# Northland or Boralex



## spdr1812 (Apr 8, 2016)

NPI trades sideways for a year , BLX $2 over where i would like to add .. leaning towards BLX but this is the longest equity showdown Ive had without pulling the pin on either .


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## kelaa (Apr 5, 2016)

From the charts I would say Boralex is better technically, but always felt a bit expensive. But NPI to me is easier to understand the business. The founder still owns a good part of the shares. If they can get more developments going, they'll have room to run. But it looks like the appetite for generous generation rate subsidies is really decreasing, so future projects are going to be get compressed for the returns. If they can't get more projects going, then it might really languish.


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## spdr1812 (Apr 8, 2016)

The owner and NPI story is solid i think , just will be sideways with no div hike likely .. barely any risk it seems @ $ 23 .

BLX might have some div growth but unsure of the projects like you say ..


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## kelaa (Apr 5, 2016)

Northland Power is increasing their dividends one cent per month for 2018. Nordsee One, just completed at cost, will begin paying out July 2018. And their Deutsche Bucht will finish in 2019. I think the analysts' feeling is that their is at least a few years dividend growth left with the present projects. If they there are no further projects, the reduced need for capital can also allow higher dividends (but I guess share price would suffer, so maybe not a good situation). If they can get some headline projects in Taiwan or Mexico, it really could be a long growth story.

Since I missed the boat on Boralex during early 2016 timeframe, I think I'll let it pass. We do own Northland Power.


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## spdr1812 (Apr 8, 2016)

What is the difference between the 2 as far as geography goes , who is more diversified ?


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## gardner (Feb 13, 2014)

I've been a BLX holder since the unit-trust days. Since the conversion to a corporation, I've been happy with their performance and they are on my add-to list. I think the businesses are similar, but BLX generates a good deal of power with hydro, which, to me, feels a bit more economically viable long term than wind and solar. Of course there's lots of wind and solar in their portfolio too, but the hydro feels more stable to me, and less subject to capricious pricing by the regulator. BLX has been growing faster in the past few years, FWIW.


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## spdr1812 (Apr 8, 2016)

gardner said:


> I've been a BLX holder since the unit-trust days. Since the conversion to a corporation, I've been happy with their performance and they are on my add-to list. I think the businesses are similar, but BLX generates a good deal of power with hydro, which, to me, feels a bit more economically viable long term than wind and solar. Of course there's lots of wind and solar in their portfolio too, but the hydro feels more stable to me, and less subject to capricious pricing by the regulator. BLX has been growing faster in the past few years, FWIW.


Quote kelaa " Northland Power is increasing their dividends one cent per month for 2018 "

Where is that info kelaa .. ?

Thanks gardner , thats what has me leaning towards BLX is the growth , but how much room does it have . The owner of NPI seems like he just wants to collect the Div and sit on his piles of money ( not the worst plan ) .

So :
NPI - fat Div , traded sideways for a while now with slow to no Div growth ..
BLX - low Div , trading higher ( topped ? ) but possible Div growth ..

Usually i would just pullthe pin on one , but for some reason these 2 have me stumped .


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## kelaa (Apr 5, 2016)

The information about Northland Power's dividend can be seen in their press releases or your broker's summary. TD's analyst's view with respect to future dividends: 

"The dividend increase was announced sooner than expected. In our view, Northland would have had further room to grow its dividend (still only a 64% payout ratio based on our 2018 AFFO estimates), but we view the conservative hike as an indication that management envisions balancing returns of capital to shareholders with material medium-term development opportunities." Dated November 10, 2017.​
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Northland Power's Board Declares December Monthly Dividend of $0.10 per Share Reflecting an 11% Increase
December 13, 2017

TORONTO, ON--(Marketwired - December 13, 2017) - Northland Power Inc. ("Northland" or the "Company") (TSX: NPI) (TSX: NPI.PR.A) (TSX: NPI.PR.B) (TSX: NPI.PR.C) (TSX: NPI.DB.B) (TSX: NPI.DB.C) Board of Directors declared the December dividend to be $0.10 per share. The dividend, payable in January 2018 is an increase of 11% over its previous $0.09 per share.

John Brace, Northland's Chief Executive Officer, commented, "This is a very meaningful announcement for us. The dividend increase is a direct result of the company's strong performance, including the success of our offshore wind strategy, and reflects our confidence and excitement about Northland's future."


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## spdr1812 (Apr 8, 2016)

Wow , just realized my blunder , i knew of the increase , i just read your statement wrong haha ( holiday brain freeze ) . I read it like "one cent , per month" .. not "one cent per month" thinking you found some secret information that they were raising it monthly for the year . Wow again on me ..


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