INNERGEX RENEWABLE ENERGY $12.84(Toronto symbol INE; Shares outstanding: 103.9 million; Market cap: $1.3 billion; TSINetwork Rating: Extra Risk; Dividend yield 5.0%; www.innergex.com) operates 27 hydroelectric plants, six wind farms and one solar power facility in Quebec, Ontario, B.C. and Idaho. The company gets 77% of its power from hydroelectric plants, 22% from wind and 1% from solar.
In contrast to Brookfield, Innergex is growing slowly, mostly by building its own hydroelectric and wind facilities, rather than through acquisitions. Right now, the company has four projects under construction.
But like Brookfield, Innergex makes sure it has firm long-term power-purchase contracts in place before it starts building new plants.
In the three months ended December 31, 2015, Innergex’s cash flow fell to $0.22 a share from $0.38 a year earlier. The company’s hydroelectric plants in Quebec generated much less power than they did a year ago due to lower rainfall and wind.
The stock trades at 10.3 times Innergex’s forecast 2016 cash flow of $1.25 a share. The company has just increased its dividend by 3.2%. It yields 5.0%.
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