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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

25  0 (0%)

Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to INE-PR-C. INE-PR-C was compared to 33 industry peers in the Independent Power and Renewable Electricity Producers industry. There are concerns on the financial health of INE-PR-C while its profitability can be described as average. INE-PR-C is valied quite expensively at the moment, while it does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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5

1. Profitability

1.1 Basic Checks

In the past year INE-PR-C was profitable.
INE-PR-C had a positive operating cash flow in the past year.
In the past 5 years INE-PR-C reported 4 times 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 2024 0 200M -200M 400M -400M -600M

1.2 Ratios

With a decent Return On Assets value of 0.42%, INE-PR-C is doing good in the industry, outperforming 64.86% of the companies in the same industry.
INE-PR-C's Return On Equity of 3.63% is fine compared to the rest of the industry. INE-PR-C outperforms 67.57% of its industry peers.
INE-PR-C's Return On Invested Capital of 2.80% is fine compared to the rest of the industry. INE-PR-C outperforms 64.86% of its industry peers.
The Average Return On Invested Capital over the past 3 years for INE-PR-C is below the industry average of 5.57%.
Industry RankSector Rank
ROA 0.42%
ROE 3.63%
ROIC 2.8%
ROA(3y)-0.69%
ROA(5y)-1.06%
ROE(3y)-5.1%
ROE(5y)-7.44%
ROIC(3y)2.87%
ROIC(5y)2.76%
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 2024 0 5 -5 -10 -15

1.3 Margins

INE-PR-C's Profit Margin of 3.69% is fine compared to the rest of the industry. INE-PR-C outperforms 70.27% of its industry peers.
With a decent Operating Margin value of 31.18%, INE-PR-C is doing good in the industry, outperforming 67.57% of the companies in the same industry.
INE-PR-C's Operating Margin has declined in the last couple of years.
With an excellent Gross Margin value of 77.74%, INE-PR-C belongs to the best of the industry, outperforming 83.78% 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 31.18%
PM (TTM) 3.69%
GM 77.74%
OM growth 3Y-4.88%
OM growth 5Y-4.19%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-0.99%
GM growth 5Y-1.16%
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 2024 0 20 -20 40 60 80

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2

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), INE-PR-C is destroying value.
Compared to 1 year ago, INE-PR-C has less shares outstanding
Compared to 5 years ago, INE-PR-C has more shares outstanding
Compared to 1 year ago, INE-PR-C has an improved 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 2024 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 2024 2B 4B 6B 8B

2.2 Solvency

INE-PR-C has an Altman-Z score of 0.28. This is a bad value and indicates that INE-PR-C is not financially healthy and even has some risk of bankruptcy.
INE-PR-C's Altman-Z score of 0.28 is fine compared to the rest of the industry. INE-PR-C outperforms 62.16% of its industry peers.
INE-PR-C has a Debt/Equity ratio of 5.56. This is a high value indicating a heavy dependency on external financing.
INE-PR-C has a Debt to Equity ratio (5.56) which is in line with its industry peers.
Industry RankSector Rank
Debt/Equity 5.56
Debt/FCF N/A
Altman-Z 0.28
ROIC/WACC0.55
WACC5.12%
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 2024 0 2B 4B 6B

2.3 Liquidity

INE-PR-C has a Current Ratio of 0.67. 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.
With a Current ratio value of 0.67, INE-PR-C perfoms like the industry average, outperforming 54.05% of the companies in the same industry.
A Quick Ratio of 0.67 indicates that INE-PR-C may have some problems paying its short term obligations.
Looking at the Quick ratio, with a value of 0.67, INE-PR-C is in line with its industry, outperforming 56.76% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.67
Quick Ratio 0.67
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 2024 200M 400M 600M 800M 1B

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4

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 600.00% over the past year.
Looking at the last year, INE-PR-C shows a small growth in Revenue. The Revenue has grown by 0.97% in the last year.
INE-PR-C shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 13.46% yearly.
EPS 1Y (TTM)600%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%81.82%
Revenue 1Y (TTM)0.97%
Revenue growth 3Y11.91%
Revenue growth 5Y13.46%
Sales Q2Q%11.94%

3.2 Future

Based on estimates for the next years, INE-PR-C will show a very negative growth in Earnings Per Share. The EPS will decrease by -14.66% on average per year.
INE-PR-C is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 4.53% yearly.
EPS Next Y-72.81%
EPS Next 2Y-45.82%
EPS Next 3Y-14.66%
EPS Next 5YN/A
Revenue Next Year16.37%
Revenue Next 2Y7.66%
Revenue Next 3Y4.53%
Revenue Next 5YN/A

3.3 Evolution

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
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 -0.6

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1

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 71.43, INE-PR-C can be considered very expensive at the moment.
Compared to the rest of the industry, the Price/Earnings ratio of INE-PR-C indicates a somewhat cheap valuation: INE-PR-C is cheaper than 62.16% of the companies listed in the same industry.
The average S&P500 Price/Earnings ratio is at 26.48. INE-PR-C is valued rather expensively when compared to this.
The Forward Price/Earnings Ratio is negative for INE-PR-C. No positive earnings are expected for the next year.
Industry RankSector Rank
PE 71.43
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 -200 -400 -600

4.2 Price Multiples

INE-PR-C's Enterprise Value to EBITDA ratio is in line with the industry average.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 15.97
INE-PR-C.CA Per share dataINE-PR-C.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 4

4.3 Compensation for Growth

INE-PR-C's earnings are expected to decrease with -14.66% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-45.82%
EPS Next 3Y-14.66%

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3

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 2.62%, INE-PR-C has a reasonable but not impressive dividend return.
Compared to an average industry Dividend Yield of 4.31, INE-PR-C has a dividend in line with its industry peers.
INE-PR-C's Dividend Yield is comparable with the S&P500 average which is at 2.39.
Industry RankSector Rank
Dividend Yield 2.62%

5.2 History

The dividend of INE-PR-C decreases each year by -7.77%.
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)-7.77%
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 2025 0.5 1

5.3 Sustainability

198.45% of the earnings are spent on dividend by INE-PR-C. This is not a sustainable payout ratio.
The Dividend Rate of INE-PR-C has been decling, while earnings will also be declining. This means the current dividend is most likely not sustainable.
DP198.45%
EPS Next 2Y-45.82%
EPS Next 3Y-14.66%
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 2024 0 200M -200M -400M -600M
INE-PR-C.CA Dividend Payout.INE-PR-C.CA Dividend Payout, showing the Payout Ratio.INE-PR-C.CA Dividend Payout.PayoutRetained Earnings

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INNERGEX RENEWABLE ENERG - INECN 5 3/4 PERP

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

25

0 (0%)

Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryIndependent Power and Renewable Electricity Producers
Earnings (Last)05-07 2025-05-07/amc
Earnings (Next)08-05 2025-08-05/amc
Inst Owners30.78%
Inst Owner ChangeN/A
Ins Owners0.73%
Ins Owner ChangeN/A
Market Cap5.08B
Analysts72
Price Target23.32 (-6.72%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.62%
Yearly Dividend0.47
Dividend Growth(5Y)-7.77%
DP198.45%
Div Incr Years0
Div Non Decr Years4
Ex-Date06-30 2025-06-30 (0.359375)
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)788.82%
Min EPS beat(2)77.15%
Max EPS beat(2)1500.48%
EPS beat(4)3
Avg EPS beat(4)295.25%
Min EPS beat(4)-494.65%
Max EPS beat(4)1500.48%
EPS beat(8)3
Avg EPS beat(8)129.27%
EPS beat(12)3
Avg EPS beat(12)42.5%
EPS beat(16)5
Avg EPS beat(16)19.83%
Revenue beat(2)1
Avg Revenue beat(2)3.54%
Min Revenue beat(2)-4.25%
Max Revenue beat(2)11.33%
Revenue beat(4)1
Avg Revenue beat(4)-0.73%
Min Revenue beat(4)-6.27%
Max Revenue beat(4)11.33%
Revenue beat(8)3
Avg Revenue beat(8)0.91%
Revenue beat(12)4
Avg Revenue beat(12)-0.87%
Revenue beat(16)6
Avg Revenue beat(16)-1.03%
PT rev (1m)0.65%
PT rev (3m)0.78%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)2.44%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.16%
Valuation
Industry RankSector Rank
PE 71.43
Fwd PE N/A
P/S 4.72
P/FCF N/A
P/OCF 18.2
P/B 4.64
P/tB N/A
EV/EBITDA 15.97
EPS(TTM)0.35
EY1.4%
EPS(NY)-0.03
Fwd EYN/A
FCF(TTM)-0.71
FCFYN/A
OCF(TTM)1.37
OCFY5.49%
SpS5.3
BVpS5.39
TBVpS-0.92
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 0.42%
ROE 3.63%
ROCE 3.89%
ROIC 2.8%
ROICexc 2.86%
ROICexgc 3.37%
OM 31.18%
PM (TTM) 3.69%
GM 77.74%
FCFM N/A
ROA(3y)-0.69%
ROA(5y)-1.06%
ROE(3y)-5.1%
ROE(5y)-7.44%
ROIC(3y)2.87%
ROIC(5y)2.76%
ROICexc(3y)2.93%
ROICexc(5y)2.82%
ROICexgc(3y)3.54%
ROICexgc(5y)3.41%
ROCE(3y)3.99%
ROCE(5y)3.83%
ROICexcg growth 3Y-2.56%
ROICexcg growth 5Y0.85%
ROICexc growth 3Y-2.07%
ROICexc growth 5Y0.28%
OM growth 3Y-4.88%
OM growth 5Y-4.19%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-0.99%
GM growth 5Y-1.16%
F-Score6
Asset Turnover0.11
Health
Industry RankSector Rank
Debt/Equity 5.56
Debt/FCF N/A
Debt/EBITDA 8.42
Cap/Depr 109.01%
Cap/Sales 39.3%
Interest Coverage 1.22
Cash Conversion 38.57%
Profit Quality N/A
Current Ratio 0.67
Quick Ratio 0.67
Altman-Z 0.28
F-Score6
WACC5.12%
ROIC/WACC0.55
Cap/Depr(3y)112.83%
Cap/Depr(5y)132.7%
Cap/Sales(3y)39.91%
Cap/Sales(5y)47.57%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)600%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%81.82%
EPS Next Y-72.81%
EPS Next 2Y-45.82%
EPS Next 3Y-14.66%
EPS Next 5YN/A
Revenue 1Y (TTM)0.97%
Revenue growth 3Y11.91%
Revenue growth 5Y13.46%
Sales Q2Q%11.94%
Revenue Next Year16.37%
Revenue Next 2Y7.66%
Revenue Next 3Y4.53%
Revenue Next 5YN/A
EBIT growth 1Y-4.42%
EBIT growth 3Y6.45%
EBIT growth 5Y8.7%
EBIT Next Year183.34%
EBIT Next 3Y42.46%
EBIT Next 5YN/A
FCF growth 1Y-177.06%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-30.02%
OCF growth 3Y3.24%
OCF growth 5Y4%