2024-03-25 12:08:54 ET
Summary
- Brookfield Renewable Partners offers a pure-play renewable energy exposure with a sound capital allocation strategy that leads to predictable FFO growth.
- In the past 3-year period, BEP has lost close to half of its market cap due to unfavorable market (macro-level) conditions.
- Despite the decline in stock price, the underlying cash generation has remained stable, making the current dividend of ~6% attractive both in absolute and relative (to its historic levels) terms.
- Given the fundamental dynamics at BEP end coupled with a largely secured and PPA-linked three-year pipeline, the stock is inherently an attractive case.
- I elaborate on the key challenges and opportunities, explaining why, in my opinion, BEP is a clear buy.
Brookfield Renewable Partners L.P. Limited Partnership Units ( BEP ) offers a pure-play renewable energy exposure that is underpinned by a stable and predictable capital allocation strategy....
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Brookfield Renewable Partners: Discounted 6% Yielder That Is Subject To Growth