Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on NORTHLAND POWER INC. We currently have 27 research reports from 1 professional analysts.
|03Mar17 19:39||MKW||Northland Power Agrees to Acquire 252 MW German Offshore Wind Farm|
|24Feb17 03:02||MKW||Northland Power Delivers Outstanding 2016 Results and Significant Progress on Growth Initiatives|
|21Mar16 12:00||MKW||Northland Announces Resignation of V. Peter Harder From Its Board of Directors|
|08Oct15 23:33||MKW||Northland Announces Date for 2015 Third Quarter Financial Results Release and Details of Investor Call|
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NORTHLAND POWER INC
NORTHLAND POWER INC
COMPLETES ALL TURBINE INSTALLATION AT GEMINI PROJECT
24 Aug 16
Impact: Neutral. This announcement is in line with our prior expectations as we have estimated precompletion revenues to continue to escalate throughout the final construction phases. We believe this announcement will further de-risk potentials suitors views of Northland's offshore wind potential in Europe. Recall, Northland initiated a strategic review process on July 12, 2016.
Reports 2Q16 Results
12 Aug 16
Northland missed on some expectations in the quarter, but it continues to get good results with its project management. The Company continues to advance its $6 bn construction portfolio on budget; construction at both Gemini and Nordsee One continues to proceed ahead of schedule. As announced on July 12, Management is pursuing strategic alternatives for the Company’s next phase as well as new projects around the world. We maintain our 12-MTP of $25.00/share and Market Perform ranking.
REPORTS 2Q16 RESULTS
10 Aug 16
Impact: Neutral. Northland missed on some expectations in the quarter, but it continues to get good results with its project management. The Company continues to advance its $6 bn construction portfolio on time and budget; both Gemini and Nordsee One continue to hit their marks. Management has left its previous FY2016 EBITDA guidance range of $500 mm to $530 mm unchanged. As announced on July 12, Management is pursuing strategic alternatives for the Company's next phase.
Seeks Strategic Alternatives
13 Jul 16
Northland Power announced on July 12, 2016 that it was pursuing strategic alternatives. Although there are a number of alternatives open to Northland, we think the most likely outcome is a sale of the Company.Northland has an asset development team that can turn projects into cashproducing assets, which we think will be attractive to potential buyers.With the Company focusing on near-term liquidity rather than long-term dividend sustainability, we have raised our 12-month target price to $25.00/share, which reflects a 2019 cash on cash yield of ~9%, or an 11x multiple of the free cash flow we expect in FY2019.
PURSUING STRATEGIC ALTERNATIVES
12 Jul 16
Northland Power announced on July 12, 2016 that it was pursuing strategic alternatives to "review the options available for the next phase of the company's growth" and has retained financial advisors for this purpose. Northland believes this review is appropriate as it pursues the next phase of growth. Management still intends to advance its current ~$6 bn in construction projects in progress and pursue a 'business as usual' mentality until its future direction is determined.
SETTLES DISPUTE WITH CONTRACTOR H.B. WHITE
07 Jul 16
On July 7, 2016, Northland announced its agreement with H.B. White Canada Corp. (HBWC) to settle all disputes and claims with regards to five ground-mounted solar projects in Ontario. At the same time, HBWC announced that it has filed CCAA in Ontario in concurrence with the settlement with Northland. The settlement agreements are conditional upon the CCAA proceeding receiving approval, after which, Northland would receive $6 mm, as well as other relief. Northland also anticipates that with CCAA approval, all liens and filed claims relating to Northland will be dropped by HBWC. All arbitration proceedings have been halted until the CCAA ruling.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
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N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.
Scott deal puts spotlight back on corporate strategy and valuation
17 Mar 17
The acquisition of Scott Safety by 3M announced yesterday is not a huge surprise but it puts the spotlight back on (1) Avon’s corporate strategy as two strong competitors merge and (2) Avon’s break-up valuation given the rich multiple (12.9x EBITDA) being paid by 3M. Avon and other competitors, particularly MSA Safety, cannot ignore the fact that Scott, which is the leader in SCBA (self-contained breathing apparatus) market and 3M, which derives the bulk of sales from industrial hard hats and masks, would together have the most comprehensive portfolio of products in the PPE (Personal Protective Equipment) market. The good news for investors is that if we were to apply similar EBITDA multiple, then Avon’s Protection & Defence business alone would account for the entire market cap. In effect, at the current share price, investors are getting the Dairy business for free. Our sum-of-the parts model now values the shares at 1,279p, up 7% compared with 1,200p previously.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
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