Opinions Michele Robitaille
Capital Power L.P.CPA.UN.TOBUYMay 22, 2009
Looking very cheap right now. There is some concern about the distribution but she is comfortable they will be able to maintain the 21% yield. Edmonton Power has announced another spin out of another entity, which raised the question of what was going to happen to this one.
Michele RobitailleOwned
$12.60
Stock price when the opinion was issued
electrical utilities
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HOLD
Payout ratio went from 67 to 112 and down from $20 to $18.93 in about a week. Is it a Sell? When the payout goes beyond what they can afford, you know something is going to happen. Chart trend line looks like it is holding at about$19, the level back in September/October. Likes the utilities sector.
electrical utilities
TOP PICK
5.95% 2036Doesn’t mind the very long term. Potential for capital appreciation.
Mark CarpaniOwned
electrical utilities
BUY ON WEAKNESS
Not much capital appreciation. Would look for a pullback to $15. (See Top Picks.)
Robert LauzonOwned
electrical utilities
HOLD
BUY
Created Capital Power (CPX-T), which becomes the parent as well as having the management contract. Cut distributions just before the Capital Power IPO and thinks the new distribution will be sustainable over a 5-year period.
Michele RobitailleOwned
electrical utilities
COMMENT
Have about 20 power facilities in Canada and the US. Recently cut its distribution with their payout ratio at about 75%-80%. Their parent recently spun off another entity Capital Power, which has a lower payout ratio but greater growth prospects. It also owns 30% of this company. The 2 may merge in 2011.
electrical utilities
