This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet. Estimates Estimates Estimates
See my website on stocks or see my blog at the following sites.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/ Q3 2016
Innergex Renewable Energy TSX: INE OTC INGXF www.innergex.com Fiscal Yr: Dec 31
Year 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 Value Description #Y Item
Accounting Rules IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS Accounting Rules
$275.8 <-12 mths 11.72%
Revenue* $25.209 $30.016 $41.154 $40.372 $59.430 $58.625 $89.100 $148.260 $180.86 $198.26 $241.83 $246.87 $291 $411 $420 722.46% <-Total Growth 10 Revenue
Increase 15.90% 19.07% 37.11% -1.90% 47.21% -1.36% 51.98% 66.40% 21.99% 9.62% 21.98% 2.08% 17.88% 41.24% 2.19% 23.46% <-IRR #YR-> 10 Revenue
5 year Running Average $31.7 $39.2 $45.9 $57.7 $79.2 $107.3 $135.0 $171.7 $203.2 $231.8 $277.8 $322.1 22.61% <-IRR #YR-> 5 Revenue
Revenue per Share $0.84 $0.83 $1.14 $0.94 $1.38 $1.37 $1.50 $1.82 $1.93 $2.07 $2.40 $2.38 $2.69 $3.80 $3.88 26.14% <-IRR #YR-> 8 5 yr Running Average
Increase 3.05% -0.39% 37.11% -17.66% 47.21% -1.36% 9.60% 21.87% 5.87% 7.33% 15.90% -1.13% 13.32% 41.24% 2.19% 28.62% <-IRR #YR-> 5 5 yr Running Average
5 year Running Average $0.91 $1.03 $1.13 $1.27 $1.40 $1.60 $1.74 $1.95 $2.12 $2.29 $2.67 $3.03 11.05% <-IRR #YR-> 10 Revenue per Share
P/S (Price/Sales) Med 9.76 10.67 7.86 9.44 5.40 4.79 5.11 5.39 5.49 4.61 4.45 4.65 4.81 0.00 0.00 9.68% <-IRR #YR-> 5 Revenue per Share
P/S (Price/Sales) Close 10.62 10.85 7.95 8.66 4.55 5.14 6.63 5.65 5.36 5.11 4.73 4.77 5.13 3.63 3.55 11.12% <-IRR #YR-> 8 5 yr Running Average
*Revenue in M CDN $  P/S Med 10 yr  5.25 5 yr  4.65 -2.38% Diff M/C 10.88% <-IRR #YR-> 5 5 yr Running Average
-$30.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $246.9
-$89.1 $0.0 $0.0 $0.0 $0.0 $246.9
-$31.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $203.2
-$57.7 $0.0 $0.0 $0.0 $0.0 $203.2
EPS Adjusted $0.12 $0.21 $0.40 $0.49 Adjusted EPS Fr TD B
Increase 75.00% 90.48% 22.50%
Earnings Yield 1.1% 1.5% 2.9% 3.6%
5 year Running Average
10 year Running Average
* Adjusted ESP per share 
-$0.11 <-12 mths 70.27%
EPS Basic $0.32 $0.32 $0.33 -$0.77 -$0.08 $0.61 -$0.09 -$0.59 -$0.03 $0.43 -$0.63 -$0.37 -217.43% <-Total Growth 10 EPS Basic
EPS Diluted* $0.32 $0.32 $0.33 -$0.77 -$0.08 $0.61 -$0.09 -$0.59 -$0.03 $0.43 -$0.63 -$0.37 $0.22 $0.52 $0.53 -217.43% <-Total Growth 10 EPS Diluted
Increase -8.76% 0.00% 4.35% -335.42% -90.27% -909.09% -114.76% 555.56% -94.92% -1533.33% -246.51% -41.27% -159.46% 136.36% 1.92% #NUM! <-IRR #YR-> 10 Earnings per Share -217.43%
Earnings Yield 3.5% 3.5% 3.6% -9.5% -1.2% 8.7% -0.9% -5.7% -0.3% 4.1% -5.5% -3.3% 1.6% 3.8% 3.8% 32.68% <-IRR #YR-> 5 Earnings per Share -311.11%
5 year Running Average $0.11 $0.02 $0.08 $0.00 -$0.18 -$0.04 $0.07 -$0.18 -$0.24 -$0.08 $0.03 $0.05 #NUM! <-IRR #YR-> 7 5 yr Running Average -1185.88%
10 year Running Average $0.04 $0.04 -$0.05 -$0.12 -$0.13 $0.00 $0.06 315.68% <-IRR #YR-> 5 5 yr Running Average -124000.00%
* ESP per share  E/P 10 Yrs -1.05% 5Yrs -3.27%
-0.32 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 $0.00 $0.00 -$0.37
$0.09 $0.00 $0.00 $0.00 $0.00 -$0.37
-$0.02 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$0.24
$0.00 $0.00 $0.00 $0.00 $0.00 -$0.24
Special Dividend $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.08 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 <-Median-> 10 Special Dividends
Div 181 dys
Pre-Amalg. $0.93 $0.95 $0.97 $1.00 $1.00 $1.00
Dividend* $0.64 $0.65 $0.66 $0.68 $0.68 $0.68 $0.46 $0.58 $0.58 $0.58 $0.60 $0.62 $0.64 $0.64 $0.64 -4.98% <-Total Growth 10 Dividends
Increase 2.16% 1.48% 2.12% 3.29% 0.33% 0.00% -32.81% 26.04% 0.00% 0.00% 2.59% 3.36% 3.25% 0.79% 0.00% Count 13 Years of data
Dividends 5 Yr Running $1.60 $1.63 $1.65 $1.43 $1.22 $1.00 $0.78 $0.56 $0.59 $0.60 $0.61 $0.63 #DIV/0! <-Total Growth 8 Dividends 5 Yr Running
Yield H/L Price 7.82% 7.28% 7.36% 7.69% 9.16% 10.47% 6.01% 5.90% 5.47% 6.08% 5.57% 5.56% 4.91% 6.04% <-Median-> 10 Yield H/L Price
Yield on High  Price 6.86% 6.61% 6.72% 7.17% 7.64% 9.62% 4.62% 5.44% 5.16% 5.43% 5.20% 5.02% 4.04% 5.43% <-Median-> 10 Yield on High  Price
Yield on Low Price 9.08% 8.11% 8.14% 8.30% 11.43% 11.49% 8.60% 6.45% 5.81% 6.90% 6.00% 6.23% 6.24% 7.52% <-Median-> 10 Yield on Low Price
Yield on Close Price 7.18% 7.16% 7.28% 8.38% 10.87% 9.76% 4.63% 5.63% 5.60% 5.47% 5.24% 5.43% 4.60% 4.64% 4.64% 5.62% <-Median-> 10 Yield on Close Price
Payout Ratio EPS 202.43% 205.43% 201.04% -88.21% -909.05% 112.36% -511.29% -98.31% -1933% 134.88% -94.44% -166.22% 288.6% 123.1% 120.8% -96.37% <-Median-> 10 DPR EPS
DPR EPS 5 Yr Running 1509.22% 7438.24% 2045.82% -744105% -662.08% -2839.14% 1178.75% -307.16% -247.90% -790.79% 1802.94% 1157.41% -247.90% <-Median-> 9 DPR EPS 5 Yr Running
Payout Ratio CFPS 115.52% 336.16% 77.15% 113.39% 90.88% 84.55% 137.55% 108.51% 87.36% 45.37% 68.33% 1402.72% 60.48% 42.67% 44.44% 89.12% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 311.42% 275.66% 257.15% 208.95% 196.90% 158.19% 105.59% 74.74% 86.98% 76.91% 64.62% 63.72% 196.90% <-Median-> 9 DPR CF 5 Yr Running
Payout Ratio CFPS WC 105.78% 113.67% 91.72% 119.42% 90.03% 88.47% 65.47% 43.26% 46.70% 36.81% 33.99% 93.74% 60.48% 42.67% 44.44% 76.97% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 116.28% 106.17% 100.82% 73.89% 67.89% 58.68% 50.38% 41.51% 44.93% 50.60% 48.99% 50.03% 67.89% <-Median-> 9 DPR CF WC 5 Yr Running
Median Values 5 Yr Med 5 Yr Cl 5.57% 5.47% 5 Yr Med Payout -98.31% 87.36% 43.26% 46.70% 42.67% 44.44% -0.51% <-IRR #YR-> 10 Dividends -0.51% to Date
* Dividends per share  5 Yr Med and Cur. -16.76% -15.24% Last Div Inc ---> $0.150 $0.155 3.3% 5.97% <-IRR #YR-> 5 Dividends 5.97% 2015
-0.65 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 $0.00 $0.00 $0.62
-$0.46 $0.00 $0.00 $0.00 $0.00 $0.62
Historical Dividends Historical High Div 11.47% Low Div 4.78% Ave Div 8.13% Med Div 7.28% Close Div 7.16% Historical Dividends
High/Ave/Median Values Curr diff Exp. -59.57% Exp -2.98% Exp. -42.92% Exp. -36.30% Exp. -35.22% High/Ave/Median 
Future Dividend Yield Div Yd 5.38% earning in 5 Years at IRR of 3.0% Div Inc. 15.93% Future Dividend Yield
Future Dividend Yield Div Yd 6.23% earning in 10 Years at IRR of 3.0% Div Inc. 34.39% Future Dividend Yield
Future Dividend Yield Div Yd 7.23% earning in 15 Years at IRR of 3.0% Div Inc. 55.80% Future Dividend Yield
Div Gr, Cap Gain 10/4/06 # yrs -> 2 14.21 $11.77 Cap Gain 17.17% Div Gr, Cap Gain
I earned 4/10/08 CDN T Div G Yrly 2.37% Div st/end -$0.66 $0.68 I earned
Yield if held 5 yrs 8.72% 8.39% 5.18% 6.46% 6.54% 7.75% 9.10% 8.03% 6.46% 6.03% 6.71% 7.89% <-Median-> 8 Paid Median Price
Yield if held 10 yrs 7.38% 7.29% 6.92% 7.07% 7.21% 8.56% 7.29% <-Median-> 3 Paid Median Price
Yield if held 15 yrs 8.15% #NUM! <-Median-> 0 Paid Median Price
Cost covered if held 5 years 42.18% 41.18% 36.60% 35.34% 34.59% 39.64% 43.95% 38.54% 30.57% 28.89% 32.74% 39.09% <-Median-> 8 Paid Median Price
Cost covered if held 10 years 39.64% 43.95% 38.54% 30.57% 28.89% 32.74% 39.64% <-Median-> 3 Paid Median Price
Cost covered if held 15 years $1.20 #NUM! <-Median-> 0 Paid Median Price
Graham No. $6.56 $6.65 $6.61 $6.23 $5.76 $7.78 $6.56 $6.74 $6.81 $6.77 $4.34 $3.90 $3.90 $6.00 $6.06 -41.41% <-Total Growth 10 Graham Number
Price/GP Ratio Med 1.24 1.34 1.36 1.42 1.30 0.84 1.17 1.46 1.56 1.41 2.46 2.84 3.31 1.42 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.42 1.47 1.49 1.53 1.56 0.92 1.52 1.58 1.65 1.58 2.64 3.14 4.02 1.57 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 1.07 1.20 1.23 1.32 1.04 0.77 0.82 1.33 1.47 1.24 2.28 2.53 2.61 1.28 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.35 1.36 1.37 1.31 1.09 0.90 1.51 1.53 1.52 1.57 2.62 2.91 3.54 2.30 2.28 1.52 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 35.43% 36.00% 37.43% 30.71% 9.37% -9.77% 51.38% 52.72% 51.93% 56.52% 161.52% 190.87% 253.58% 129.98% 127.80% 51.66% <-Median-> 10 Graham Price
Pre-Amalg. $12.97 $13.20 $13.26 $11.89 $9.20 $10.25
Price Close $8.88 $9.04 $9.08 $8.14 $6.30 $7.02 $9.93 $10.30 $10.35 $10.60 $11.36 $11.33 $13.80 $13.80 $13.80 25.32% <-Total Growth 10 Stock Price
Increase 7.28% 1.77% 0.45% -10.33% -22.62% 11.41% 41.44% 3.73% 0.49% 2.42% 7.17% -0.26% 21.80% 0.00% 0.00% 2.28% <-IRR #YR-> 10 Stock Price
P/E 28.20 28.70 27.63 -10.52 -83.64 11.52 -110.33 -17.46 -345.00 24.65 -18.03 -30.62 62.73 26.54 26.04 2.67% <-IRR #YR-> 5 Stock Price
Trailing P/E 25.73 28.70 28.83 24.77 -8.14 -93.18 16.29 -114.44 -17.54 -353.33 26.42 -17.98 -37.30 62.73 26.54 8.64% <-IRR #YR-> 10 Price & Dividend
Median 10, 5 Yrs D.  per yr 6.36% 5.64% % Tot Ret 73.59% 67.86% T P/E -17.98 P/E:  -17.74 -18.03 8.32% <-IRR #YR-> 5 Price & Dividend
-9.04 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 $0.00 $0.00 $11.33
-$9.93 $0.00 $0.00 $0.00 $0.00 $11.33
-9.04 $0.66 $0.68 $0.68 $0.68 $0.54 $0.58 $0.58 $0.58 $0.60 $11.95
-$9.93 $0.58 $0.58 $0.58 $0.60 $11.95
Price H/L Median $8.16 $8.89 $8.98 $8.87 $7.48 $6.54 $7.66 $9.83 $10.61 $9.55 $10.68 $11.06 $12.94 24.40% <-Total Growth 10 Stock Price
Increase 3.88% 8.90% 1.00% -1.14% -15.71% -12.55% 17.03% 28.41% 7.93% -10.04% 11.89% 3.51% 17.01% 2.21% <-IRR #YR-> 10 Stock Price
P/E 25.90 28.21 27.30 -11.46 -99.27 10.73 -85.06 -16.66 -353.67 22.20 -16.95 -29.88 58.80 7.63% <-IRR #YR-> 5 Stock Price
Trailing P/E 23.63 28.21 28.49 26.99 -9.66 -86.82 12.56 -109.22 -17.98 -318.17 24.84 -17.55 -34.96 8.70% <-IRR #YR-> 10 Price & Dividend
P/E on Run. 5 yr Ave 83.67 341.25 80.93 -39915.36 -53.44 -301.84 144.80 -58.68 -46.45 -170.20 14.35% <-IRR #YR-> 5 Price & Dividend
P/E on Run. 10 yr Ave 299.31 217.34 -211.11 -92.82 -99.52 -11.46 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 6.49% 6.72% % Tot Ret 74.63% 46.85% T P/E -17.98 P/E:  -16.81 -16.95 Count 13 Years of data
-8.89 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 $0.00 $0.00 $11.06
-$7.66 $0.00 $0.00 $0.00 $0.00 $11.06
-8.89 $0.66 $0.68 $0.68 $0.68 $0.54 $0.58 $0.58 $0.58 $0.60 $11.67
-$7.66 $0.58 $0.58 $0.58 $0.60 $11.67
High Months Dec Sep Sep Feb Jul Oct Nov Dec Aug Feb Dec Feb Jul
Pre-Amalg. $13.58 $14.30 $14.36 $13.90 $13.09 $10.40
Price High $9.30 $9.79 $9.84 $9.52 $8.97 $7.12 $9.96 $10.67 $11.23 $10.69 $11.45 $12.24 $15.70 24.97% <-Total Growth 10 Stock Price
Increase 12.32% 5.30% 0.42% -3.20% -5.83% -20.55% 39.82% 7.13% 5.25% -4.81% 7.11% 6.90% 28.27% 2.25% <-IRR #YR-> 10 Stock Price
P/E 29.52 31.09 29.92 -12.30 -119.00 11.69 -110.67 -18.08 -374.33 24.86 -18.17 -33.08 71.36 4.21% <-IRR #YR-> 5 Stock Price
Trailing P/E 26.94 31.09 31.22 28.96 -11.58 -94.55 16.34 -118.56 -19.03 -356.33 26.63 -19.43 -42.43 -12.30 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 6.90% P/E:  -18.13 -18.17 29.60 P/E Ratio Historical High
-9.79 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 $0.00 $0.00 $12.24
-$9.96 $0.00 $0.00 $0.00 $0.00 $12.24
Low Months May Nov Nov Aug Dec Mar Jan Oct Feb Aug Oct Aug Jan
Price Low $7.02 $7.98 $8.12 $8.23 $5.99 $5.96 $5.35 $8.99 $9.99 $8.40 $9.91 $9.87 $10.17 23.69% <-Total Growth 10 Stock Price
Increase -5.53% 13.66% 1.72% 1.35% -27.14% -0.57% -10.22% 68.04% 11.12% -15.92% 17.98% -0.40% 3.04% 2.15% <-IRR #YR-> 10 Stock Price
P/E 22.28 25.33 24.69 -10.63 -79.55 9.78 -59.44 -15.24 -333.00 19.53 -15.73 -26.68 46.23 13.03% <-IRR #YR-> 5 Stock Price
Trailing P/E 20.33 25.33 25.76 25.02 -7.74 -79.09 8.78 -99.89 -16.93 -280.00 23.05 -15.67 -27.49 -10.63 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 11.12% P/E:  -15.48 -15.73 -63.46 P/E Ratio Historical Low
-7.98 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 $0.00 $0.00 $9.87
Long Term Debt $1,610.80 $2,160.44 $2,430.24 Debt
Debt/Market Cap Ratio 1.41 1.83 1.63 "<------ 1.62 <-Median-> 2 Debt/Market Cap Ratio
Goodwill & Intangibles $437.78 $437.69 $474.36 $495.58 $480.54 $544.08 Intangibles Goodwill
Intangible/Market Cap Ratio 0.52 0.45 0.47 0.43 0.41 0.36 0.45 <-Median-> 5 Intangible/Market Cap Ratio
Market Cap $M $267.79 $325.77 $327.26 $349.62 $270.52 $301.39 $591.16 $837.20 $969.38 $1,013.94 $1,143.63 $1,177.62 $1,492.00 $1,492.00 $1,492.00 261.48% <-Total Growth 10 Market Cap
Diluted 42.930 55.530 75.755 86.708 94.780 98.551 102.587 107.317 138.96% <-Total Growth 6 Diluted
Change 29.35% 36.42% 14.46% 9.31% 3.98% 4.10% 4.61% 11.88% <-Median-> 6 Change
Average # of Sh in M 29.404 29.404 42.930 55.530 75.681 86.557 94.694 98.341 102.304 106.451 247.92% <-Total Growth 8 Average
Change 36.29% 14.37% 9.40% 3.85% 4.03% 4.05% 9.40% <-Median-> 5 Change
Difference 0.0% 7.2% 7.4% 8.2% 1.0% 2.4% 1.6% 1.6% 2.37% <-Median-> 7 Difference
$110.03 <-12 mths 2314.42%
# of Share in Millions 30.144 36.033 36.033 42.930 42.930 42.930 59.533 81.282 93.660 95.655 100.672 103.938 108.116 108.116 108.116 11.18% <-IRR #YR-> 10 Shares
Change 12.47% 19.53% 0.00% 19.14% 0.00% 0.00% 38.67% 36.53% 15.23% 2.13% 5.24% 3.24% 4.02% 0.00% 0.00% 11.79% <-IRR #YR-> 5 Shares
CF fr Op $M $16.643 $6.938 $30.870 $25.847 $32.353 $34.776 $23.356 $43.445 $62.181 $122.286 $87.665 $4.557 $113.52 $162.17 $155.69 -34.32% <-Total Growth 10 Cash Flow
Increase 69.57% -58.31% 344.94% -16.27% 25.17% 7.49% -32.84% 86.01% 43.13% 96.66% -28.31% -94.80% 2391.15% 42.86% -4.00% DRIP, S. Iss SO Conv. Deb
5 year Running Average $18.0 $22.5 $26.2 $29.4 $32.0 $39.2 $57.2 $67.8 $64.0 $78.0 $98.0 $104.7 255.26% <-Total Growth 8 CF 5 Yr Running
CFPS $0.55 $0.19 $0.86 $0.60 $0.75 $0.81 $0.39 $0.53 $0.66 $1.28 $0.87 $0.04 $1.05 $1.50 $1.44 -77.23% <-Total Growth 10 Cash Flow per Share
Increase 50.76% -65.13% 344.94% -29.72% 25.17% 7.49% -51.57% 36.24% 24.21% 92.56% -31.88% -94.97% 2294.88% 42.86% -4.00% -4.12% <-IRR #YR-> 10 Cash Flow -34.32%
5 year Running Average $0.51 $0.59 $0.64 $0.68 $0.62 $0.63 $0.74 $0.75 $0.68 $0.78 $0.95 $0.98 -27.88% <-IRR #YR-> 5 Cash Flow -80.49%
P/CF on Med Price 14.78 46.15 10.48 14.74 9.92 8.07 19.51 18.39 15.98 7.47 12.26 252.15 12.32 0.00 0.00 -13.75% <-IRR #YR-> 10 Cash Flow per Share -77.23%
P/CF on Closing Price 16.09 46.96 10.60 13.53 8.36 8.67 25.31 19.27 15.59 8.29 13.05 258.42 13.14 9.20 9.58 -35.49% <-IRR #YR-> 5 Cash Flow per Share -88.82%
-2.65% Diff M/C 3.53% <-IRR #YR-> 8 CFPS 5 yr Running 31.98%
Excl.Working Capital CF $1.5 $13.6 -$4.9 -$1.3 $0.3 -$1.5 $25.7 $65.5 $54.1 $28.4 $88.6 $63.6 $0.0 $0.0 $0.0 -0.14% <-IRR #YR-> 5 CFPS 5 yr Running -0.68%
CF fr Op $M WC $18.2 $20.5 $26.0 $24.5 $32.7 $33.2 $49.1 $109.0 $116.3 $150.7 $176.2 $68.2 $113.5 $162.2 $155.7 232.36% <-Total Growth 10 Cash Flow less WC
Increase 44.05% 12.89% 26.55% -5.48% 33.07% 1.76% 47.65% 122.11% 6.72% 29.59% 16.92% -61.31% 66.48% 42.86% -4.00% 12.76% <-IRR #YR-> 10 Cash Flow less WC 232.36%
5 year Running Average $20.4 $24.4 $27.4 $33.1 $49.7 $68.1 $91.7 $120.3 $124.1 $125.0 $134.2 $135.2 6.80% <-IRR #YR-> 5 Cash Flow less WC 38.97%
CFPS Excl. WC $0.60 $0.57 $0.72 $0.57 $0.76 $0.77 $0.82 $1.34 $1.24 $1.58 $1.75 $0.66 $1.05 $1.50 $1.44 25.35% <-IRR #YR-> 8 CF less WC 5 Yr Run 509.37%
Increase 28.08% -5.56% 26.55% -20.67% 33.07% 1.76% 6.47% 62.68% -7.38% 26.89% 11.09% -62.52% 60.04% 42.86% -4.00% 30.26% <-IRR #YR-> 5 CF less WC 5 Yr Run 274.96%
5 year Running Average $0.59 $0.65 $0.68 $0.73 $0.85 $0.99 $1.15 $1.35 $1.31 $1.25 $1.31 $1.28 1.43% <-IRR #YR-> 10 CFPS - Less WC 15.22%
P/CF on Med Price 13.54 15.61 12.46 15.52 9.83 8.45 9.29 7.33 8.54 6.06 6.10 16.85 12.32 0.00 0.00 -4.46% <-IRR #YR-> 5 CFPS - Less WC -20.40%
P/CF on Closing Price 14.73 15.88 12.60 14.25 8.28 9.07 12.05 7.68 8.33 6.73 6.49 17.27 13.14 9.20 9.58 10.59% <-IRR #YR-> 8 CFPS 5 yr Running 123.65%
*Operational Cash Flow per share CF-WC P/CF Med 10 yr 13.50 5 yr  15.98 P/CF Med 10 yr 8.92 5 yr  7.33 47.41% Diff M/C 12.45% <-IRR #YR-> 5 CFPS 5 yr Running 79.80%
-0.19 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.04 Cash Flow per Share
-0.39 0.00 0.00 0.00 0.00 0.04 Cash Flow per Share
-$0.51 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.68 CFPS 5 yr Running
-$0.68 $0.00 $0.00 $0.00 $0.00 $0.68 CFPS 5 yr Running
-$20.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $68.2 Cash Flow less WC
-$49.1 $0.0 $0.0 $0.0 $0.0 $68.2 Cash Flow less WC
-$20.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $124.1 CF less WC 5 Yr Run
-$33.1 $0.0 $0.0 $0.0 $0.0 $124.1 CF less WC 5 Yr Run
-0.57 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.66 CFPS - Less WC
-0.82 0.00 0.00 0.00 0.00 0.66 CFPS - Less WC
-$0.59 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.31 CFPS 5 yr Running
-$0.73 $0.00 $0.00 $0.00 $0.00 $1.31 CFPS 5 yr Running
OPM 66.02% 23.11% 75.01% 64.02% 54.44% 59.32% 26.21% 29.30% 34.38% 61.68% 36.25% 1.85% -92.01% <-Total Growth 10 OPM
Increase 46.31% -64.99% 224.52% -14.65% -14.97% 8.97% -55.81% 11.79% 17.33% 79.40% -41.23% -94.91% Should increase  or be stable.
Diff from Ave 45.6% -49.0% 65.4% 41.2% 20.1% 30.8% -42.2% -35.4% -24.2% 36.0% -20.1% -95.9% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 45.34% 5 Yrs 34.38% should be  zero, it is a   check on calculations
Current Assets $17.227 $16.947 $16.275 $38.157 $21.149 $19.513 $67.096 $133.117 $223.25 $125.11 $184.65 $397.35 $221.07 Liquidity ratio of 1.5 and up, best
Current Liabilities $13.525 $12.679 $10.234 $34.858 $21.138 $20.205 $51.236 $83.044 $139.83 $106.05 $202.04 $185.17 $185.81 1.24 <-Median-> 10 Ratio
Liquidity 1.27 1.34 1.59 1.09 1.00 0.97 1.31 1.60 1.60 1.18 0.91 2.15 1.19 1.60 <-Median-> 5 Ratio
Liq. with CF aft div 1.08 0.04 2.28 1.00 1.14 1.23 1.14 1.56 1.65 1.81 1.05 1.83 1.43 1.65 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  0.44 0.01 1.69 1.00 0.62 1.12 1.09 0.28 0.46 0.81 0.45 0.46 1.43 0.46 <-Median-> 5 Ratio
Assets $268.23 $358.81 $345.36 $547.56 $530.01 $508.14 $930.83 $2,033.4 $2,324.0 $2,377.1 $2,716.0 $3,128.3 $3,465.3 Debt Ratio of 1.5 and up, best
Liabilities $85.27 $134.17 $132.62 $322.27 $337.34 $318.66 $583.48 $1,454.3 $1,636.0 $1,711.1 $2,153.8 $2,656.7 $2,988.3 1.50 <-Median-> 10 Ratio
Debt Ratio 3.15 2.67 2.60 1.70 1.57 1.59 1.60 1.40 1.42 1.39 1.26 1.18 1.16 1.39 <-Median-> 5 Ratio
Total Book Value $183.0 $224.6 $212.7 $225.3 $192.7 $189.5 $347.3 $579.1 $687.9 $665.9 $562.2 $471.6 $477.0 $477.0 $477.0 109.91% <-Total Growth 10 Book Value
Preferred Shares  $82.6 $82.6 $131.1 $131.1 $131.1 $131.1 $131.1 $131.1 $131.1
Non-Cont Int. $0.0 $114.4 $107.6 $81.4 $47.4 $21.9 $13.2 $13.2 $13.2
Book Value $183.0 $224.6 $212.7 $225.3 $192.7 $189.5 $264.8 $382.1 $449.3 $453.4 $383.7 $318.6 $332.7 $332.7 $332.7 41.81% <-Total Growth 10 Book Value
Book Value per Share $6.07 $6.23 $5.90 $5.25 $4.49 $4.41 $4.45 $4.70 $4.80 $4.74 $3.81 $3.07 $3.08 $3.08 $3.08 -50.84% <-Total Growth 10 Book Value per Share
Change -1.79% 2.72% -5.30% -11.12% -14.48% -1.65% 0.76% 5.71% 2.03% -1.17% -19.59% -19.59% 0.40% 0.00% 0.00% 140.14% P/B Ratio Current/10 Year Median
P/B Ratio (Median) 1.34 1.43 1.52 1.69 1.67 1.48 1.72 2.09 2.21 2.01 2.80 3.61 4.20 1.69 P/B Ratio Historical Median
P/B Ratio (Close) 1.46 1.45 1.54 1.55 1.40 1.59 2.23 2.19 2.16 2.24 2.98 3.70 4.48 4.48 4.48 -6.85% <-IRR #YR-> 10 Book Value per Share -50.84%
Change 9.24% -0.92% 6.08% 0.88% -9.52% 13.29% 40.37% -1.88% -1.51% 3.63% 33.27% 24.03% 21.32% 0.00% 0.00% -7.17% <-IRR #YR-> 5 Book Value per Share -31.08%
Leverage (A/BK) 1.47 1.60 1.62 2.43 2.75 2.68 2.68 3.51 3.38 3.57 4.83 6.63 7.26 3.06 <-Median-> 10 A/BV
Debt/Equity Ratio 0.47 0.60 0.62 1.43 1.75 1.68 1.68 2.51 2.38 2.57 3.83 5.63 6.26 2.06 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity P/BV 10 yr Med 1.87 5 yr Med 2.21 140.14% Diff M/C 2.68 Historical Leverage (A/BK)
-$6.235 $0.000 $0.000 $0.000 $0.000 $0.000 $0.00 $0.00 $0.00 $0.00 $3.07
-$4.45 $0.00 $0.00 $0.00 $0.00 $3.07
-$18.34 <-12 mths 42.44%
Comprehensive Income -$43.71 -$5.37 $48.17 -$84.64 -$50.38
NCI -$3.16 -$6.79 $2.74 -$29.53 -$18.51
Shareholders $11.91 -$28.29 -$3.23 $26.22 -$3.49 -$40.56 $1.42 $45.43 -$55.11 -$31.86 -886.26% <-Total Growth 9 Comprehensive Income
Increase -337.49% 88.58% 911.51% -113.33% -1060.76% 103.50% 3104.09% -221.30% 42.19% 42.2% <-Median-> 5 Comprehensive Income
5 Yr Running Average $0.62 -$9.87 -$3.93 $5.80 -$10.46 -$16.14 1.50% <-IRR #YR-> 8 Comprehensive Income -886.26%
ROE 5.6% -12.6% -1.7% 13.8% -1.3% -10.6% 0.3% 10.0% -14.4% -10.0% 55.59% <-IRR #YR-> 5 Comprehensive Income -811.91%
5Yr Median -1.3% -1.7% -1.3% 0.3% -1.3% -10.0% #NUM! <-IRR #YR-> 5 5 Yr Running Average #DIV/0!
% Difference from NI 0.1% -0.3% -0.2% -0.1% -53.6% 0.0% 0.9% 0.0% 0.5% 5.2% #NUM! <-IRR #YR-> 5 5 Yr Running Average -2689.59%
Median Values Diff 5, 10 yr 0.0% 0.5% -10.0% <-Median-> 5 Return on Equity
$28.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 -$31.9
$3.5 $0.0 $0.0 $0.0 $0.0 -$31.9
-$0.6 $0.0 $0.0 $0.0 $0.0 -$16.1
-$0.6 $0.0 $0.0 $0.0 $0.0 -$16.1
Current Liability Coverage Ratio 1.34 1.62 2.54 0.70 1.55 1.64 0.96 1.31 0.83 1.42 0.87 0.37   CFO / Current Liabilities
5 year Median 1.62 1.55 1.62 1.55 1.31 1.31 1.31 0.96 0.87 0.87 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 6.78% 5.72% 7.52% 4.48% 6.16% 6.54% 5.27% 5.36% 5.00% 6.34% 6.49% 2.18% CFO / Total Assets
5 year Median 5.72% 6.16% 6.16% 6.16% 5.36% 5.36% 5.36% 5.36% 5.36% 5.4% <-Median-> 5 Return on Assets 
Return on Assets ROA 3.3% 2.8% 3.4% -5.2% -0.6% 5.2% -0.8% -2.0% 0.1% 1.9% -2.0% -1.0% Net  Income/Assets Return on Assets
5Yr Median 3.3% 2.8% 2.8% -0.6% -0.8% -0.6% 0.1% -0.8% -1.0% -1.0% <-Median-> 5 Asset Efficiency Ratio
Return on Equity ROE 4.9% 4.5% 5.6% -12.6% -1.7% 13.9% -2.8% -10.6% 0.3% 10.0% -14.3% -9.5% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 4.9% 4.5% 4.5% -1.7% -2.8% -1.7% 0.3% -2.8% -9.5% -9.5% <-Median-> 5 Return on Equity
-$3.64 <-12 mths 88.00%
Net Income -$43.704 -$5.38 $48.17 -$84.38 -$48.38
NCI -3.157 -$6.79 $2.74 -$29.53 -$18.08
NI 181 dys
Inv. 181dys
Shareholders $8.955 $9.999 $11.899 -$28.370 -$3.238 $26.243 -$7.533 -$40.55 $1.41 $45.43 -$54.85 -$30.30 $21.0 $50.4 $44.0 -403.03% <-Total Growth 10 Net Income
Increase -1.47% 11.66% 19.00% -338.42% -88.59% -910.44% -128.70% 438.26% -103.47% 3133.52% -220.74% -44.76% -169.30% 140.00% -12.70% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $2.3 -$0.2 $3.3 -$0.2 -$10.7 -$5.0 -$4.1 -$0.2 -$9.7 -$7.7 -$3.7 -$2.8 #NUM! <-IRR #YR-> 10 Net Income -403.03%
Operating Cash Flow $16.6 $6.9 $30.9 $25.8 $32.4 $34.8 $23.4 $43.4 $62.2 $122.3 $87.7 $4.6 32.10% <-IRR #YR-> 5 Net Income -302.24%
Investment Cash Flow -$19.6 -$42.8 -$3.6 $0.8 -$17.4 -$2.1 -$2.1 -$377.2 -$357.8 -$132.2 -$268.4 -$554.8 #NUM! <-IRR #YR-> 8 5 Yr Running Average -519.65%
Total Accruals $11.9 $45.8 -$15.4 -$55.0 -$18.2 -$6.4 -$28.8 $293.2 $297.0 $55.4 $125.9 $519.9 117.46% <-IRR #YR-> 5 5 Yr Running Average -4763.09%
Total Assets $268.2 $358.8 $345.4 $547.6 $530.0 $508.1 $930.8 $2,033.4 $2,324.0 $2,377.1 $2,716.0 $3,128.3 Balance Sheet Assets
Accruals Ratio 4.43% 12.77% -4.46% -10.04% -3.43% -1.27% -3.09% 14.42% 12.78% 2.33% 4.63% 16.62% 12.78% <-Median-> 5 Ratio
EPS/CF Ratio 0.52 0.55 0.46 -1.35 -0.10 0.79 -0.11 -0.44 -0.02 0.27 -0.36 -0.56 -0.10 <-Median-> 10 EPS/CF Ratio
-$10.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$30.30
$7.53 $0.00 $0.00 $0.00 $0.00 -$30.30
-$2.31 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$9.71
$0.20 $0.00 $0.00 $0.00 $0.00 -$9.71
Chge in Close 7.28% 1.77% 0.45% -10.33% -22.62% 11.41% 41.44% 3.73% 0.49% 2.42% 7.17% -0.26% 21.80% 0.00% 0.00% Count 13 Years of data
up/down down down up down down down Count 6 46.15%
Meet Prediction? Yes % right Count 1 16.67%
Financial Cash Flow -$24.31 -$21.77 -$18.54 -$31.97 -$31.97 $326.92 $312.38 -$5.39 $201.04 $535.72 C F Statement  Financial CF
Total Accruals $8.91 -$33.21 $0.37 $25.54 $3.18 -$33.69 -$15.40 $60.75 -$75.16 -$15.79 Accruals
Accruals Ratio 2.58% -6.06% 0.07% 5.03% 0.34% -1.66% -0.66% 2.56% -2.77% -0.50% -0.66% <-Median-> 5 Ratio
Cash $0.52 $34.69 $5.96 $10.33 $42.12 $35.28 $52.05 $34.27 $54.61 $40.66 $49.16 Cash
Cash per Share $0.01 $0.81 $0.14 $0.24 $0.71 $0.43 $0.56 $0.36 $0.54 $0.39 $0.45 $0.43 <-Median-> 5 Cash per Share
Percentage of Stock Price 0.16% 9.92% 2.20% 3.43% 7.12% 4.21% 5.37% 3.38% 4.78% 3.45% 3.29% 4.21% <-Median-> 5 % of Stock Price
Taxes
Dividend 2.21% 0.00% 0.00% 0.00% 0.00%
Cap Gain 0.00% 0.00% 0.00% 3.80% 0.00%
Other Income 21.59% 33.77% 51.11% 46.70% 146.01%
Ret of Cap. 76.20% 66.23% 94.90% 91.88% 0.00%
Total 100.00% 100.00% 146.01% 142.37% 146.01%
For Tax Cr
Notes:
November 26, 2016.  Last estimates were for 2015, 2016 and 2017 of $248M, $279M and $377M for Revenue, -$0.13, $0.23 and $0.38 for EPS, $0.98 and $1.08 for CFPS for 2015 and 2016 and -$16.9M, $25.9M and $34.2M for Net Income.
November 28, 2015.  Last estimaes were for 2014, 2015 and 2016 of $230M, $249M and $283M for Revenue, $-0.39, $0.18 and $0.27 for EPS, $0.90, $0.98 and $1.08 for CFPS and $2.5M, $18.7M and $27M for Net Income.
November 16, 2014.  Last estimates were for 2013, 2014 and 2015 of $207.5M $236.93M and $243M for Revenue, $0.40, $0.19 and $0.22 for EPS, $0.96, $1.04 and $1.08 for CFPS.
November 8, 2013.   Last Estimates were for 2012 and 2013 of $182M and $215M for Revenue and $0.8 and $0.19 for EPS
October 13, 2012.  Last estimates for 2011 and 2012 of $134..96M and $148.4M revenue, $0.17 and 0.21 distributable cash, $-0.59 and $0.10 for EPS.
July 26, 2011.  Innergex Power Income Fund amalgamated with Innergex Renewable Energy.  The Income Fund got 1.46 shares for every share.  Innergex Renewable go 1 for 1.
This spreadsheet follows the Innegex Power Income Fund shares into the Innergex Renewable Energy shares.
July 24, 2011.  Last I looked I got estimates for 2009 of $1.07 for DI and for 2009 and 2010 for EPS of $.73 and $.52.
On March 29, 2010, the strategic combination of Innergex Power Income Fund and Innergex Renewable Energy became effective.
Company changed from an income trust of Innergex Power (IEF.UN) to Innergex Renewable Energy (INE)
All I can find on changes to a corporation, is that distributions will be affected after 2011.
Bought in 2006 as it was highly rated at that time.  Sold in 2008, as dividends were no longer increasing and I felt it was not going anywhere. Return was -4.84%.
April 2008.  I sold this stock.   Probably right thing to do. Not making money.  Stock going opposite way than market. Dividends increase less than inflation. Sold as IEF.UN
I also notice that although it is still followed by some analysts, it is not as well followed, as it was when I bought this stock.
AP 2006.  Year to date made 6.5%, but since purchase lost 6%. TD rates as hold. Good Revenue growth, not great EPS. OPM good, but ROE is only  5%. Keep for now.
Sept 2006.  Make a small purchases to see how it goes.  Company is a utility into alternative energy.  Newcrest rated it quite highly. Was a income Trust of IEF.UN
It would seem that annual statements are out in mid March each year.
Sector:
Power; Utility
What should this stock accomplish?
Would I buy this company and Why.
I would not buy this stock.  It is not earning money.  I know that TD is giving it a adjusted EPS, but I prefer stocks with actual earnings.  Book Value continues to fall.
Long Term Debt/Market Cap Ratio is 1.63.
Dividends
Cycle 1 dividends. 15th day of January, April, July, and October.  Dividends are declared for shareholders of record of one month and paid in the following month.
For example, the dividend announced on November 5, 2013 was for shareholders of record of 31 December 2013 and was paid on 15 Janaury 2014.
Why am I following this stock. 
I used to own this stock.  I bought this stock in 2006 as it was highly rated and it was in the alternative energy field.  
Why I bought and sold this stock.
In 2006 I bought Innergex Power on a buy rating and favorable report from TD although it has only been going from 2003.
In 2008 I sold Innergex as I did not think that it is a stock I want to hold as dividend increased less than the rate of inflation.  
How they make their money.
Innergex is involved in Canada’s renewable energy industry. The Company develops, owns and operates facilities located in North America, leveraging run-of-river hydroelectric power generating 
facilities, wind farms and photovoltaic solar parks.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.  
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Copyright © 2008 Website of SPBrunner. All rights reserved.
Shares; '%, Value $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M
Date Oct 24 2012 Nov 11 2013 Nov 16 2014 Nov 28 2015 Nov 26 2016
Letellier, Michel 0.607 0.65% 0.609 0.64% 0.609 0.61% 0.620 0.60% 0.629 0.58%
CEO - Shares - Amount $6.280 $6.459 $6.922 $7.019 $8.684
Options - percentage 0.851 0.89% 0.869 0.86% 0.983 0.95% 1.022 0.94%
Options - amount $9.021 $9.873 $11.133 $14.098
Reuters Options Value 0.282 $0.415 0.000 $0.000
Perron, Jean 0.106 0.11% 0.119 0.12% 0.119 0.12% 0.128 0.12% 0.133 0.12%
CFO - Shares - Amount $1.101 $1.259 $1.350 $1.447 $1.840
Options - percentage 0.383 0.40% 0.390 0.39% 0.434 0.42% 0.450 0.42%
Options - amount $4.057 $4.428 $4.919 $6.212
Reuters Options Value 0.094 $0.138
Baribeault, Yves 0.002 0.00% 0.003 0.00%
Officer - Shares - Amount $0.022 $0.042
Options - percentage 0.008 0.01% 0.017 0.02%
Options - amount $0.087 $0.231
Laflamme, Richard 0.201 0.21% 0.198 0.20% 0.014 0.01% 0.015 0.01%
Director - Shares - Amount $2.129 $2.246 $0.159 $0.202
Options - percentage 0.346 0.36% 0.352 0.35% 0.000 0.00% 0.000 0.00%
Options - amount $3.672 $3.998 $0.000 $0.000
Reuters Options Value 0.094 $0.138
Lafrance, Daniel 0.037 0.04% 0.043 0.04%
Director - Shares - Amount $0.419 $0.593
Options - percentage 0.000 0.00% 0.000 0.00%
Options - amount $0.000 $0.000
Hanna, John A. 0.054 0.06% 0.054 0.05%
Director - Shares - Amount $0.570 $0.611
Options - percentage 0.000 0.00% 0.000 0.00%
Options - amount $0.000 $0.000
La Couture, Jean 0.023 0.02% 0.043 0.04% 0.044 0.04%
Chairman - Shares - Amt $0.257 $0.493 $0.607
Options - percentage 0.000 0.00% 0.000 0.00% 0.000 0.00%
Options - amount $0.000 $0.000 $0.000
Caisse de dépôt et placement du Québec 9.765 10.43% 10.157 10.62% 10.610 10.54% 10.754 10.35%
Institution $101.069 $107.665 $120.535 $121.838
Bought starting in July 2012
Increase in O/S Shares 0.058 0.06% 0.000 0.00% 0.000 0.00% 0.045 0.04% Yes 0
due to SO $0.615 $0.000 $0.000 $0.510
Book Value $0.655 $0.000 $0.000 $0.462
Insider Buying -$0.418 -$0.159
Insider Selling $0.512 $0.001
Net Insider Selling -$0.042 $0.094 -$0.157
% of Market Cap -0.004% 0.008% -0.01%
Directors 7 7 7 7
Women 1 14% 1 14% 1 14% 1 14%
Minorities 0 0% 0 0% 0 0% 0 0%
Institutions/Holdings 1 3.13% 2 2.06% 46 44.77% 44 48.25%
Total Shares Held 0.106 0.11% 0.070 0.07% 46.628 44.86% 42.600 39.40%
Increase/Decrease 0.000 0.00% 0.000 0.00% 0.656 1.43% 0.104 0.24%
Starting No. of Shares 0.106 0.070 45.972 Reuters 42.496 Qtrade
Copyright © 2008 Website of SPBrunner. All rights reserved.