Coverage Universe - Weekly Price Changes Aug 24-31, 2018
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US mid-term election polls point to a Democrat resurgence, but a lot can still happen in the six weeks until election day. The economy is flying along under Trump, income from trade tariffs may even help to shrink the deficit. This may or may not be to cover up all the bad behaviour so far with more likely to come. In addition to the regular slate of earnings update, this week Altagas Corp. (ALA) is used as an example of how not to do an acquisition. This will help to set some guidelines for what we think it is important to look for when companies become involved in acquisitions and issue financial information in the process.
Earnings updates include Brookfield Renewable Energy LP(BEP.UN), Algonquin Power Corp. (AQN), Canadian Utilities Corp.(CU), Whitecap Resources Inc. (WCP), and an update on Altagas Corp.(ALA).
Brookfield Renewable Energy(BEP.UN) is a subsidiary of Brookfield Asset Management Inc (BAM.A,B), with Brookfield Asset Management owning approximately 60%. Brookfield Asset Management acts as manager of Brookfield Renewable under the terms of an incentivized management contract. Brookfield Renewable holds all of the power generation assets owned by the Brookfield Asset Management Group effective in 2011. Brookfield Renewable Power $30B in assets are included Brookfield Asset Managements $199B of assets as of Jun-30-2017. Until the purchase a 16% interest in Terraform Power (NASDAQ:TERP) in Dec-2017, facilities were mainly reservoir based hydro-power dams. Annual capital budgets are in the $1B range. The hydro power production is sold under long term contracts, production levels are based on long term precipitation averages and are quite predictable. They were not early entrants into the 'green' power segment, intentionally waiting for the sector to go through growing pains including governments cutting subsidies. The control 51% of Terraform with institutional partners, and are expected to increase ownership in what constitutes an already built portfolio of wind and solar facilities that should grow per share results. The dividend is in US dollars and is stable with potential for growth.
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