Intrinsic value of Brookfield Renewable Partners L.P. - BEP-UN

Previous Close

$41.45

  Intrinsic Value

$47.39

stock screener

  Rating & Target

hold

+14%

Previous close

$41.45

 
Intrinsic value

$47.39

 
Up/down potential

+14%

 
Rating

hold

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of BEP-UN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 7.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  50.59
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
Revenue, $m
  3,313
  3,469
  3,633
  3,806
  3,988
  4,179
  4,381
  4,593
  4,816
  5,050
  5,297
  5,556
  5,829
  6,115
  6,416
  6,733
  7,065
  7,415
  7,782
  8,167
  8,572
  8,998
  9,445
  9,914
  10,407
  10,925
  11,469
  12,040
  12,640
  13,270
  13,932
Variable operating expenses, $m
 
  2,461
  2,571
  2,688
  2,810
  2,940
  3,076
  3,219
  3,369
  3,527
  3,694
  3,747
  3,931
  4,124
  4,328
  4,541
  4,765
  5,001
  5,248
  5,508
  5,782
  6,069
  6,370
  6,687
  7,019
  7,368
  7,735
  8,121
  8,525
  8,950
  9,396
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,506
  2,461
  2,571
  2,688
  2,810
  2,940
  3,076
  3,219
  3,369
  3,527
  3,694
  3,747
  3,931
  4,124
  4,328
  4,541
  4,765
  5,001
  5,248
  5,508
  5,782
  6,069
  6,370
  6,687
  7,019
  7,368
  7,735
  8,121
  8,525
  8,950
  9,396
Operating income, $m
  807
  1,008
  1,062
  1,118
  1,177
  1,239
  1,305
  1,374
  1,447
  1,523
  1,603
  1,809
  1,898
  1,991
  2,089
  2,192
  2,300
  2,414
  2,533
  2,659
  2,791
  2,929
  3,075
  3,228
  3,388
  3,557
  3,734
  3,920
  4,115
  4,320
  4,536
EBITDA, $m
  1,862
  1,129
  1,183
  1,239
  1,298
  1,361
  1,426
  1,495
  1,568
  1,644
  1,724
  1,809
  1,898
  1,991
  2,089
  2,192
  2,300
  2,414
  2,533
  2,659
  2,791
  2,929
  3,075
  3,228
  3,388
  3,557
  3,734
  3,920
  4,115
  4,320
  4,536
Interest expense (income), $m
  794
  902
  1,002
  1,104
  1,212
  1,326
  1,446
  1,571
  1,704
  1,843
  1,990
  2,144
  2,305
  2,476
  2,655
  2,843
  3,040
  3,248
  3,466
  3,695
  3,936
  4,189
  4,454
  4,733
  5,027
  5,335
  5,658
  5,997
  6,354
  6,729
  7,122
Earnings before tax, $m
  -18
  106
  60
  13
  -35
  -87
  -141
  -197
  -257
  -320
  -386
  -335
  -408
  -485
  -566
  -651
  -740
  -834
  -933
  -1,036
  -1,145
  -1,259
  -1,380
  -1,506
  -1,639
  -1,778
  -1,924
  -2,078
  -2,239
  -2,409
  -2,587
Tax expense, $m
  -72
  29
  16
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  5
  78
  43
  10
  -35
  -87
  -141
  -197
  -257
  -320
  -386
  -335
  -408
  -485
  -566
  -651
  -740
  -834
  -933
  -1,036
  -1,145
  -1,259
  -1,380
  -1,506
  -1,639
  -1,778
  -1,924
  -2,078
  -2,239
  -2,409
  -2,587

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  301
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  37,475
  38,974
  40,818
  42,759
  44,804
  46,956
  49,221
  51,603
  54,109
  56,745
  59,516
  62,430
  65,492
  68,711
  72,095
  75,650
  79,386
  83,311
  87,435
  91,767
  96,318
  101,099
  106,121
  111,395
  116,936
  122,754
  128,866
  135,284
  142,025
  149,103
  156,538
Adjusted assets (=assets-cash), $m
  37,174
  38,974
  40,818
  42,759
  44,804
  46,956
  49,221
  51,603
  54,109
  56,745
  59,516
  62,430
  65,492
  68,711
  72,095
  75,650
  79,386
  83,311
  87,435
  91,767
  96,318
  101,099
  106,121
  111,395
  116,936
  122,754
  128,866
  135,284
  142,025
  149,103
  156,538
Revenue / Adjusted assets
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
Average production assets, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Working capital, $m
  -1,116
  201
  211
  221
  231
  242
  254
  266
  279
  293
  307
  322
  338
  355
  372
  391
  410
  430
  451
  474
  497
  522
  548
  575
  604
  634
  665
  698
  733
  770
  808
Total debt, $m
  13,967
  15,182
  16,735
  18,369
  20,091
  21,903
  23,810
  25,816
  27,926
  30,145
  32,479
  34,932
  37,511
  40,221
  43,070
  46,063
  49,209
  52,514
  55,986
  59,634
  63,466
  67,491
  71,720
  76,161
  80,826
  85,725
  90,871
  96,275
  101,951
  107,911
  114,171
Total liabilities, $m
  31,600
  32,816
  34,369
  36,003
  37,725
  39,537
  41,444
  43,450
  45,560
  47,779
  50,113
  52,566
  55,145
  57,855
  60,704
  63,697
  66,843
  70,148
  73,620
  77,268
  81,100
  85,125
  89,354
  93,795
  98,460
  103,359
  108,505
  113,909
  119,585
  125,545
  131,805
Total equity, $m
  5,874
  6,158
  6,449
  6,756
  7,079
  7,419
  7,777
  8,153
  8,549
  8,966
  9,404
  9,864
  10,348
  10,856
  11,391
  11,953
  12,543
  13,163
  13,815
  14,499
  15,218
  15,974
  16,767
  17,600
  18,476
  19,395
  20,361
  21,375
  22,440
  23,558
  24,733
Total liabilities and equity, $m
  37,474
  38,974
  40,818
  42,759
  44,804
  46,956
  49,221
  51,603
  54,109
  56,745
  59,517
  62,430
  65,493
  68,711
  72,095
  75,650
  79,386
  83,311
  87,435
  91,767
  96,318
  101,099
  106,121
  111,395
  116,936
  122,754
  128,866
  135,284
  142,025
  149,103
  156,538
Debt-to-equity ratio
  2.378
  2.470
  2.590
  2.720
  2.840
  2.950
  3.060
  3.170
  3.270
  3.360
  3.450
  3.540
  3.620
  3.700
  3.780
  3.850
  3.920
  3.990
  4.050
  4.110
  4.170
  4.230
  4.280
  4.330
  4.370
  4.420
  4.460
  4.500
  4.540
  4.580
  4.620
Adjusted equity ratio
  0.150
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  78
  43
  10
  -35
  -87
  -141
  -197
  -257
  -320
  -386
  -335
  -408
  -485
  -566
  -651
  -740
  -834
  -933
  -1,036
  -1,145
  -1,259
  -1,380
  -1,506
  -1,639
  -1,778
  -1,924
  -2,078
  -2,239
  -2,409
  -2,587
Depreciation, amort., depletion, $m
  1,055
  121
  121
  121
  121
  121
  121
  121
  121
  121
  121
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  692
  199
  165
  131
  86
  35
  -19
  -76
  -136
  -199
  -265
  -335
  -408
  -485
  -566
  -651
  -740
  -834
  -933
  -1,036
  -1,145
  -1,259
  -1,380
  -1,506
  -1,639
  -1,778
  -1,924
  -2,078
  -2,239
  -2,409
  -2,587
Change in working capital, $m
  -162
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  33
  35
  37
  38
Cash from operations, $m
  854
  190
  155
  121
  75
  23
  -31
  -89
  -149
  -213
  -279
  -350
  -424
  -501
  -583
  -669
  -759
  -854
  -954
  -1,059
  -1,169
  -1,284
  -1,406
  -1,533
  -1,667
  -1,808
  -1,956
  -2,111
  -2,274
  -2,445
  -2,625
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
New CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from investing activities, $m
  -4,311
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Free cash flow, $m
  -3,457
  190
  155
  121
  75
  23
  -31
  -89
  -149
  -213
  -279
  -350
  -424
  -501
  -583
  -669
  -759
  -854
  -954
  -1,059
  -1,169
  -1,284
  -1,406
  -1,533
  -1,667
  -1,808
  -1,956
  -2,111
  -2,274
  -2,445
  -2,625
Issuance/(repayment) of debt, $m
  2,029
  1,516
  1,552
  1,635
  1,721
  1,812
  1,907
  2,006
  2,110
  2,219
  2,333
  2,453
  2,579
  2,711
  2,849
  2,994
  3,146
  3,305
  3,472
  3,648
  3,832
  4,025
  4,228
  4,441
  4,665
  4,899
  5,146
  5,404
  5,676
  5,960
  6,260
Issuance/(repurchase) of shares, $m
  1,086
  206
  248
  297
  358
  427
  498
  574
  653
  736
  824
  795
  892
  993
  1,100
  1,212
  1,330
  1,454
  1,584
  1,721
  1,864
  2,015
  2,173
  2,339
  2,514
  2,697
  2,890
  3,092
  3,304
  3,527
  3,761
Cash from financing (excl. dividends), $m  
  4,415
  1,722
  1,800
  1,932
  2,079
  2,239
  2,405
  2,580
  2,763
  2,955
  3,157
  3,248
  3,471
  3,704
  3,949
  4,206
  4,476
  4,759
  5,056
  5,369
  5,696
  6,040
  6,401
  6,780
  7,179
  7,596
  8,036
  8,496
  8,980
  9,487
  10,021
Total cash flow (excl. dividends), $m
  971
  1,912
  1,955
  2,053
  2,155
  2,262
  2,374
  2,491
  2,614
  2,743
  2,878
  2,899
  3,047
  3,203
  3,366
  3,537
  3,716
  3,905
  4,103
  4,310
  4,528
  4,756
  4,996
  5,247
  5,512
  5,789
  6,080
  6,385
  6,706
  7,042
  7,396
Retained Cash Flow (-), $m
  -1,057
  -284
  -291
  -307
  -358
  -427
  -498
  -574
  -653
  -736
  -824
  -795
  -892
  -993
  -1,100
  -1,212
  -1,330
  -1,454
  -1,584
  -1,721
  -1,864
  -2,015
  -2,173
  -2,339
  -2,514
  -2,697
  -2,890
  -3,092
  -3,304
  -3,527
  -3,761
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,628
  1,664
  1,746
  1,797
  1,835
  1,876
  1,918
  1,961
  2,007
  2,054
  2,103
  2,155
  2,209
  2,265
  2,324
  2,386
  2,451
  2,518
  2,589
  2,663
  2,741
  2,823
  2,908
  2,998
  3,092
  3,190
  3,293
  3,402
  3,515
  3,635
Discount rate, %
 
  11.00
  11.55
  12.13
  12.73
  13.37
  14.04
  14.74
  15.48
  16.25
  17.06
  17.92
  18.81
  19.75
  20.74
  21.78
  22.87
  24.01
  25.21
  26.47
  27.80
  29.19
  30.65
  32.18
  33.79
  35.48
  37.25
  39.11
  41.07
  43.12
  45.28
PV of cash for distribution, $m
 
  1,467
  1,337
  1,239
  1,112
  980
  853
  732
  620
  517
  425
  343
  272
  212
  162
  121
  88
  63
  44
  30
  20
  13
  8
  5
  3
  2
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.3
  94.3
  91.0
  87.4
  83.4
  79.2
  74.9
  70.5
  66.0
  61.5
  57.7
  53.9
  50.1
  46.4
  42.8
  39.4
  36.1
  33.0
  30.0
  27.3
  24.7
  22.3
  20.1
  18.1
  16.2
  14.5
  13.0
  11.6
  10.3
  9.1

Brookfield Renewable Partners L.P., formerly Brookfield Renewable Energy Partners L.P., is the owner and operator of a portfolio of assets that generate electricity from renewable resources. The Company operates as a pure-play renewable power platform. Its segments include Hydroelectric, Wind, Other and Corporate. It operates renewable power generating assets, which include conventional hydroelectric facilities and wind facilities located in North America, Colombia, Brazil and Europe. It also operates approximately four biomass facilities and three Co-gen facilities. It owns approximately 10,730 megawatts (MW) of installed capacity and an over 6,000 MW development pipeline diversified across 15 power markets in North America, Colombia, Brazil and Europe. This portfolio includes approximately 217 hydroelectric generating stations on over 82 river systems and approximately 38 wind facilities. Its portfolio also includes over 3,000 MW of medium to long-term development projects.

FINANCIAL RATIOS  of  Brookfield Renewable Partners L.P. (BEP-UN)

Valuation Ratios
P/E Ratio 1383.1
Price to Sales 2.1
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 8.1
Price to Free Cash Flow 8.1
Growth Rates
Sales Growth Rate 50.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 210.4%
Total Debt to Equity 237.8%
Interest Coverage 1
Management Effectiveness
Return On Assets -7.4%
Ret/ On Assets - 3 Yr. Avg. 0.2%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0.4%
Return On Equity 0.1%
Return On Equity - 3 Yr. Avg. 1.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 57.7%
Gross Margin - 3 Yr. Avg. 64.3%
EBITDA Margin 55.3%
EBITDA Margin - 3 Yr. Avg. 62.8%
Operating Margin 24.4%
Oper. Margin - 3 Yr. Avg. 29.4%
Pre-Tax Margin -0.5%
Pre-Tax Margin - 3 Yr. Avg. 4.4%
Net Profit Margin 0.2%
Net Profit Margin - 3 Yr. Avg. 2.6%
Effective Tax Rate 400%
Eff/ Tax Rate - 3 Yr. Avg. 84.9%
Payout Ratio 15100%

BEP-UN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BEP-UN stock intrinsic value calculation we used $3313 million for the last fiscal year's total revenue generated by Brookfield Renewable Partners L.P.. The default revenue input number comes from 2016 income statement of Brookfield Renewable Partners L.P.. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BEP-UN stock valuation model: a) initial revenue growth rate of 4.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 11%, whose default value for BEP-UN is calculated based on our internal credit rating of Brookfield Renewable Partners L.P., is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Brookfield Renewable Partners L.P..
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BEP-UN stock the variable cost ratio is equal to 71.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for BEP-UN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.6% for Brookfield Renewable Partners L.P..

Corporate tax rate of 27% is the nominal tax rate for Brookfield Renewable Partners L.P.. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BEP-UN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BEP-UN are equal to 0%.

Life of production assets of 0.6 years is the average useful life of capital assets used in Brookfield Renewable Partners L.P. operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BEP-UN is equal to 5.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $5874 million for Brookfield Renewable Partners L.P. - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 180.224 million for Brookfield Renewable Partners L.P. is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Brookfield Renewable Partners L.P. at the current share price and the inputted number of shares is $7.5 billion.

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Financial statements of BEP-UN
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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