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AT - Atlantic Power's Turnaround Will Require More Time
Atlantic Power Corporation (Canada)
Investment Thesis
Atlantic Power (AT) (TSX:ATP) delivered an in line quarter with modest EBITDA growth. The company continues its path to improve its balance sheet and expects to have its leverage down to 4.0x by the end of 2019. The company does not have a long average weighted PPA duration as most of its PPAs will expire in the next 5 years. In addition, its development and acquisition pipeline appears to be limited. Although its shares are trading at a significant discount to its peers, we think investors should wait on the sidelines.