Intrinsic value of Pattern Energy Group - PEGI

Previous Close

$20.10

  Intrinsic Value

$2.44

stock screener

  Rating & Target

str. sell

-88%

Previous close

$20.10

 
Intrinsic value

$2.44

 
Up/down potential

-88%

 
Rating

str. sell

We calculate the intrinsic value of PEGI 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 0001), $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 2.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  29.90
  27.41
  25.17
  23.15
  21.34
  19.70
  18.23
  16.91
  15.72
  14.65
  13.68
  12.81
  12.03
  11.33
  10.70
  10.13
  9.61
  9.15
  8.74
  8.36
  8.03
  7.72
  7.45
  7.21
  6.99
  6.79
  6.61
  6.45
  6.30
  6.17
Revenue, $m
  534
  681
  852
  1,049
  1,273
  1,524
  1,802
  2,107
  2,438
  2,795
  3,178
  3,585
  4,016
  4,471
  4,949
  5,451
  5,975
  6,521
  7,091
  7,684
  8,301
  8,942
  9,609
  10,301
  11,021
  11,769
  12,547
  13,356
  14,198
  15,074
Variable operating expenses, $m
  488
  617
  769
  944
  1,143
  1,365
  1,612
  1,882
  2,176
  2,493
  2,818
  3,179
  3,562
  3,966
  4,390
  4,834
  5,299
  5,784
  6,289
  6,815
  7,363
  7,931
  8,522
  9,136
  9,775
  10,438
  11,128
  11,846
  12,592
  13,370
Fixed operating expenses, $m
  26
  26
  27
  27
  28
  28
  29
  30
  30
  31
  32
  32
  33
  34
  35
  35
  36
  37
  38
  39
  39
  40
  41
  42
  43
  44
  45
  46
  47
  48
Total operating expenses, $m
  514
  643
  796
  971
  1,171
  1,393
  1,641
  1,912
  2,206
  2,524
  2,850
  3,211
  3,595
  4,000
  4,425
  4,869
  5,335
  5,821
  6,327
  6,854
  7,402
  7,971
  8,563
  9,178
  9,818
  10,482
  11,173
  11,892
  12,639
  13,418
Operating income, $m
  21
  37
  56
  78
  103
  130
  161
  195
  232
  271
  328
  373
  421
  472
  525
  581
  639
  700
  764
  830
  899
  971
  1,045
  1,123
  1,203
  1,287
  1,374
  1,464
  1,558
  1,656
EBITDA, $m
  290
  376
  476
  592
  723
  871
  1,034
  1,213
  1,408
  1,618
  1,843
  2,083
  2,336
  2,604
  2,886
  3,181
  3,489
  3,811
  4,146
  4,495
  4,858
  5,236
  5,628
  6,036
  6,460
  6,900
  7,358
  7,834
  8,330
  8,846
Interest expense (income), $m
  70
  114
  177
  254
  343
  446
  563
  694
  839
  997
  1,170
  1,356
  1,556
  1,768
  1,993
  2,230
  2,480
  2,741
  3,015
  3,300
  3,597
  3,906
  4,228
  4,562
  4,910
  5,271
  5,646
  6,036
  6,442
  6,864
  7,303
Earnings before tax, $m
  -93
  -140
  -198
  -265
  -344
  -433
  -533
  -644
  -766
  -899
  -1,029
  -1,183
  -1,347
  -1,522
  -1,705
  -1,899
  -2,102
  -2,314
  -2,536
  -2,767
  -3,007
  -3,257
  -3,517
  -3,787
  -4,068
  -4,359
  -4,663
  -4,978
  -5,305
  -5,646
Tax expense, $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
Net income, $m
  -93
  -140
  -198
  -265
  -344
  -433
  -533
  -644
  -766
  -899
  -1,029
  -1,183
  -1,347
  -1,522
  -1,705
  -1,899
  -2,102
  -2,314
  -2,536
  -2,767
  -3,007
  -3,257
  -3,517
  -3,787
  -4,068
  -4,359
  -4,663
  -4,978
  -5,305
  -5,646

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  6,142
  7,825
  9,795
  12,062
  14,636
  17,520
  20,714
  24,217
  28,024
  32,128
  36,524
  41,204
  46,162
  51,392
  56,889
  62,650
  68,673
  74,959
  81,508
  88,325
  95,415
  102,786
  110,446
  118,405
  126,677
  135,276
  144,216
  153,515
  163,191
  173,264
Adjusted assets (=assets-cash), $m
  6,142
  7,825
  9,795
  12,062
  14,636
  17,520
  20,714
  24,217
  28,024
  32,128
  36,524
  41,204
  46,162
  51,392
  56,889
  62,650
  68,673
  74,959
  81,508
  88,325
  95,415
  102,786
  110,446
  118,405
  126,677
  135,276
  144,216
  153,515
  163,191
  173,264
Revenue / Adjusted assets
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
  0.087
Average production assets, $m
  4,689
  5,975
  7,478
  9,210
  11,175
  13,377
  15,816
  18,490
  21,397
  24,530
  27,887
  31,460
  35,246
  39,239
  43,436
  47,834
  52,433
  57,232
  62,233
  67,437
  72,851
  78,478
  84,327
  90,404
  96,720
  103,285
  110,110
  117,210
  124,598
  132,289
Working capital, $m
  -68
  -86
  -108
  -133
  -162
  -194
  -229
  -268
  -310
  -355
  -404
  -455
  -510
  -568
  -629
  -692
  -759
  -828
  -901
  -976
  -1,054
  -1,136
  -1,220
  -1,308
  -1,400
  -1,495
  -1,593
  -1,696
  -1,803
  -1,914
Total debt, $m
  3,007
  4,301
  5,816
  7,560
  9,539
  11,757
  14,213
  16,907
  19,834
  22,990
  26,371
  29,970
  33,783
  37,804
  42,032
  46,462
  51,094
  55,927
  60,964
  66,206
  71,658
  77,326
  83,216
  89,337
  95,698
  102,311
  109,186
  116,336
  123,777
  131,524
Total liabilities, $m
  4,723
  6,018
  7,532
  9,276
  11,255
  13,473
  15,929
  18,623
  21,550
  24,707
  28,087
  31,686
  35,499
  39,521
  43,748
  48,178
  52,810
  57,643
  62,680
  67,922
  73,375
  79,042
  84,933
  91,054
  97,415
  104,027
  110,902
  118,053
  125,494
  133,240
Total equity, $m
  1,419
  1,808
  2,263
  2,786
  3,381
  4,047
  4,785
  5,594
  6,474
  7,422
  8,437
  9,518
  10,664
  11,872
  13,141
  14,472
  15,864
  17,316
  18,828
  20,403
  22,041
  23,744
  25,513
  27,352
  29,262
  31,249
  33,314
  35,462
  37,697
  40,024
Total liabilities and equity, $m
  6,142
  7,826
  9,795
  12,062
  14,636
  17,520
  20,714
  24,217
  28,024
  32,129
  36,524
  41,204
  46,163
  51,393
  56,889
  62,650
  68,674
  74,959
  81,508
  88,325
  95,416
  102,786
  110,446
  118,406
  126,677
  135,276
  144,216
  153,515
  163,191
  173,264
Debt-to-equity ratio
  2.120
  2.380
  2.570
  2.710
  2.820
  2.900
  2.970
  3.020
  3.060
  3.100
  3.130
  3.150
  3.170
  3.180
  3.200
  3.210
  3.220
  3.230
  3.240
  3.240
  3.250
  3.260
  3.260
  3.270
  3.270
  3.270
  3.280
  3.280
  3.280
  3.290
Adjusted equity ratio
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -93
  -140
  -198
  -265
  -344
  -433
  -533
  -644
  -766
  -899
  -1,029
  -1,183
  -1,347
  -1,522
  -1,705
  -1,899
  -2,102
  -2,314
  -2,536
  -2,767
  -3,007
  -3,257
  -3,517
  -3,787
  -4,068
  -4,359
  -4,663
  -4,978
  -5,305
  -5,646
Depreciation, amort., depletion, $m
  268
  338
  420
  514
  621
  741
  873
  1,019
  1,176
  1,347
  1,516
  1,710
  1,916
  2,133
  2,361
  2,600
  2,850
  3,110
  3,382
  3,665
  3,959
  4,265
  4,583
  4,913
  5,257
  5,613
  5,984
  6,370
  6,772
  7,190
Funds from operations, $m
  176
  198
  222
  249
  277
  308
  341
  375
  411
  448
  487
  527
  568
  611
  655
  701
  748
  796
  847
  898
  952
  1,008
  1,066
  1,126
  1,189
  1,254
  1,322
  1,392
  1,466
  1,543
Change in working capital, $m
  -16
  -19
  -22
  -25
  -28
  -32
  -35
  -39
  -42
  -45
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -91
  -95
  -99
  -103
  -107
  -111
Cash from operations, $m
  191
  217
  244
  274
  306
  340
  376
  414
  453
  493
  535
  579
  623
  669
  716
  764
  814
  866
  919
  974
  1,031
  1,090
  1,151
  1,214
  1,280
  1,349
  1,420
  1,495
  1,573
  1,655
Maintenance CAPEX, $m
  -196
  -255
  -325
  -406
  -501
  -607
  -727
  -860
  -1,005
  -1,163
  -1,333
  -1,516
  -1,710
  -1,916
  -2,133
  -2,361
  -2,600
  -2,850
  -3,110
  -3,382
  -3,665
  -3,959
  -4,265
  -4,583
  -4,913
  -5,257
  -5,613
  -5,984
  -6,370
  -6,772
New CAPEX, $m
  -1,082
  -1,285
  -1,504
  -1,731
  -1,965
  -2,202
  -2,439
  -2,674
  -2,906
  -3,134
  -3,356
  -3,573
  -3,785
  -3,993
  -4,197
  -4,399
  -4,599
  -4,799
  -5,001
  -5,205
  -5,413
  -5,627
  -5,848
  -6,077
  -6,316
  -6,565
  -6,826
  -7,100
  -7,388
  -7,691
Cash from investing activities, $m
  -1,278
  -1,540
  -1,829
  -2,137
  -2,466
  -2,809
  -3,166
  -3,534
  -3,911
  -4,297
  -4,689
  -5,089
  -5,495
  -5,909
  -6,330
  -6,760
  -7,199
  -7,649
  -8,111
  -8,587
  -9,078
  -9,586
  -10,113
  -10,660
  -11,229
  -11,822
  -12,439
  -13,084
  -13,758
  -14,463
Free cash flow, $m
  -1,087
  -1,323
  -1,584
  -1,864
  -2,160
  -2,469
  -2,790
  -3,120
  -3,459
  -3,803
  -4,154
  -4,510
  -4,872
  -5,240
  -5,614
  -5,995
  -6,384
  -6,783
  -7,192
  -7,613
  -8,048
  -8,497
  -8,963
  -9,446
  -9,949
  -10,473
  -11,019
  -11,589
  -12,185
  -12,808
Issuance/(repayment) of debt, $m
  1,076
  1,295
  1,515
  1,744
  1,979
  2,218
  2,457
  2,694
  2,927
  3,156
  3,380
  3,599
  3,813
  4,022
  4,227
  4,430
  4,632
  4,833
  5,037
  5,242
  5,452
  5,668
  5,890
  6,121
  6,361
  6,612
  6,875
  7,151
  7,441
  7,747
Issuance/(repurchase) of shares, $m
  417
  529
  653
  789
  938
  1,099
  1,270
  1,453
  1,645
  1,847
  2,044
  2,264
  2,493
  2,730
  2,975
  3,230
  3,493
  3,766
  4,049
  4,341
  4,645
  4,960
  5,286
  5,626
  5,979
  6,346
  6,728
  7,126
  7,541
  7,973
Cash from financing (excl. dividends), $m  
  1,493
  1,824
  2,168
  2,533
  2,917
  3,317
  3,727
  4,147
  4,572
  5,003
  5,424
  5,863
  6,306
  6,752
  7,202
  7,660
  8,125
  8,599
  9,086
  9,583
  10,097
  10,628
  11,176
  11,747
  12,340
  12,958
  13,603
  14,277
  14,982
  15,720
Total cash flow (excl. dividends), $m
  406
  500
  583
  669
  758
  847
  937
  1,026
  1,114
  1,200
  1,271
  1,353
  1,433
  1,512
  1,589
  1,665
  1,741
  1,817
  1,893
  1,970
  2,049
  2,130
  2,214
  2,301
  2,391
  2,485
  2,584
  2,688
  2,797
  2,912
Retained Cash Flow (-), $m
  -417
  -529
  -653
  -789
  -938
  -1,099
  -1,270
  -1,453
  -1,645
  -1,847
  -2,044
  -2,264
  -2,493
  -2,730
  -2,975
  -3,230
  -3,493
  -3,766
  -4,049
  -4,341
  -4,645
  -4,960
  -5,286
  -5,626
  -5,979
  -6,346
  -6,728
  -7,126
  -7,541
  -7,973
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
  -11
  -29
  -70
  -120
  -181
  -252
  -334
  -427
  -531
  -647
  -774
  -911
  -1,060
  -1,218
  -1,386
  -1,565
  -1,752
  -1,949
  -2,156
  -2,371
  -2,596
  -2,829
  -3,072
  -3,325
  -3,588
  -3,860
  -4,144
  -4,438
  -4,744
  -5,062
Discount rate, %
  9.20
  9.66
  10.14
  10.65
  11.18
  11.74
  12.33
  12.95
  13.59
  14.27
  14.99
  15.74
  16.52
  17.35
  18.22
  19.13
  20.08
  21.09
  22.14
  23.25
  24.41
  25.63
  26.91
  28.26
  29.67
  31.15
  32.71
  34.35
  36.07
  37.87
PV of cash for distribution, $m
  -10
  -24
  -52
  -80
  -106
  -129
  -148
  -161
  -169
  -170
  -167
  -158
  -145
  -130
  -113
  -95
  -78
  -62
  -48
  -36
  -26
  -19
  -13
  -8
  -5
  -3
  -2
  -1
  -1
  0
Current shareholders' claim on cash, %
  82.5
  68.4
  57.0
  47.7
  40.2
  34.1
  29.0
  24.8
  21.3
  18.4
  16.0
  13.9
  12.1
  10.6
  9.3
  8.2
  7.2
  6.4
  5.7
  5.0
  4.5
  4.0
  3.5
  3.1
  2.8
  2.5
  2.2
  2.0
  1.8
  1.6

Pattern Energy Group Inc. is an independent power company focused on owning and operating power projects. The Company holds interests in over 18 wind power projects located in the United States, Canada and Chile with total capacity of over 2,644 megawatts (MW). Each of its projects has contracted to sell its output pursuant to a power sale agreement. The Company sells its electricity and environmental attributes, including renewable energy credits (RECs), to local utilities under long-term and fixed-price power purchase agreements (PPAs). The Company's operating projects are Gulf Wind, Texas; Hatchet Ridge, California; St. Joseph, Manitoba; Spring Valley, Nevada; Santa Isabel, Puerto Rico; Ocotillo, California; South Kent, Ontario; El Arrayan, Chile; Panhandle 1, Texas; Panhandle 2, Texas; Grand, Ontario; Post Rock, Kansas; Lost Creek, Missouri; K2, Ontario; Logan's Gap, Texas, Amazon Wind Farm Fowler Ridge, Indiana, and Armow Wind power facility in Ontario, Canada.

FINANCIAL RATIOS  of  Pattern Energy Group (PEGI)

Valuation Ratios
P/E Ratio -103.3
Price to Sales 5
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 10.7
Price to Free Cash Flow 13.4
Growth Rates
Sales Growth Rate 7.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -91.3%
Cap. Spend. - 3 Yr. Gr. Rate -23.3%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 135.1%
Total Debt to Equity 158.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.7%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital -0.7%
Ret/ On T. Cap. - 3 Yr. Avg. -1.2%
Return On Equity -1.9%
Return On Equity - 3 Yr. Avg. -4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 14.4%
Gross Margin - 3 Yr. Avg. 22.5%
EBITDA Margin 56.5%
EBITDA Margin - 3 Yr. Avg. 49.7%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 9.8%
Pre-Tax Margin -12.4%
Pre-Tax Margin - 3 Yr. Avg. -13.9%
Net Profit Margin -4.8%
Net Profit Margin - 3 Yr. Avg. -8.8%
Effective Tax Rate -18.2%
Eff/ Tax Rate - 3 Yr. Avg. -12%
Payout Ratio -705.9%

PEGI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PEGI stock intrinsic value calculation we used $411.344 million for the last fiscal year's total revenue generated by Pattern Energy Group. The default revenue input number comes from 0001 income statement of Pattern Energy Group. 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 PEGI stock valuation model: a) initial revenue growth rate of 29.9% 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 9.2%, whose default value for PEGI is calculated based on our internal credit rating of Pattern Energy Group, 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 Pattern Energy Group.
    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 PEGI stock the variable cost ratio is equal to 92%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $25 million in the base year in the intrinsic value calculation for PEGI 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 5.9% for Pattern Energy Group.

Corporate tax rate of 27% is the nominal tax rate for Pattern Energy Group. 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 PEGI 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 PEGI are equal to 877.6%.

Life of production assets of 18.4 years is the average useful life of capital assets used in Pattern Energy Group 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 PEGI is equal to -12.7%. 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 - $1094.449 million for Pattern Energy Group - 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 98.097 million for Pattern Energy Group 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 Pattern Energy Group at the current share price and the inputted number of shares is $2.0 billion.

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