Review of Capital Power Corporation

DEC 10, 2024 - CPX builds, owns and operates power generation facilities with a focus on renewables and thermal energy sources. CPX has had a very strong performance thus far in 2024 as the company continues to execute its growth project, integrate acquisitions, and grow its US operations. The stock has seen its multiples expand from trading under 10x forward earnings at the beginning of the year to now trading at 19x. While we see a path for CPX to become a prominent player in the Canadian renewables space, we do not think that this year’s performance is a basis for the future

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Fortis Inc. (FTS $64.53)
- $64.53 Fwd P/E: 19.53X Cap: $32.42B
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Capital Power Corporation (CPX $58.67)
- $58.67 Fwd P/E: 12.57X Cap: $8.17B
- View CPX Profile
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- View Reports on CPX
Hydro One Limited (H $48.96)
- $48.96 Fwd P/E: 24.25X Cap: $29.56B
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Q: Hi, I have CPX and have considered switching in the past to FTS or H , because of your ranking. However in the last 5 years it has doubled in price and has a great dividend. Hydro One seems to be keeping pace but has a much lower dividend. Just wondering what I’m missing and would you be more comfortable with a switch to H or FTS. Thanks

Read Answer Asked by Brad on June 27, 2025

NextEra Energy Inc. (NEE $74.70)
- $74.70 Fwd P/E: 28.1X Cap: $154.47B
- View NEE Profile
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Fortis Inc. (FTS $64.53)
- $64.53 Fwd P/E: 19.53X Cap: $32.42B
- View FTS Profile
- View Questions on FTS
Capital Power Corporation (CPX $58.67)
- $58.67 Fwd P/E: 12.57X Cap: $8.17B
- View CPX Profile
- View Questions on CPX
- View Reports on CPX
Brookfield Infrastructure Partners L.P. (BIP.UN $44.26)
- $44.26 Fwd P/E: 540.51X Cap: $29.08B
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- View Questions on BIP.UN
Hydro One Limited (H $48.96)
- $48.96 Fwd P/E: 24.25X Cap: $29.56B
- View H Profile
- View Questions on H

Q: Currently I hold Fortis (FTS), Hydro One (H), NextEra (NEE), and Brookfield Infrastructure (BIP.UN) in the utilities space. I have been thinking of adding Capital Power (CPX). Could you please rank the five in terms of best overall expected return over the next few years? Would you consolidate any? Thank you.

Read Answer Asked by Kim on June 25, 2025

Canadian National Railway Company (CNR $141.35)
- $141.35 Fwd P/E: 19.94X Cap: $89.34B
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TC Energy Corporation (TRP $66.69)
- $66.69 Fwd P/E: 15.75X Cap: $68.91B
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Canadian Pacific Kansas City Limited (CP $111.33)
- $111.33 Fwd P/E: 26.93X Cap: $103.78B
- View CP Profile
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Pembina Pipeline Corporation (PPL $51.04)
- $51.04 Fwd P/E: 16.68X Cap: $29.67B
- View PPL Profile
- View Questions on PPL
Capital Power Corporation (CPX $58.67)
- $58.67 Fwd P/E: 12.57X Cap: $8.17B
- View CPX Profile
- View Questions on CPX
- View Reports on CPX
Dream Industrial Real Estate Investment Trust (DIR.UN $11.88)
- $11.88 Fwd P/E: 27.67X Cap: $3.48B
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- View Questions on DIR.UN
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Boralex Inc. Class A Shares (BLX $31.59)
- $31.59 Fwd P/E: 291.76X Cap: $3.23B
- View BLX Profile
- View Questions on BLX
Enbridge Inc. 5.50% Cumulative Redeemable Preferred Shares Series A (ENB.PR.A $23.71)
- $23.71 Fwd P/E: 22.89X Cap: $134.98B
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Q: Those excellent Cies, and others in various sectors, could be significantly punished if the US law bill 899 were adopted by the US senate with no change..Curiously, the valuations of those Cies are not compromised to this day , maybe because it is still too early, and that all this would only start in early 2026....What strategy do you suggest concerning all Cies that have significant US revenues in general ,before any official US senate confirmation? Your point of view shall be extremely appreciated !

Read Answer Asked by Jean-Yves on June 10, 2025