INE Relative Valuation - Innergex Renewable Energy Inc

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Price: 13.74 CAD

Market Cap: CA$2.8B

	Innergex Renewable Energy Inc TSX:INE	CA
A	Aston Bay Holdings Ltd OTC:ATBHF	CA

Multiples-Based Value

The Multiples-Based Value of one INE stock under the Base Case scenario is 32.49 CAD. Compared to the current market price of 13.74 CAD, Innergex Renewable Energy Inc is Undervalued by 58%.

Multiples-Based Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

What is relative valuation?

How is Multiples-Based Value calculated?

INE Multiples-Based Value

Undervaluation 58%

Multiples-Based Value

Price CA$13.74

Worst Case

Base Case

Best Case

Valuation Multiples

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Multiples Across Competitors

All Multiples

P/S

P/E

EV/EBITDA

EV/EBIT

Forward Multiples

			Market Cap	P/S	P/E	EV/EBITDA	EV/EBIT
CA		Innergex Renewable Energy Inc TSX:INE	2.8B CAD	2.6	70.2	12	25.9
CN		China Yangtze Power Co Ltd SSE:600900	646.5B CNY	7.7	19.8	19.2	19.2
ID	B	Barito Renewables Energy PT Tbk IDX:BREN	842.9T IDR	81.8	351.5	117.2	117.2
CN		Huaneng Lancang River Hydropower Inc SSE:600025	169.4B CNY	6.5	20.5	20.7	20.7
IN		Adani Green Energy Ltd NSE:ADANIGREEN	1.8T INR	14.6	122.1	25.2	35.6
CN		China Longyuan Power Group Corp Ltd HKEX:916	138.3B HKD	4	26	10.7	23.7
ES	E	EDP Renovaveis SA ELI:EDPR	14.9B EUR	5.4	67.8	23.4	23.4
CN		China Three Gorges Renewables Group Co Ltd SSE:600905	117.8B CNY	4	22.1	33.2	33.2
RO		Societatea de Producere a Energiei Electrice in Hidrocentrale Hidroelectrica SA F:E28	13.4B EUR	8.3	22.6	15.5	19.6
BM		Brookfield Renewable Partners LP TSX:BEP.UN	14.7B CAD	1.7	-150.5	10.2	32.9
CN		Sichuan Chuantou Energy Co Ltd SSE:600674	70.2B CNY	42.2	16.3	167	167

				Revenue Growth	P/S to Growth
CA		Innergex Renewable Energy Inc TSX:INE	Average P/S: 16.3 2.6	5%	0.5
CN		China Yangtze Power Co Ltd SSE:600900	7.7	2%	3.9
ID	B	Barito Renewables Energy PT Tbk IDX:BREN	81.8	N/A	N/A
CN		Huaneng Lancang River Hydropower Inc SSE:600025	6.5	5%	1.3
IN		Adani Green Energy Ltd NSE:ADANIGREEN	14.6	27%	0.5
CN		China Longyuan Power Group Corp Ltd HKEX:916	4	8%	0.5
ES	E	EDP Renovaveis SA ELI:EDPR	5.4	4%	1.4
CN		China Three Gorges Renewables Group Co Ltd SSE:600905	4	9%	0.4
RO		Societatea de Producere a Energiei Electrice in Hidrocentrale Hidroelectrica SA F:E28	8.3	5%	1.7
BM		Brookfield Renewable Partners LP TSX:BEP.UN	1.7	14%	0.1
CN		Sichuan Chuantou Energy Co Ltd SSE:600674	42.2	8%	5.3

				Earnings Growth	PEG
CA		Innergex Renewable Energy Inc TSX:INE	Average P/E: 73.9 70.2	47%	1.5
CN		China Yangtze Power Co Ltd SSE:600900	19.8	5%	4
ID	B	Barito Renewables Energy PT Tbk IDX:BREN	351.5	N/A	N/A
CN		Huaneng Lancang River Hydropower Inc SSE:600025	20.5	7%	2.9
IN		Adani Green Energy Ltd NSE:ADANIGREEN	122.1	49%	2.5
CN		China Longyuan Power Group Corp Ltd HKEX:916	26	13%	2
ES	E	EDP Renovaveis SA ELI:EDPR	67.8	40%	1.7
CN		China Three Gorges Renewables Group Co Ltd SSE:600905	22.1	8%	2.8
RO		Societatea de Producere a Energiei Electrice in Hidrocentrale Hidroelectrica SA F:E28	22.6	2%	11.3
BM		Brookfield Renewable Partners LP TSX:BEP.UN	Negative Multiple: -150.5	N/A	N/A
CN		Sichuan Chuantou Energy Co Ltd SSE:600674	16.3	5%	3.3

				EBITDA Growth	EV/EBITDA to Growth
CA		Innergex Renewable Energy Inc TSX:INE	Average EV/EBITDA: 41.3 12	7%	1.7
CN		China Yangtze Power Co Ltd SSE:600900	19.2	16%	1.2
ID	B	Barito Renewables Energy PT Tbk IDX:BREN	117.2	N/A	N/A
CN		Huaneng Lancang River Hydropower Inc SSE:600025	20.7	21%	1
IN		Adani Green Energy Ltd NSE:ADANIGREEN	25.2	30%	0.8
CN		China Longyuan Power Group Corp Ltd HKEX:916	10.7	7%	1.5
ES	E	EDP Renovaveis SA ELI:EDPR	23.4	36%	0.6
CN		China Three Gorges Renewables Group Co Ltd SSE:600905	33.2	36%	0.9
RO		Societatea de Producere a Energiei Electrice in Hidrocentrale Hidroelectrica SA F:E28	15.5	4%	3.9
BM		Brookfield Renewable Partners LP TSX:BEP.UN	10.2	9%	1.1
CN		Sichuan Chuantou Energy Co Ltd SSE:600674	167	107%	1.6

				EBIT Growth	EV/EBIT to Growth
CA		Innergex Renewable Energy Inc TSX:INE	Average EV/EBIT: 47.1 25.9	N/A	N/A
CN		China Yangtze Power Co Ltd SSE:600900	19.2	4%	4.8
ID	B	Barito Renewables Energy PT Tbk IDX:BREN	117.2	N/A	N/A
CN		Huaneng Lancang River Hydropower Inc SSE:600025	20.7	3%	6.9
IN		Adani Green Energy Ltd NSE:ADANIGREEN	35.6	33%	1.1
CN		China Longyuan Power Group Corp Ltd HKEX:916	23.7	18%	1.3
ES	E	EDP Renovaveis SA ELI:EDPR	23.4	12%	1.9
CN		China Three Gorges Renewables Group Co Ltd SSE:600905	33.2	3%	11.1
RO		Societatea de Producere a Energiei Electrice in Hidrocentrale Hidroelectrica SA F:E28	19.6	4%	4.9
BM		Brookfield Renewable Partners LP TSX:BEP.UN	32.9	41%	0.8
CN		Sichuan Chuantou Energy Co Ltd SSE:600674	167	-11%	N/A

Innergex Renewable Energy Inc
TSX:INE

Multiples-Based Value

Valuation Multiples

Multiples Across Competitors

INE Competitors Multiples
Innergex Renewable Energy Inc Competitors

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Innergex Renewable Energy Inc TSX:INE

Multiples-Based Value

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INE Competitors Multiples Innergex Renewable Energy Inc Competitors

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Stocks

Innergex Renewable Energy Inc
TSX:INE

INE Competitors Multiples
Innergex Renewable Energy Inc Competitors