Intrinsic value of Innergex Renewable Energy Inc. - INE

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$14.22

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$14.22

 
Intrinsic value

$1.51

 
Up/down potential

-89%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of INE 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 1.5

 

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, %
  18.62
  30.40
  27.86
  25.57
  23.52
  21.66
  20.00
  18.50
  17.15
  15.93
  14.84
  13.86
  12.97
  12.17
  11.46
  10.81
  10.23
  9.71
  9.24
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.03
  6.82
  6.64
  6.48
  6.33
  6.20
Revenue, $m
  293
  382
  489
  613
  758
  922
  1,106
  1,311
  1,536
  1,780
  2,045
  2,328
  2,630
  2,950
  3,288
  3,643
  4,016
  4,406
  4,813
  5,237
  5,678
  6,138
  6,615
  7,111
  7,627
  8,163
  8,720
  9,299
  9,901
  10,528
  11,181
Variable operating expenses, $m
 
  289
  370
  464
  573
  697
  836
  991
  1,161
  1,345
  1,545
  1,758
  1,986
  2,228
  2,483
  2,752
  3,033
  3,328
  3,635
  3,955
  4,289
  4,636
  4,996
  5,371
  5,761
  6,165
  6,586
  7,023
  7,478
  7,952
  8,444
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
  167
  289
  370
  464
  573
  697
  836
  991
  1,161
  1,345
  1,545
  1,758
  1,986
  2,228
  2,483
  2,752
  3,033
  3,328
  3,635
  3,955
  4,289
  4,636
  4,996
  5,371
  5,761
  6,165
  6,586
  7,023
  7,478
  7,952
  8,444
Operating income, $m
  125
  93
  119
  149
  185
  225
  270
  320
  375
  435
  500
  570
  644
  722
  805
  892
  983
  1,078
  1,178
  1,282
  1,390
  1,502
  1,619
  1,740
  1,867
  1,998
  2,134
  2,276
  2,423
  2,577
  2,736
EBITDA, $m
  216
  222
  283
  356
  439
  535
  641
  760
  890
  1,032
  1,186
  1,350
  1,525
  1,710
  1,906
  2,113
  2,329
  2,555
  2,791
  3,037
  3,293
  3,559
  3,836
  4,123
  4,422
  4,733
  5,056
  5,392
  5,741
  6,105
  6,483
Interest expense (income), $m
  82
  93
  125
  163
  209
  262
  322
  389
  464
  546
  636
  732
  836
  946
  1,063
  1,187
  1,317
  1,453
  1,596
  1,744
  1,900
  2,061
  2,229
  2,403
  2,585
  2,773
  2,969
  3,173
  3,385
  3,605
  3,834
Earnings before tax, $m
  37
  0
  -6
  -14
  -25
  -37
  -52
  -69
  -89
  -111
  -136
  -163
  -192
  -224
  -259
  -295
  -334
  -375
  -418
  -463
  -510
  -559
  -610
  -663
  -718
  -776
  -835
  -897
  -961
  -1,028
  -1,098
Tax expense, $m
  5
  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
Net income, $m
  36
  0
  -6
  -14
  -25
  -37
  -52
  -69
  -89
  -111
  -136
  -163
  -192
  -224
  -259
  -295
  -334
  -375
  -418
  -463
  -510
  -559
  -610
  -663
  -718
  -776
  -835
  -897
  -961
  -1,028
  -1,098

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  56
  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
  3,604
  4,603
  5,886
  7,391
  9,129
  11,107
  13,328
  15,794
  18,502
  21,450
  24,633
  28,047
  31,685
  35,542
  39,614
  43,896
  48,386
  53,083
  57,986
  63,096
  68,416
  73,949
  79,702
  85,680
  91,893
  98,350
  105,061
  112,038
  119,295
  126,845
  134,705
Adjusted assets (=assets-cash), $m
  3,548
  4,603
  5,886
  7,391
  9,129
  11,107
  13,328
  15,794
  18,502
  21,450
  24,633
  28,047
  31,685
  35,542
  39,614
  43,896
  48,386
  53,083
  57,986
  63,096
  68,416
  73,949
  79,702
  85,680
  91,893
  98,350
  105,061
  112,038
  119,295
  126,845
  134,705
Revenue / Adjusted assets
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
Average production assets, $m
  2,946
  3,841
  4,911
  6,167
  7,617
  9,268
  11,121
  13,178
  15,438
  17,898
  20,554
  23,402
  26,438
  29,656
  33,054
  36,627
  40,374
  44,293
  48,383
  52,647
  57,086
  61,703
  66,503
  71,492
  76,676
  82,063
  87,662
  93,484
  99,539
  105,839
  112,398
Working capital, $m
  32
  98
  125
  157
  194
  236
  283
  336
  393
  456
  523
  596
  673
  755
  842
  933
  1,028
  1,128
  1,232
  1,341
  1,454
  1,571
  1,694
  1,821
  1,953
  2,090
  2,232
  2,381
  2,535
  2,695
  2,862
Total debt, $m
  2,701
  3,559
  4,671
  5,976
  7,483
  9,198
  11,123
  13,261
  15,609
  18,165
  20,925
  23,884
  27,039
  30,383
  33,913
  37,626
  41,519
  45,591
  49,842
  54,272
  58,884
  63,682
  68,669
  73,853
  79,239
  84,837
  90,656
  96,705
  102,996
  109,543
  116,357
Total liabilities, $m
  3,134
  3,991
  5,103
  6,408
  7,915
  9,630
  11,555
  13,693
  16,041
  18,597
  21,357
  24,316
  27,471
  30,815
  34,345
  38,058
  41,951
  46,023
  50,274
  54,704
  59,316
  64,114
  69,101
  74,285
  79,671
  85,269
  91,088
  97,137
  103,428
  109,975
  116,789
Total equity, $m
  471
  612
  783
  983
  1,214
  1,477
  1,773
  2,101
  2,461
  2,853
  3,276
  3,730
  4,214
  4,727
  5,269
  5,838
  6,435
  7,060
  7,712
  8,392
  9,099
  9,835
  10,600
  11,396
  12,222
  13,081
  13,973
  14,901
  15,866
  16,870
  17,916
Total liabilities and equity, $m
  3,605
  4,603
  5,886
  7,391
  9,129
  11,107
  13,328
  15,794
  18,502
  21,450
  24,633
  28,046
  31,685
  35,542
  39,614
  43,896
  48,386
  53,083
  57,986
  63,096
  68,415
  73,949
  79,701
  85,681
  91,893
  98,350
  105,061
  112,038
  119,294
  126,845
  134,705
Debt-to-equity ratio
  5.735
  5.810
  5.970
  6.080
  6.160
  6.230
  6.280
  6.310
  6.340
  6.370
  6.390
  6.400
  6.420
  6.430
  6.440
  6.440
  6.450
  6.460
  6.460
  6.470
  6.470
  6.470
  6.480
  6.480
  6.480
  6.490
  6.490
  6.490
  6.490
  6.490
  6.490
Adjusted equity ratio
  0.117
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  36
  0
  -6
  -14
  -25
  -37
  -52
  -69
  -89
  -111
  -136
  -163
  -192
  -224
  -259
  -295
  -334
  -375
  -418
  -463
  -510
  -559
  -610
  -663
  -718
  -776
  -835
  -897
  -961
  -1,028
  -1,098
Depreciation, amort., depletion, $m
  91
  129
  165
  206
  255
  310
  371
  440
  515
  597
  686
  780
  881
  989
  1,102
  1,221
  1,346
  1,476
  1,613
  1,755
  1,903
  2,057
  2,217
  2,383
  2,556
  2,735
  2,922
  3,116
  3,318
  3,528
  3,747
Funds from operations, $m
  -61
  129
  159
  192
  230
  273
  320
  371
  426
  486
  550
  617
  689
  764
  843
  926
  1,012
  1,102
  1,195
  1,292
  1,393
  1,498
  1,607
  1,720
  1,838
  1,960
  2,087
  2,219
  2,356
  2,500
  2,649
Change in working capital, $m
  -138
  23
  27
  32
  37
  42
  47
  52
  58
  63
  68
  73
  77
  82
  87
  91
  95
  100
  104
  109
  113
  118
  122
  127
  132
  137
  143
  148
  154
  160
  167
Cash from operations, $m
  77
  406
  131
  160
  193
  231
  272
  318
  369
  423
  482
  545
  612
  682
  757
  835
  916
  1,002
  1,091
  1,184
  1,280
  1,380
  1,485
  1,593
  1,706
  1,823
  1,944
  2,071
  2,202
  2,339
  2,482
Maintenance CAPEX, $m
  0
  -98
  -128
  -164
  -206
  -254
  -309
  -371
  -439
  -515
  -597
  -685
  -780
  -881
  -989
  -1,102
  -1,221
  -1,346
  -1,476
  -1,613
  -1,755
  -1,903
  -2,057
  -2,217
  -2,383
  -2,556
  -2,735
  -2,922
  -3,116
  -3,318
  -3,528
New CAPEX, $m
  -366
  -895
  -1,070
  -1,256
  -1,450
  -1,650
  -1,853
  -2,057
  -2,260
  -2,460
  -2,656
  -2,848
  -3,035
  -3,218
  -3,397
  -3,573
  -3,747
  -3,919
  -4,091
  -4,264
  -4,439
  -4,617
  -4,800
  -4,989
  -5,184
  -5,387
  -5,600
  -5,822
  -6,055
  -6,300
  -6,558
Cash from investing activities, $m
  -255
  -993
  -1,198
  -1,420
  -1,656
  -1,904
  -2,162
  -2,428
  -2,699
  -2,975
  -3,253
  -3,533
  -3,815
  -4,099
  -4,386
  -4,675
  -4,968
  -5,265
  -5,567
  -5,877
  -6,194
  -6,520
  -6,857
  -7,206
  -7,567
  -7,943
  -8,335
  -8,744
  -9,171
  -9,618
  -10,086
Free cash flow, $m
  -178
  -588
  -1,067
  -1,259
  -1,463
  -1,674
  -1,890
  -2,110
  -2,330
  -2,551
  -2,771
  -2,988
  -3,204
  -3,418
  -3,630
  -3,841
  -4,051
  -4,263
  -4,477
  -4,693
  -4,914
  -5,140
  -5,372
  -5,612
  -5,861
  -6,121
  -6,391
  -6,673
  -6,969
  -7,279
  -7,604
Issuance/(repayment) of debt, $m
  215
  914
  1,112
  1,305
  1,507
  1,715
  1,926
  2,138
  2,348
  2,556
  2,760
  2,959
  3,154
  3,344
  3,530
  3,713
  3,893
  4,072
  4,251
  4,430
  4,612
  4,798
  4,988
  5,184
  5,387
  5,598
  5,818
  6,049
  6,292
  6,546
  6,814
Issuance/(repurchase) of shares, $m
  51
  0
  125
  155
  187
  222
  260
  300
  342
  387
  434
  483
  534
  586
  641
  697
  755
  816
  878
  942
  1,009
  1,078
  1,150
  1,224
  1,301
  1,381
  1,465
  1,552
  1,642
  1,737
  1,835
Cash from financing (excl. dividends), $m  
  265
  914
  1,237
  1,460
  1,694
  1,937
  2,186
  2,438
  2,690
  2,943
  3,194
  3,442
  3,688
  3,930
  4,171
  4,410
  4,648
  4,888
  5,129
  5,372
  5,621
  5,876
  6,138
  6,408
  6,688
  6,979
  7,283
  7,601
  7,934
  8,283
  8,649
Total cash flow (excl. dividends), $m
  86
  326
  45
  46
  44
  41
  36
  28
  18
  5
  -11
  -29
  -50
  -73
  -99
  -128
  -158
  -191
  -226
  -263
  -301
  -342
  -385
  -429
  -475
  -523
  -572
  -624
  -677
  -733
  -790
Retained Cash Flow (-), $m
  -21
  -141
  -171
  -200
  -231
  -263
  -295
  -328
  -360
  -392
  -423
  -454
  -484
  -513
  -542
  -570
  -597
  -625
  -652
  -680
  -708
  -736
  -765
  -795
  -826
  -859
  -893
  -928
  -965
  -1,004
  -1,045
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
 
  185
  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
Discount rate, %
 
  12.70
  13.34
  14.00
  14.70
  15.44
  16.21
  17.02
  17.87
  18.76
  19.70
  20.69
  21.72
  22.81
  23.95
  25.15
  26.40
  27.72
  29.11
  30.56
  32.09
  33.70
  35.38
  37.15
  39.01
  40.96
  43.01
  45.16
  47.41
  49.79
  52.27
PV of cash for distribution, $m
 
  164
  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
Current shareholders' claim on cash, %
  100
  100.0
  94.1
  88.8
  83.9
  79.5
  75.5
  71.8
  68.4
  65.3
  62.4
  59.7
  57.2
  54.9
  52.7
  50.7
  48.7
  46.9
  45.2
  43.6
  42.1
  40.6
  39.2
  37.9
  36.6
  35.4
  34.2
  33.1
  32.0
  31.0
  30.0

Innergex Renewable Energy Inc. operates as an independent renewable power producer in North America and France. It develops, owns, and operates run-of-river hydroelectric facilities, wind farms, and solar photovoltaic farms. The company operates through four segments: Hydroelectric Generation, Wind Power Generation, Solar Power Generation, and Site Development. It holds interests in 45 operating facilities with an aggregate net installed capacity of 834 MW, including 29 hydroelectric facilities, 15 wind farms, and 1 solar farm; 3 projects under development with an aggregate net installed capacity of 146 MW; and prospective projects with an aggregate net capacity totaling 3,280 MW. The company has operations in Quebec, Ontario, and British Columbia, Canada, as well as in Idaho, the United States. Innergex Renewable Energy Inc. was founded in 1990 and is headquartered in Longueuil, Canada.

FINANCIAL RATIOS  of  Innergex Renewable Energy Inc. (INE)

Valuation Ratios
P/E Ratio 42.7
Price to Sales 5.3
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 20
Price to Free Cash Flow -5.3
Growth Rates
Sales Growth Rate 18.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 23.2%
Cap. Spend. - 3 Yr. Gr. Rate 27.9%
Financial Strength
Quick Ratio 1
Current Ratio 0.4
LT Debt to Equity 552.4%
Total Debt to Equity 573.5%
Interest Coverage 1
Management Effectiveness
Return On Assets 3.2%
Ret/ On Assets - 3 Yr. Avg. 1.4%
Return On Total Capital 1.2%
Ret/ On T. Cap. - 3 Yr. Avg. -0.9%
Return On Equity 7.8%
Return On Equity - 3 Yr. Avg. -2.8%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 98.3%
Gross Margin - 3 Yr. Avg. 98.3%
EBITDA Margin 71.7%
EBITDA Margin - 3 Yr. Avg. 40.7%
Operating Margin 43%
Oper. Margin - 3 Yr. Avg. 36.9%
Pre-Tax Margin 12.6%
Pre-Tax Margin - 3 Yr. Avg. -19.2%
Net Profit Margin 12.3%
Net Profit Margin - 3 Yr. Avg. -7.5%
Effective Tax Rate 13.5%
Eff/ Tax Rate - 3 Yr. Avg. 19.3%
Payout Ratio 194.4%

INE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INE stock intrinsic value calculation we used $293 million for the last fiscal year's total revenue generated by Innergex Renewable Energy Inc.. The default revenue input number comes from 2016 income statement of Innergex Renewable Energy Inc.. 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 INE stock valuation model: a) initial revenue growth rate of 30.4% 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 12.7%, whose default value for INE is calculated based on our internal credit rating of Innergex Renewable Energy Inc., 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 Innergex Renewable Energy Inc..
    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 INE stock the variable cost ratio is equal to 75.8%.

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 INE 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 3.5% for Innergex Renewable Energy Inc..

Corporate tax rate of 27% is the nominal tax rate for Innergex Renewable Energy Inc.. 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 INE 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 INE are equal to 1005.3%.

Life of production assets of 32.5 years is the average useful life of capital assets used in Innergex Renewable Energy Inc. 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 INE is equal to 25.6%. 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 - $471 million for Innergex Renewable Energy Inc. - 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 108.787 million for Innergex Renewable Energy Inc. 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 Innergex Renewable Energy Inc. at the current share price and the inputted number of shares is $1.5 billion.


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