Brookfield Renewable Partners L.P. (BEP) vs Brookfield Renewable Corporation (BEPC)

Brookfield Renewable Partners L.P. and Brookfield Renewable Corporation are both Utilities Renewable companies. Brookfield Renewable Partners L.P. is the larger, with a market value of $8.5B against $5.3B — 1.6× the size. Brookfield Renewable Partners L.P. grew revenue faster over the last twelve months: 16.8% against −4.48%. Brookfield Renewable Partners L.P. has the higher net margin (−1.74% vs −95.1%) and the lower return on invested capital (2.14% vs 3.28%). Both pay a dividend; Brookfield Renewable Partners L.P. yields more (5.93% vs 5.61%). Across the 18 metrics below, Brookfield Renewable Partners L.P. leads on 12 and Brookfield Renewable Corporation on 6.

Valuation

Metric BEP BEPC Utilities Renewable median
P/E n/m n/m 18.99
P/S 1.06 n/m 2.58
P/B 0.24 n/m 1.38
Price to free cash flow n/m n/m 5.71
EV/EBITDA 9.02 6.24 16.32
EV/Sales 5.28 3.52 5.43
Earnings yield (1.62%) (3.13%) (12.46%)
Free cash flow yield (21.08%) 0.00% (21.58%)

Profitability

Metric BEP BEPC Utilities Renewable median
Gross margin 61.84% 60.13% 41.45%
Operating margin 29.65% 27.08% 0.00%
Net margin (1.74%) (95.07%) (0.87%)
Free cash flow margin (22.33%) 2.96% (9.23%)
Return on equity (0.42%) (44.74%) 0.00%
Return on assets (0.14%) (8.27%) (2.61%)
Return on invested capital 2.14% 3.28% 0.00%

Growth

Metric BEP BEPC Utilities Renewable median
Revenue growth (TTM) 16.77% (4.48%) 10.25%
EPS growth (last fiscal year) 71.91% (178.13%) —
Revenue growth, 5-year CAGR 15.22% 4.24% 6.29%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BEP BEPC Utilities Renewable median
Debt to equity 1.03 2.29 0.59
Current ratio 0.80 0.40 1.16
Net debt to EBITDA 6.62 6.22 2.66

Dividend

Metric BEP BEPC Utilities Renewable median
Dividend yield 5.93% 5.61% 5.61%
Payout ratio — 0.33 0.00

Size

Metric BEP BEPC Utilities Renewable median
Market cap 8.48b 5.27b 239.67m

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