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INNERGEX RENEWABLE ENERG - INECN 5 3/4 PERP (INE-PR-C.CA) Stock Fundamental Analysis

TSX:INE-PR-C - Toronto Stock Exchange - CA45790B7088 - Currency: CAD

20.65  +0.26 (+1.28%)

Fundamental Rating

2

We assign a fundamental rating of 2 out of 10 to INE-PR-C. INE-PR-C was compared to 39 industry peers in the Independent Power and Renewable Electricity Producers industry. INE-PR-C may be in some trouble as it scores bad on both profitability and health. INE-PR-C has a expensive valuation and it also scores bad on growth.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

INE-PR-C had negative earnings in the past year.
In the past year INE-PR-C had a positive cash flow from operations.
In the past 5 years INE-PR-C always reported negative net income.
Each year in the past 5 years INE-PR-C had a positive operating cash flow.
INE-PR-C.CA Yearly Net Income VS EBIT VS OCF VS FCFINE-PR-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-PR-C is doing worse than 69.23% of the companies in the same industry.
Looking at the Return On Equity, with a value of -12.85%, INE-PR-C is doing worse than 69.23% of the companies in the same industry.
With a Return On Invested Capital value of 2.68%, INE-PR-C perfoms like the industry average, outperforming 46.15% of the companies in the same industry.
INE-PR-C had an Average Return On Invested Capital over the past 3 years of 2.93%. This 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-PR-C.CA Yearly ROA, ROE, ROICINE-PR-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-PR-C's Operating Margin of 29.65% is in line compared to the rest of the industry. INE-PR-C outperforms 53.85% of its industry peers.
In the last couple of years the Operating Margin of INE-PR-C has declined.
Looking at the Gross Margin, with a value of 76.64%, INE-PR-C is in the better half of the industry, outperforming 69.23% of the companies in the same industry.
In the last couple of years the Gross Margin of INE-PR-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-PR-C.CA Yearly Profit, Operating, Gross MarginsINE-PR-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

INE-PR-C has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
Compared to 1 year ago, INE-PR-C has about the same amount of shares outstanding.
Compared to 5 years ago, INE-PR-C has more shares outstanding
Compared to 1 year ago, INE-PR-C has a worse debt to assets ratio.
INE-PR-C.CA Yearly Shares OutstandingINE-PR-C.CA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M 200M
INE-PR-C.CA Yearly Total Debt VS Total AssetsINE-PR-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 0.20, we must say that INE-PR-C is in the distress zone and has some risk of bankruptcy.
With a Altman-Z score value of 0.20, INE-PR-C perfoms like the industry average, outperforming 50.00% of the companies in the same industry.
A Debt/Equity ratio of 5.54 is on the high side and indicates that INE-PR-C has dependencies on debt financing.
Looking at the Debt to Equity ratio, with a value of 5.54, INE-PR-C is in line with its industry, outperforming 42.31% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 5.54
Debt/FCF N/A
Altman-Z 0.2
ROIC/WACC0.53
WACC5.07%
INE-PR-C.CA Yearly LT Debt VS Equity VS FCFINE-PR-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-PR-C may have some problems paying its short term obligations.
INE-PR-C has a Current ratio of 0.56. This is in the lower half of the industry: INE-PR-C underperforms 76.92% of its industry peers.
INE-PR-C has a Quick Ratio of 0.56. This is a bad value and indicates that INE-PR-C is not financially healthy enough and could expect problems in meeting its short term obligations.
INE-PR-C has a Quick ratio of 0.56. This is in the lower half of the industry: INE-PR-C underperforms 73.08% of its industry peers.
Industry RankSector Rank
Current Ratio 0.56
Quick Ratio 0.56
INE-PR-C.CA Yearly Current Assets VS Current LiabilitesINE-PR-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-PR-C shows a small growth in Revenue. The Revenue has grown by 3.96% in the last year.
The Revenue has been growing by 16.69% on average over the past years. This is quite good.
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

INE-PR-C is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 119.48% yearly.
INE-PR-C is expected to show a decrease in Revenue. In the coming years, the Revenue will decrease by -0.58% yearly.
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-PR-C.CA Yearly Revenue VS EstimatesINE-PR-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-PR-C.CA Yearly EPS VS EstimatesINE-PR-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

INE-PR-C reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
Industry RankSector Rank
PE N/A
Fwd PE N/A
INE-PR-C.CA Price Earnings VS Forward Price EarningsINE-PR-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

Based on the Enterprise Value to EBITDA ratio, INE-PR-C is valued a bit more expensive than the industry average as 73.08% of the companies are valued more cheaply.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 15.35
INE-PR-C.CA Per share dataINE-PR-C.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 -2 4

4.3 Compensation for Growth

INE-PR-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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6

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 4.23%, INE-PR-C is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 4.45, INE-PR-C has a dividend in line with its industry peers.
Compared to an average S&P500 Dividend Yield of 2.27, INE-PR-C pays a better dividend.
Industry RankSector Rank
Dividend Yield 4.23%

5.2 History

The dividend of INE-PR-C has a limited annual growth rate of 1.73%.
INE-PR-C has been paying a dividend for at least 10 years, so it has a reliable track record.
INE-PR-C has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)1.73%
Div Incr Years0
Div Non Decr Years4
INE-PR-C.CA Yearly Dividends per shareINE-PR-C.CA Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0.5 1

5.3 Sustainability

INE-PR-C has negative earnings and hence a negative payout ratio. The dividend may be in danger.
INE-PR-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-PR-C.CA Yearly Income VS Free CF VS DividendINE-PR-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 - INECN 5 3/4 PERP

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

20.65

+0.26 (+1.28%)

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 Cap4.19B
Analysts73.85
Price Target31.36 (51.86%)
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 Years4
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)8.04%
PT rev (3m)9.16%
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 4.1
P/FCF N/A
P/OCF 15.95
P/B 4.06
P/tB N/A
EV/EBITDA 15.35
EPS(TTM)-0.11
EYN/A
EPS(NY)0
Fwd EYN/A
FCF(TTM)-2.06
FCFYN/A
OCF(TTM)1.29
OCFY6.27%
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 0.2
F-Score6
WACC5.07%
ROIC/WACC0.53
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%