BROOKFIELD RENEWABLE ENERGY PARTNERS L.P. $30.60 (Toronto symbol BEP.UN; Units outstanding: 262.5 million; Market cap: $8.0 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.7%; www.brpfund.com) owns over 183 hydroelectric generating stations, seven wind farms and two natural-gas-fired plants. In all, it has 5,300 megawatts of generating capacity.
Roughly 33% of Brookfield Renewable’s generating capacity is in Canada, with another 45% in the U.S. and 22% in Brazil.
In the three months ended December 31, 2012, Brookfield’s revenue rose 7.5%, to $317 million from $295 million a year earlier. Cash flow per unit jumped 40%, to $0.28 from $0.20, although both quarters were well under long-term averages. That’s because below-average rainfall amounts and lighterthan- usual winds held back electricity production.
To boost its power output, the company plans to keep acquiring or building hydroelectric plants and wind farms. But to cut risk, it sells virtually all of its power under long-term agreements that are an average of 24 years long.
Brookfield trades at 13.3 times its forecast 2013 cash flow of $2.30 a share. The company recently raised its quarterly distribution by 5.1%, to $0.3625 from $0.345. The units now yield 4.7%.
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