.CA Yearly LT Debt VS Equity VS FCFINE-DB-C.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2B 4B 6B

2.3 Liquidity

A Current Ratio of 0.56 indicates that INE-DB-C may have some problems paying its short term obligations.
INE-DB-C has a Current ratio of 0.56. This is amonst the worse of the industry: INE-DB-C underperforms 80.77% of its industry peers.
INE-DB-C has a Quick Ratio of 0.56. This is a bad value and indicates that INE-DB-C is not financially healthy enough and could expect problems in meeting its short term obligations.
With a Quick ratio value of 0.56, INE-DB-C is not doing good in the industry: 76.92% of the companies in the same industry are doing better.
Industry RankSector Rank
Current Ratio 0.56
Quick Ratio 0.56
INE-DB-C.CA Yearly Current Assets VS Current LiabilitesINE-DB-C.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M 800M 1B

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3

3. Growth

3.1 Past

The Earnings Per Share has grown by an nice 15.38% over the past year.
Looking at the last year, INE-DB-C shows a small growth in Revenue. The Revenue has grown by 3.96% in the last year.
INE-DB-C shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 16.69% yearly.
EPS 1Y (TTM)15.38%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%100%
Revenue 1Y (TTM)3.96%
Revenue growth 3Y19.32%
Revenue growth 5Y16.69%
Sales Q2Q%-11.49%

3.2 Future

The Earnings Per Share is expected to grow by 119.48% on average over the next years. This is a very strong growth
Based on estimates for the next years, INE-DB-C will show a decrease in Revenue. The Revenue will decrease by -0.58% on average per year.
EPS Next Y-758.5%
EPS Next 2Y41.42%
EPS Next 3Y-71.57%
EPS Next 5Y119.48%
Revenue Next Year2.41%
Revenue Next 2Y7.79%
Revenue Next 3Y4.04%
Revenue Next 5Y-0.58%

3.3 Evolution

The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
INE-DB-C.CA Yearly Revenue VS EstimatesINE-DB-C.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 200M 400M 600M 800M 1B
INE-DB-C.CA Yearly EPS VS EstimatesINE-DB-C.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0 0.2 -0.2 0.4 -0.4 -0.6

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0

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings Ratio is negative for INE-DB-C. In the last year negative earnings were reported.
Industry RankSector Rank
PE N/A
Fwd PE N/A
INE-DB-C.CA Price Earnings VS Forward Price EarningsINE-DB-C.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 0 0 0 0 0 0 0 0 0 0

4.2 Price Multiples

80.77% of the companies in the same industry are cheaper than INE-DB-C, based on the Enterprise Value to EBITDA ratio.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 38.63
INE-DB-C.CA Per share dataINE-DB-C.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 -2 4

4.3 Compensation for Growth

INE-DB-C's earnings are expected to decrease with -71.57% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y41.42%
EPS Next 3Y-71.57%

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4

5. Dividend

5.1 Amount

INE-DB-C has a Yearly Dividend Yield of 4.23%, which is a nice return.
Compared to an average industry Dividend Yield of 4.45, INE-DB-C has a dividend in line with its industry peers.
INE-DB-C's Dividend Yield is rather good when compared to the S&P500 average which is at 2.27.
Industry RankSector Rank
Dividend Yield 4.23%

5.2 History

The dividend of INE-DB-C has a limited annual growth rate of 1.73%.
INE-DB-C does not have a reliable dividend history as it only pays dividend since a couple or years.
Dividend Growth(5Y)1.73%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

The earnings of INE-DB-C are negative and hence is the payout ratio. INE-DB-C will probably not be able to sustain this dividend level.
INE-DB-C's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP-86.39%
EPS Next 2Y41.42%
EPS Next 3Y-71.57%
INE-DB-C.CA Yearly Income VS Free CF VS DividendINE-DB-C.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 200M -200M -400M -600M

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INNERGEX RENEWABLE ENERG

TSX:INE-DB-C (2/21/2025, 7:00:00 PM)

98.49

+0.49 (+0.5%)

Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryIndependent Power and Renewable Electricity Producers
Earnings (Last)02-19 2025-02-19/amc
Earnings (Next)05-06 2025-05-06/amc
Inst Owners36.62%
Inst Owner ChangeN/A
Ins Owners0.7%
Ins Owner ChangeN/A
Market Cap20.01B
Analysts73.85
Price Target153.05 (55.4%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 4.23%
Yearly Dividend0.74
Dividend Growth(5Y)1.73%
DP-86.39%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-198.32%
Min EPS beat(2)-494.65%
Max EPS beat(2)98.02%
EPS beat(4)1
Avg EPS beat(4)-110.19%
Min EPS beat(4)-494.65%
Max EPS beat(4)98.02%
EPS beat(8)1
Avg EPS beat(8)-107.03%
EPS beat(12)2
Avg EPS beat(12)-104.89%
EPS beat(16)4
Avg EPS beat(16)-62.07%
Revenue beat(2)0
Avg Revenue beat(2)-4.99%
Min Revenue beat(2)-6.27%
Max Revenue beat(2)-3.71%
Revenue beat(4)0
Avg Revenue beat(4)-3.31%
Min Revenue beat(4)-6.27%
Max Revenue beat(4)-0.02%
Revenue beat(8)2
Avg Revenue beat(8)-1.28%
Revenue beat(12)5
Avg Revenue beat(12)-0.46%
Revenue beat(16)6
Avg Revenue beat(16)-0.38%
PT rev (1m)7.56%
PT rev (3m)10.37%
EPS NQ rev (1m)6.68%
EPS NQ rev (3m)6.68%
EPS NY rev (1m)17.07%
EPS NY rev (3m)5.56%
Revenue NQ rev (1m)-1.05%
Revenue NQ rev (3m)-1.05%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.09%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 19.56
P/FCF N/A
P/OCF 76.08
P/B 19.35
P/tB N/A
EV/EBITDA 38.63
EPS(TTM)-0.11
EYN/A
EPS(NY)0
Fwd EYN/A
FCF(TTM)-2.06
FCFYN/A
OCF(TTM)1.29
OCFY1.31%
SpS5.03
BVpS5.09
TBVpS-1.59
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -1.45%
ROE -12.85%
ROCE 3.72%
ROIC 2.68%
ROICexc 2.74%
ROICexgc 3.3%
OM 29.65%
PM (TTM) N/A
GM 76.64%
FCFM N/A
ROA(3y)-1.62%
ROA(5y)-1.18%
ROE(3y)-11.42%
ROE(5y)-8.74%
ROIC(3y)2.93%
ROIC(5y)2.75%
ROICexc(3y)2.99%
ROICexc(5y)2.82%
ROICexgc(3y)3.63%
ROICexgc(5y)3.38%
ROCE(3y)4.06%
ROCE(5y)3.82%
ROICexcg growth 3Y9.97%
ROICexcg growth 5Y4.22%
ROICexc growth 3Y9.56%
ROICexc growth 5Y4.28%
OM growth 3Y2.21%
OM growth 5Y-4.18%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-0.39%
GM growth 5Y-1.18%
F-Score6
Asset Turnover0.11
Health
Industry RankSector Rank
Debt/Equity 5.54
Debt/FCF N/A
Debt/EBITDA 8.44
Cap/Depr 181.43%
Cap/Sales 66.69%
Interest Coverage 1.1
Cash Conversion 38.72%
Profit Quality N/A
Current Ratio 0.56
Quick Ratio 0.56
Altman-Z 1.37
F-Score6
WACC6.71%
ROIC/WACC0.4
Cap/Depr(3y)107.71%
Cap/Depr(5y)197.83%
Cap/Sales(3y)37.35%
Cap/Sales(5y)70.01%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)15.38%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%100%
EPS Next Y-758.5%
EPS Next 2Y41.42%
EPS Next 3Y-71.57%
EPS Next 5Y119.48%
Revenue 1Y (TTM)3.96%
Revenue growth 3Y19.32%
Revenue growth 5Y16.69%
Sales Q2Q%-11.49%
Revenue Next Year2.41%
Revenue Next 2Y7.79%
Revenue Next 3Y4.04%
Revenue Next 5Y-0.58%
EBIT growth 1Y3.92%
EBIT growth 3Y21.95%
EBIT growth 5Y11.81%
EBIT Next Year136.69%
EBIT Next 3Y40.23%
EBIT Next 5Y27.75%
FCF growth 1Y-244.99%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-36.24%
OCF growth 3Y8.21%
OCF growth 5Y7.3%