Financials Polaris Renewable Energy Inc.

Equities

PIF

CA73108L1013

Independent Power Producers

Market Closed - Toronto S.E. Other stock markets 16:00:00 2025-02-07 EST			5-day change	1st Jan Change
12.75 ^CAD	-1.47%		-0.70%	-4.35%

12-11	Innergex, Northland, Polaris, Boralex are National Bank's Top Picks in Renewable Power Infrastructure Sector	MT
12-04	Polaris Renewable Energy Inc. Settles USD 175 Million Bond Issue	CI

Projected Income Statement: Polaris Renewable Energy Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	71.25	74.72	59.52	62.6	78.52	76.39	86.4	93.35
Change	-	4.87%	-20.35%	5.18%	25.43%	-2.71%	13.1%	8.05%
EBITDA ¹	58.93	58.69	43.77	44.92	57.66	55.07	61.66	67.3
Change	-	-0.42%	-25.42%	2.64%	28.37%	-4.5%	11.98%	9.14%
EBIT ¹	-	56.89	15.92	17.61	28.04	25.01	32.4	-
Change	-	-	-72.02%	10.62%	59.25%	-10.83%	29.57%	-100%
Interest Paid ¹	-	-17.19	-16.96	-19.48	-21.92	-21.7	-29.3	-
Earnings before Tax (EBT)	-	38.98	4.418	-	6.365	-	-	-
Change	-	-	-88.67%	-100%	-	-100%	-	-
Net income ¹	14.5	-	0.501	2.499	11.74	8.002	11.23	-
Change	-	-100%	-	398.8%	369.95%	-31.87%	40.3%	-100%
Announcement Date	3/5/20	3/4/21	2/24/22	2/23/23	2/22/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	17.8	20.27	18.92	17.05	18.47	15.68	14.16	14.81	14.87	16.07	15.18	14.51	16.87	20.12	20.82	18.84	18.75	20.63	18.7	17.66	19.16	20.1	21.9	19	20.7	-	-	-
Change	-	13.92%	-6.65%	-9.88%	8.31%	-15.12%	-9.68%	4.55%	0.44%	8.04%	-5.49%	-4.43%	16.25%	19.24%	3.49%	-9.49%	-0.5%	10.05%	-9.35%	-5.58%	8.53%	4.88%	8.96%	-13.24%	8.95%	-100%	-	-
EBITDA ¹	14.28	17.03	15.12	13.01	13.57	11.85	9.978	10.86	11.07	12.1	11.19	10.01	11.66	15.32	15.39	13.73	13.39	15.74	13.32	12.42	13.52	15.2	15.9	14.5	15.05	17.7	18.3	17.7
Change	-	19.3%	-11.22%	-13.99%	4.37%	-12.69%	-15.8%	8.81%	1.93%	9.31%	-7.51%	-10.53%	16.46%	31.45%	0.4%	-10.74%	-2.5%	17.55%	-15.39%	-6.77%	8.92%	12.39%	4.61%	-8.81%	3.79%	17.61%	3.39%	-3.28%
EBIT ¹	-	-	8.209	6.589	31.4	4.479	3.443	4.224	3.773	5.929	4.343	2.613	4.724	7.984	8.004	6.213	5.937	8.424	5.901	4.726	5.98	-	-	-	-	-	-	-
Change	-	-	-	-19.73%	376.6%	-85.74%	-23.13%	22.68%	-10.68%	57.14%	-26.75%	-39.83%	80.79%	69.01%	0.25%	-22.38%	-4.44%	41.89%	-29.95%	-19.91%	26.53%	-100%	-	-	-	-	-	-
Charge d'intérêts ¹	-	-	-4.414	-4.117	-3.955	-4.328	-4.344	-4.136	-4.154	-7.122	-4.163	-5.586	-2.606	-4.992	-5.554	-5.582	-5.797	-5.251	-5.169	-5.122	-6.2	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	0.546	1.98	29.81	0.344	0.908	3.153	0.013	0.112	-1.438	-0.361	-	3.018	2.411	1.115	-0.083	3.422	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	262.64%	1,405.35%	-98.85%	163.95%	247.25%	-99.59%	761.54%	-	-74.9%	-100%	-	-20.11%	-53.75%	-	-	-100%	-	-	-	-	-	-	-	-	-
Net income ¹	-	-	-1.025	1.322	-	-	-	-	-	-	-	-	3.001	-	4.622	1.018	1.408	-	0.985	0.451	1.821	-	-	-	-	-	-	-
Change	-	-	-	-	-100%	-	-	-	-	-	-	-	-	-100%	-	-77.97%	38.31%	-100%	-	-54.21%	303.77%	-100%	-	-	-	-	-	-
Announcement Date	3/5/20	5/21/20	8/6/20	11/5/20	3/4/21	5/6/21	8/5/21	11/4/21	2/24/22	5/5/22	8/4/22	11/3/22	2/23/23	5/4/23	8/3/23	11/2/23	2/22/24	5/2/24	8/1/24	10/31/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Polaris Renewable Energy Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	73.1	149	132	112	126	107
Change	-	-	-	103.83%	-11.41%	-15.36%	12.5%	-15.08%
Announcement Date	3/5/20	3/4/21	2/24/22	2/23/23	2/22/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Polaris Renewable Energy Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	-	-	-	3.107	-	16.15	28	10
Change	-	-	-	-	-	-	73.37%	-64.29%
Free Cash Flow (FCF) ¹	28.34	56.03	36.25	32.6	53.8	38.6	30.25	33.3
Change	-	97.71%	-35.29%	-10.08%	65.05%	-28.25%	-21.63%	10.07%
Announcement Date	3/5/20	3/4/21	2/24/22	2/23/23	2/22/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Polaris Renewable Energy Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	82.71%	78.54%	73.54%	71.76%	73.44%	72.08%	71.37%	72.09%
EBIT Margin (%)	-	76.14%	26.75%	28.13%	35.71%	32.73%	37.5%	-
EBT Margin (%)	-	52.17%	7.42%	-	8.11%	-	-	-
Net margin (%)	20.34%	-	0.84%	3.99%	14.96%	10.47%	12.99%	-
FCF margin (%)	39.77%	74.98%	60.91%	52.07%	68.52%	50.53%	35.02%	35.67%
FCF / Net Income (%)	195.49%	-	7,235.93%	1,304.44%	458.12%	482.47%	269.5%	-
Profitability
ROA	-	-	-	-	-	1.5%	2.5%	-
ROE	-	-	-	-	4.35%	2.95%	4.25%	-
Financial Health
Leverage (Debt/EBITDA)	-	-	1.67x	3.32x	2.29x	2.03x	2.04x	1.59x
Debt / Free cash flow	-	-	2.02x	4.57x	2.46x	2.89x	4.16x	3.22x
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	4.96%	-	21.14%	32.41%	10.71%
CAPEX / EBITDA (%)	-	-	-	6.92%	-	29.33%	45.41%	14.86%
CAPEX / FCF (%)	-	-	-	9.53%	-	41.83%	92.55%	30.03%
Items per share
Cash flow per share ¹	2.768	3.63	2.348	1.77	2.707	2.44	2.1	2.45
Change	-	31.14%	-35.31%	-24.63%	52.94%	-9.86%	-13.93%	16.67%
Dividend per Share ¹	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
Change	-	0%	0%	0%	0%	0%	0%	0%
Book Value Per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EPS ¹	0.89	1.7	0.03	0.12	0.56	0.35	0.444	0.78
Change	-	91.01%	-98.24%	300%	366.67%	-37.5%	26.86%	75.68%
Nbr of stocks (in thousands)	15,706	15,706	19,525	21,026	21,074	21,055	21,055	21,055
Announcement Date	3/5/20	3/4/21	2/24/22	2/23/23	2/22/24	-	-	-