Financials Polaris Renewable Energy Inc.

Equities

PIF

CA73108L1013

Independent Power Producers

Market Closed - Toronto S.E. Other stock markets 04:00:00 2024-09-13 pm EDT			5-day change	1st Jan Change
12.64 ^CAD	+0.64%		+5.33%	-4.46%

Aug. 20	Polaris Renewable Energy Inc. announces an Equity Buyback for 2,045,613 shares, representing 9.7% of its issued share capital.	CI
Aug. 20	Polaris Renewable Energy Inc. authorizes a Buyback Plan.	CI

Projected Income Statement: Polaris Renewable Energy Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	71.25	74.72	59.52	62.6	78.52	78.33	82.28
Change	-	4.87%	-20.35%	5.18%	25.43%	-0.25%	5.05%
EBITDA ¹	58.93	58.69	43.77	44.92	57.66	57.3	60.6
Change	-	-0.42%	-25.42%	2.64%	28.37%	-0.62%	5.75%
EBIT ¹	-	56.89	15.92	17.61	28.04	27.7	33.37
Change	-	-	-72.02%	10.62%	59.25%	-1.23%	20.48%
Interest Paid ¹	-	-17.19	-16.96	-19.48	-21.92	-20.3	-15.52
Earnings before Tax (EBT)	-	38.98	4.418	-	6.365	-	-
Change	-	-	-88.67%	-100%	-	-100%	-
Net income ¹	14.5	-	0.501	2.499	11.74	9.268	9.474
Change	-	-100%	-	398.8%	369.95%	-21.08%	2.21%
Announcement Date	3/5/20	3/4/21	2/24/22	2/23/23	2/22/24	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	17.59	17.8	20.27	18.92	17.05	18.47	15.68	14.16	14.81	14.87	16.07	15.18	14.51	16.87	20.12	20.82	18.84	18.75	20.63	18.7	18.48	20.08	20.2	-	-	-
Change	-	1.19%	13.92%	-6.65%	-9.88%	8.31%	-15.12%	-9.68%	4.55%	0.44%	8.04%	-5.49%	-4.43%	16.25%	19.24%	3.49%	-9.49%	-0.5%	10.05%	-9.35%	-1.19%	8.68%	0.58%	-100%	-	-
EBITDA ¹	14.45	14.28	17.03	15.12	13.01	13.57	11.85	9.978	10.86	11.07	12.1	11.19	10.01	11.66	15.32	15.39	13.73	13.39	15.74	13.32	13.75	14.76	15.9	15.3	15.7	16
Change	-	-1.18%	19.3%	-11.22%	-13.99%	4.37%	-12.69%	-15.8%	8.81%	1.93%	9.31%	-7.51%	-10.53%	16.46%	31.45%	0.4%	-10.74%	-2.5%	17.55%	-15.39%	3.27%	7.33%	7.71%	-3.77%	2.61%	1.91%
EBIT ¹	-	-	-	8.209	6.589	31.4	4.479	3.443	4.224	3.773	5.929	4.343	2.613	4.724	7.984	8.004	6.213	5.937	8.424	5.901	6.028	7.307	-	-	-	-
Change	-	-	-	-	-19.73%	376.6%	-85.74%	-23.13%	22.68%	-10.68%	57.14%	-26.75%	-39.83%	80.79%	69.01%	0.25%	-22.38%	-4.44%	41.89%	-29.95%	2.15%	21.22%	-100%	-	-	-
Charge d'intérêts ¹	-	-	-	-4.414	-4.117	-3.955	-4.328	-4.344	-4.136	-4.154	-7.122	-4.163	-5.586	-2.606	-4.992	-5.554	-5.582	-5.797	-5.251	-5.169	-5	-4.9	-	-	-	-
Earnings before Tax (EBT)	-	-	-	0.546	1.98	29.81	0.344	0.908	3.153	0.013	0.112	-1.438	-0.361	-	3.018	2.411	1.115	-0.083	3.422	-	-	-	-	-	-	-
Change	-	-	-	-	262.64%	1,405.35%	-98.85%	163.95%	247.25%	-99.59%	761.54%	-	-74.9%	-100%	-	-20.11%	-53.75%	-	-	-100%	-	-	-	-	-	-
Net income ¹	-	-	-	-1.025	1.322	-	-	-	-	-	-	-	-	3.001	-	4.622	1.018	1.408	-	0.985	0.982	1.924	-	-	-	-
Change	-	-	-	-	-	-100%	-	-	-	-	-	-	-	-	-100%	-	-77.97%	38.31%	-100%	-	-0.3%	95.93%	-100%	-	-	-
Announcement Date	11/6/19	3/5/20	5/21/20	8/6/20	11/5/20	3/4/21	5/6/21	8/5/21	11/4/21	2/24/22	5/5/22	8/4/22	11/3/22	2/23/23	5/4/23	8/3/23	11/2/23	2/22/24	5/2/24	8/1/24	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Polaris Renewable Energy Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	73.1	149	132	115	101
Change	-	-	-	103.83%	-11.41%	-13.09%	-12.17%
Announcement Date	3/5/20	3/4/21	2/24/22	2/23/23	2/22/24	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Polaris Renewable Energy Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
CAPEX ¹	-	-	-	3.107	-	8	18
Change	-	-	-	-	-	-	125%
Free Cash Flow (FCF) ¹	28.34	56.03	36.25	32.6	53.8	37.9	20.9
Change	-	97.71%	-35.29%	-10.08%	65.05%	-29.56%	-44.85%
Announcement Date	3/5/20	3/4/21	2/24/22	2/23/23	2/22/24	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Polaris Renewable Energy Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Profitability
EBITDA Margin (%)	82.71%	78.54%	73.54%	71.76%	73.44%	73.16%	73.65%
EBIT Margin (%)	-	76.14%	26.75%	28.13%	35.71%	35.36%	40.55%
EBT Margin (%)	-	52.17%	7.42%	-	8.11%	-	-
Net margin (%)	20.34%	-	0.84%	3.99%	14.96%	11.83%	11.51%
FCF margin (%)	39.77%	74.98%	60.91%	52.07%	68.52%	48.39%	25.4%
FCF / Net Income (%)	195.49%	-	7,235.93%	1,304.44%	458.12%	408.91%	220.62%
Profitability
ROA	-	-	-	-	-	2%	2.4%
ROE	-	-	-	-	4.35%	3%	3.95%
Financial Health
Leverage (Debt/EBITDA)	-	-	1.67x	3.32x	2.29x	2x	1.67x
Debt / Free cash flow	-	-	2.02x	4.57x	2.46x	3.02x	4.86x
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	4.96%	-	10.21%	21.88%
CAPEX / EBITDA (%)	-	-	-	6.92%	-	13.96%	29.7%
CAPEX / FCF (%)	-	-	-	9.53%	-	21.11%	86.12%
Items per share
Cash flow per share ¹	2.768	3.63	2.348	1.77	2.707	2.46	3
Change	-	31.14%	-35.31%	-24.63%	52.94%	-9.12%	21.95%
Dividend per Share ¹	0.6	0.6	0.6	0.6	-	0.6	0.6
Change	-	0%	0%	0%	-	-	0%
Book Value Per Share ¹	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-
EPS ¹	0.89	1.7	0.03	0.12	0.56	0.44	0.5175
Change	-	91.01%	-98.24%	300%	366.67%	-21.43%	17.61%
Nbr of stocks (in thousands)	15,706	15,706	19,525	21,026	21,074	21,079	21,079
Announcement Date	3/5/20	3/4/21	2/24/22	2/23/23	2/22/24	-	-