Brookfield Renewable Corporation Financial Ratios — BEPC

Profitability (USD)

	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	0.62	0.56	-7.28	2.32	3.53	-0.39	0.5	-5.19
Return on Capital (%)	- -	- -	3.72	- -	7.41	8.6	1.31	4.71	- -
Return on Invested Capital (%)	- -	- -	3.28	- -	3.02	3.96	2.65	2.42	- -
Gross Margin (%)	59.12	64.65	67.36	65.63	64.81	68.93	63.05	57.34	59.9
EBITDA Margin (%)	56.17	62.27	63.98	60.45	59.16	64.19	60.55	54.78	56.95
Operating Margin (%)	28.7	33.33	33.51	25.95	26.05	32.98	26.72	24.31	23.69
Incremental Operating Margin (%)	- -	43.33	35.63	201.44	27.14	89.78	-98.41	-30.29	29.95
Pretax Margin (%)	8.7	8.93	8.65	-93.68	30.2	52.09	9.6	14.49	-63.2
Profit Margin (%)	-0.29	2.42	5.11	-88.69	28.1	39.78	-4.56	5.7	-62.88
Net Income to Common Margin (%)	-0.29	2.42	5.11	-88.69	28.1	39.78	-4.56	5.7	-62.88
Effective Tax Rate (%)	64.41	- -	24.01	- -	8.55	6	19.16	27.83	- -
Dvd Payout Ratio (%)	203.79	45.66	242.47	-8.1	- -	3.55	- -	- -	-0.21
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	5,543	12,303	13,214	13,883	14,079	16,573	14,093	15,564
ST Debt	- -	364	623	805	1,477	1,325	1,922	1,307	2,801
LT Debt	- -	5,179	11,680	12,409	12,406	12,754	14,651	12,786	12,763
Total Debt/EBITDA	- -	2.99	5.96	7.08	6.97	5.81	6.9	6.21	7.33
Net Debt/EBITDA	- -	2.94	5.65	6.68	6.58	5.48	6.51	5.9	6.89
Total Debt/EBIT	- -	5.58	11.38	16.5	15.83	11.3	15.63	14	17.63
Net Debt/EBIT	- -	5.49	10.78	15.56	14.94	10.66	14.75	13.29	16.57
EBITDA to Interest Expense	2.61	2.77	2.94	2.29	2.21	2.35	1.91	1.36	1.27
EBITDA-CapEx/Interest Expense	2.09	2.46	2.37	1.83	0.71	1.53	1.09	0.79	0.59
EBIT to Interest Expense	1.33	1.48	1.54	0.98	0.97	1.21	0.84	0.6	0.53
Interest Expense	438	670	701	816	900	1,032	1,258	1,667	1,672
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Equity (%)	- -	36.23	65.35	105.83	87.21	75.81	85.53	105.6	138.25
Long-Term Debt/Capital (%)	- -	42.6	51.16	52.22	50.76	50.95	52.48	51.43	50.64
Long-Term Debt/Total Assets (%)	- -	22.16	32.66	31.44	29.55	29.46	29.65	28.97	27.59
Total Debt/Equity (%)	- -	38.77	68.83	112.7	97.6	83.68	96.75	116.39	168.59
Total Debt/Capital (%)	- -	45.6	53.89	55.61	56.8	56.25	59.37	56.69	61.76
Total Debt/Total Assets (%)	- -	23.72	34.41	33.48	33.07	32.52	33.53	31.94	33.64
Net Debt to Equity	- -	38.12	65.2	106.33	92.11	78.93	91.25	110.53	158.44
Net Debt/Capital (%)	- -	45.17	51.74	53.26	54.52	53.99	56.89	54.7	59.54
EBITDA	1,143	1,855	2,064	1,866	1,992	2,425	2,402	2,269	2,123
EBITDA-CapEx	917	1,648	1,658	1,493	638	1,578	1,374	1,320	985
Operating Income (Loss)	584	993	1,081	801	877	1,246	1,060	1,007	883

Liquidity (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	0.12	0.21	0.04	0.05	0.06	0.05	0.03	0.04
Current Ratio	- -	1.1	0.96	0.16	0.26	0.47	0.4	0.28	0.26
Quick Ratio	- -	0.84	0.75	0.13	0.17	0.23	0.3	0.21	0.19
CFO/Avg Current Liab	- -	2.95	1.21	0.18	0.04	0.16	0.21	0.06	0.04
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Equity (%)	- -	36.23	65.35	105.83	87.21	75.81	85.53	105.6	138.25
Long-Term Debt/Capital (%)	- -	42.6	51.16	52.22	50.76	50.95	52.48	51.43	50.64
Long-Term Debt/Total Assets (%)	- -	22.16	32.66	31.44	29.55	29.46	29.65	28.97	27.59
Total Debt/Equity (%)	- -	38.77	68.83	112.7	97.6	83.68	96.75	116.39	168.59
Total Debt/Capital (%)	- -	45.6	53.89	55.61	56.8	56.25	59.37	56.69	61.76
Total Debt/Total Assets (%)	- -	23.72	34.41	33.48	33.07	32.52	33.53	31.94	33.64
CFO/Total Liabilities	- -	13.15	7.58	3.58	1.42	4.85	4.96	1.71	1.36
CFO/CapEx	2.27	5.76	3.34	2.66	0.29	1.52	1.56	0.58	0.44
Altman's Z-Score	- -	0.28	0.19	0.11	0.1	0.19	0.13	0.04	-0.05

Working Capital (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	21.13	8.78	6.68	6.92	7.5	7.86	8.58	7.5
Days Sales Outstanding	- -	17.28	41.58	54.63	52.74	48.69	46.42	42.52	48.66
Inventory Turnover	- -	- -	56.92	35.97	56.43	61.79	35.33	35.34	44.63
Days Inventory Outstanding	- -	- -	6.41	10.15	6.47	5.91	10.33	10.33	8.18
Accounts Payable Turnover	- -	35.1	12.25	9.02	10.2	8.62	8.95	9.76	5.85
Accounts Payable Turnover Days	- -	10.4	29.8	40.48	35.79	42.35	40.77	37.4	62.38
Cash Conversion Cycle	- -	6.88	18.19	24.3	23.42	12.24	15.98	15.44	-5.54
Inventory to Cash Days	- -	17.28	35.17	44.48	46.27	42.79	36.09	32.19	40.48
Inventories	- -	- -	37	22	20	18	65	35	32
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	37	22	20	18	65	35	32

Enterprise Value (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	10,033	6,342	4,743	5,172	4,969	6,886
- Cash & Cash Equivalents	- -	94	304	355	410	435	441	392	637
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	6,613	10,526	10,548	10,558	10,951	11,342	10,767	9,638
+ Total Debt	- -	5,543	12,303	13,214	13,883	14,079	16,573	14,093	15,564
Enterprise Value	- -	12,062	22,525	33,440	30,373	29,338	32,646	29,437	31,451
Total Capital	- -	12,156	22,829	23,762	24,441	25,030	27,915	24,860	25,202
Total Debt/Capital (%)	- -	45.6	53.89	55.61	56.8	56.25	59.37	56.69	61.76
Total Debt / EV	- -	0.46	0.55	0.4	0.46	0.48	0.51	0.48	0.49
EV/Sales	- -	4.05	6.98	10.83	9.02	7.77	8.23	7.11	8.44
EV/EBITDA	- -	6.5	10.91	17.92	15.25	12.1	13.59	12.97	14.81
EV/EBIT	- -	12.15	20.84	41.75	34.63	23.55	30.8	29.23	35.62
EV/Cash Flow to Firm	- -	4.55	11.93	18.71	24.94	13.02	12.46	16.8	14.53
EV/Free Cash Flow to Firm	- -	4.22	9.82	15.48	11.81	9.46	8.95	10.9	9.52
Diluted Market Cap	- -	- -	- -	10,033	6,342	4,743	5,172	4,969	6,886
Diluted Enterprise Value	- -	12,062	22,525	33,440	30,373	29,338	32,646	29,437	31,451
EV per Share	- -	39.38	73.54	194.21	176.38	170.35	181.72	163.87	175.11
TTM Sales	2,035	2,979	3,226	3,087	3,367	3,778	3,967	4,142	3,728
TTM EBITDA	1,143	1,855	2,064	1,866	1,992	2,425	2,402	2,269	2,123
TTM Operating Income	584	993	1,081	801	877	1,246	1,060	1,007	883
TTM Cash Flow to Firm	669	2,649	1,889	1,787	1,218	2,254	2,620	1,752	2,165
TTM Free Cash Flow to Firm	895	2,856	2,295	2,160	2,572	3,101	3,648	2,701	3,303

Multiples (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	7.35	3.63	2.23	1.97	3.32	4.2
EV/EBIT	- -	12.15	20.84	41.75	34.63	23.55	30.8	29.23	35.62
Enterprise Value	- -	12,062	22,525	33,440	30,373	29,338	32,646	29,437	31,451
Low Price	- -	- -	- -	26.89	33.45	27.19	21.77	21.35	23.73
EV/Sales	- -	4.05	6.98	10.83	9.02	7.77	8.23	7.11	8.44
EV/EBITDA	- -	6.5	10.91	17.92	15.25	12.1	13.59	12.97	14.81
Price/Earnings	- -	- -	- -	- -	6.7	3.16	- -	21.05	- -
Price/Earnings Average	- -	- -	- -	-2.62	7.89	4.1	-29.39	21.7	-2.52
Price/Earnings High	- -	- -	- -	-3.87	11.52	5.09	-35.89	26.75	-3.46
Price/Earnings Low	- -	- -	- -	-1.69	6.09	3.12	-21.61	16.25	-1.82
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	0.95	0.48	0.3	0.32	0.44	0.82
Price/Tangible Book Value Average	- -	- -	- -	0.68	0.57	0.39	0.33	0.45	0.7
Price/Tangible Book Value High	- -	- -	- -	1.01	0.83	0.48	0.4	0.55	0.96
Price/Tangible Book Value Low	- -	- -	- -	0.44	0.44	0.29	0.24	0.34	0.51
Price/Sales	- -	- -	- -	3.25	1.88	1.26	1.3	1.2	1.85
Price/Sales Average	- -	- -	- -	2.32	2.22	1.63	1.34	1.24	1.58
Price/Sales High	- -	- -	- -	3.43	3.24	2.02	1.64	1.52	2.17
Price/Sales Low	- -	- -	- -	1.5	1.71	1.24	0.99	0.93	1.14
Price/Cash Flow	- -	- -	- -	10.11	16.06	3.69	3.23	9.05	13.72
Price/Cash Flow Average	- -	- -	- -	7.23	18.89	4.8	3.32	9.33	11.77
Price/Cash Flow High	- -	- -	- -	10.67	27.6	5.96	4.05	11.5	16.14
Price/Cash Flow Low	- -	- -	- -	4.67	14.58	3.65	2.44	6.99	8.49
Price/Free Cash Flow Average	- -	- -	- -	5.26	4.27	2.89	2.02	3.42	3.6
Price/Free Cash Flow High	- -	- -	- -	7.76	6.23	3.59	2.47	4.21	4.94
Price/Free Cash Flow Low	- -	- -	- -	3.39	3.29	2.2	1.49	2.56	2.6
EV/Sales Average	- -	4.05	6.98	9.91	9.35	8.14	8.27	7.14	8.17
EV/Sales High	- -	4.05	6.98	11.01	10.38	8.53	8.56	7.43	8.76
EV/Sales Low	- -	4.05	6.98	9.08	8.85	7.75	7.91	6.83	7.73
EV/EBITDA Average	- -	6.5	10.91	16.39	15.81	12.69	13.65	13.04	14.35
EV/EBITDA High	- -	6.5	10.91	18.22	17.54	13.3	14.14	13.57	15.39
EV/EBITDA Low	- -	6.5	10.91	15.03	14.96	12.07	13.07	12.47	13.58
EV/EBIT Average	- -	12.15	20.84	38.18	35.91	24.69	30.94	29.38	34.51
EV/EBIT High	- -	12.15	20.84	42.44	39.83	25.88	32.05	30.57	36.99
EV/EBIT Low	- -	12.15	20.84	35	33.97	23.5	29.61	28.11	32.65
Last Price	- -	- -	- -	58.27	36.83	27.54	28.79	27.66	38.34
High Price	- -	- -	- -	61.49	63.31	44.41	36.16	35.14	45.1
Enterprise Value Average	- -	12,062	22,525	30,581	31,491	30,764	32,794	29,589	30,473
Enterprise Value High	- -	12,062	22,525	33,994	34,933	32,243	33,970	30,781	32,665
Enterprise Value Low	- -	12,062	22,525	28,037	29,791	29,278	31,385	28,303	28,827

	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	- -	117	117	172	172	172	180	180	180
Diluted Weighted Avg Shares	306	306	306	172	172	172	180	180	180
Basic Weighted Avg Shares	306	306	306	172	172	172	180	180	180
Revenue per Share	6.64	9.73	10.53	17.93	19.55	21.94	22.08	23.06	20.76
EBITDA per Share	3.73	6.06	6.74	10.84	11.57	14.08	13.37	12.63	11.82
Operating Income per Share	1.91	3.24	3.53	4.65	5.09	7.24	5.9	5.61	4.92
Basic EPS, GAAP	-0.02	0.24	0.54	-15.9	5.49	8.73	-1.01	1.31	-13.05
Basic EPS from Cont Ops	0.21	1.89	0.69	-16.37	5.4	10.74	1.71	2.41	-13.05
Diluted EPS, GAAP	-0.02	0.24	0.54	-15.9	5.49	8.73	-1.01	1.31	-13.05
Diluted EPS from Cont Ops	0.21	1.89	0.69	-16.37	5.4	10.74	1.71	2.41	-13.05
Dividend per Share	0.88	1.62	2.05	1.36	- -	0.45	- -	- -	0.03
Cash Flow per Share	1.67	3.89	4.43	5.76	2.29	7.46	8.92	3.06	2.8
Free Cash Flow per Basic Share	0.94	3.22	3.1	3.6	-5.57	2.54	3.2	-2.23	-3.54
Cash & Equivalents per Share	- -	0.31	0.99	2.06	2.38	2.53	2.45	2.18	3.55
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	43.97	54.47	61.11	76.41	92.28	90.55	63.55	46.9

Brookfield Renewable Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)