Dear Pat: Please tell me what your opinion is of Capstone Infrastructure Corporation, and also please comment on TransAlta Renewables. Thanks and kind regards.
Capstone Infrastructure Corp., $4.03, symbol CSE on Toronto (Shares outstanding: 93.0 million; Market cap: $390.8 million; www.capstoneinfrastructure.com), is an electricity producer with 439 megawatts of capacity. It operates gas, wind, hydro, biomass and solar facilities and is currently developing wind farms with a total of 79 megawatts of capacity.
Capstone also invests in utilities, including a 33.3% stake in a municipal-heating business in Sweden and 50% of a regulated water utility in the U.K.
The company continues to look for acquisitions. That adds risk, especially since it has previously added a wide range of operations, including solar and biomass, and made acquisitions as far away as Sweden.
The stock trades at 7.5 times this year’s forecast cash flow of $0.54 a share. It yields a high 7.4%, and the company expects to pay out 56% of its cash flow as dividends this year. That means its high dividend is likely sustainable.
Capstone Infrastructure Fund is okay for aggressive investors to hold.
A: TransAlta Renewables, $11.33,…
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