Brookfield Renewable Partners L.P. (BEP) vs Enlight Renewable Energy Ltd. (ENLT)

Brookfield Renewable Partners L.P. and Enlight Renewable Energy Ltd. are both Utilities Renewable companies. Enlight Renewable Energy Ltd. is the larger, with a market value of $9.6B against $8.5B — 1.1× the size. Brookfield Renewable Partners L.P. has negative trailing earnings, so its P/E is not meaningful; Enlight Renewable Energy Ltd. trades at 102×. Enlight Renewable Energy Ltd. grew revenue faster over the last twelve months: 37.6% against 16.8%. Enlight Renewable Energy Ltd. has the higher net margin (15.3% vs −1.74%) and the higher return on invested capital (2.49% vs 2.14%). Across the 19 metrics below, Enlight Renewable Energy Ltd. leads on 10 and Brookfield Renewable Partners L.P. on 9.

Valuation

Metric BEP ENLT Utilities Renewable median
P/E n/m 102.49 18.99
P/S 1.06 16.60 2.58
P/B 0.24 3.97 1.38
Price to free cash flow n/m n/m 5.71
EV/EBITDA 9.02 31.05 16.32
EV/Sales 5.28 25.34 5.43
Earnings yield (1.62%) 0.98% (12.46%)
Free cash flow yield (21.08%) (22.07%) (21.58%)

Profitability

Metric BEP ENLT Utilities Renewable median
Gross margin 61.84% 40.59% 41.45%
Operating margin 29.65% 51.37% 0.00%
Net margin (1.74%) 15.33% (0.87%)
Free cash flow margin (22.33%) (366.54%) (9.23%)
Return on equity (0.42%) 4.38% 0.00%
Return on assets (0.14%) 1.04% (2.61%)
Return on invested capital 2.14% 2.49% 0.00%

Growth

Metric BEP ENLT Utilities Renewable median
Revenue growth (TTM) 16.77% 37.55% 10.25%
EPS growth (last fiscal year) 71.91% 177.78% —
Revenue growth, 5-year CAGR 15.22% 47.36% 6.29%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BEP ENLT Utilities Renewable median
Debt to equity 1.03 2.62 0.59
Current ratio 0.80 1.12 1.16
Net debt to EBITDA 6.62 8.65 2.66

Dividend

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

Size

Metric BEP ENLT Utilities Renewable median
Market cap 8.48b 9.63b 239.67m

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