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Brookfield Renewable Partners L.P. (BEP.UN)
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Brookfield Renewable Partners L.P. (BEP)
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Brookfield Renewable Corporation Class A Exchangeable Subordinate Voting Shares (BEPC)
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Brookfield Renewable Corporation Class A Subordinate (BEPC)
In regards to BEPC:CA, BEP.UN:CA, BEPC:US, BEP:US and stock Beta.
Your web site reports: 0.80, 0.76, 1.09 and 0.87 respectively.
Does your web site report 3 Year Beta? If not, what is it? What is a reasonable Year Beta statistic to consider? Can you help explain why the Beta varies quite dramatically with the four different Brookfield Renewable tickers? There doesn't seem to be any obvious correlation between the Corporate versions and the different Currencies?
Our data comes from a third party provider, and we do not have 3 year data. Bloomberg also only reports one year Beta (note BEPC has not been listed for three years, yet, either). For a utility company such as BEP, Beta should be below 1.00, and we would consider 0.80 'decent'. The recent period is perhpas more volatile than usual because of the uptick in rates. The four stocks are essentially the same entity, with BEPC a Canadian corporation vs an LP. As such, it gets the dividend tax credit and can be bought by all funds (some funds and indices cannot buy LPs). Thus, it can get a premium in the market, which has varied dramatically since these were first listed. This premium variability will impact beta, as will currency moves. Liquidity also comes into play, but we agree overall the beta of these will likely get 'closer' over time.