Brookfield Renewable Partners L.P. (BEP) vs Eletrobras (EBR.B)

Brookfield Renewable Partners L.P. and Eletrobras are both Utilities Renewable companies. Brookfield Renewable Partners L.P. is the larger, with a market value of $8.5B against $2.6B — 3.2× the size. Brookfield Renewable Partners L.P. has negative trailing earnings, so its P/E is not meaningful; Eletrobras trades at 14.7×. Brookfield Renewable Partners L.P. grew revenue faster over the last twelve months: 16.8% against 10.3%. Eletrobras has the higher net margin (26.1% vs −1.74%) and the higher return on invested capital (2.18% vs 2.14%). Both pay a dividend; Brookfield Renewable Partners L.P. yields more (5.93% vs 2.94%). Across the 21 metrics below, Eletrobras leads on 11 and Brookfield Renewable Partners L.P. on 10.

Valuation

Metric BEP EBR.B Utilities Renewable median
P/E n/m 14.69 18.99
P/S 1.06 2.65 2.58
P/B 0.24 0.92 1.38
Price to free cash flow n/m 10.53 5.71
EV/EBITDA 9.02 23.58 16.32
EV/Sales 5.28 3.81 5.43
Earnings yield (1.62%) 6.81% (12.46%)
Free cash flow yield (21.08%) 9.49% (21.58%)

Profitability

Metric BEP EBR.B Utilities Renewable median
Gross margin 61.84% 100.15% 41.45%
Operating margin 29.65% 13.70% 0.00%
Net margin (1.74%) 26.10% (0.87%)
Free cash flow margin (22.33%) 24.74% (9.23%)
Return on equity (0.42%) 9.76% 0.00%
Return on assets (0.14%) 4.26% (2.61%)
Return on invested capital 2.14% 2.18% 0.00%

Growth

Metric BEP EBR.B Utilities Renewable median
Revenue growth (TTM) 16.77% 10.25% 10.25%
EPS growth (last fiscal year) 71.91% (30.04%) —
Revenue growth, 5-year CAGR 15.22% 5.56% 6.29%
Net income growth, 5-year CAGR 0.00% (0.91%) 0.00%

Health

Metric BEP EBR.B Utilities Renewable median
Debt to equity 1.03 0.59 0.59
Current ratio 0.80 2.05 1.16
Net debt to EBITDA 6.62 7.17 2.66

Dividend

Metric BEP EBR.B Utilities Renewable median
Dividend yield 5.93% 2.94% 5.61%
Payout ratio — 1.53 0.00

Size

Metric BEP EBR.B Utilities Renewable median
Market cap 8.48b 2.62b 239.67m

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