Brookfield Renewable Partners LP: Takeaways from Meetings with BEP Management

研报英文原文证据摘录

Brookfield Renewable Partners LP: Takeaways from Meetings with BEP Management

IdeaM

Risk Reward – Brookfield Renewables Corp (BEPC.N)

KEY EARNINGS INPUTS

Drivers Dec 2025 Dec 2026e Dec 2027e Dec 2028e

Total Revenue ($, mm) 3,728 3,542 3,958 4,382

Costs and Expenses ($, mm) (3,028) (3,064) (3,282) (3,501)

INVESTMENT DRIVERS RISKS TO PT/RATING MS ESTIMATES VS. CONSENSUS

Organic investment opportunities (wind, utility- RISKS TO UPSIDE FY Dec 2026e

scale solar and distribution generation).. New projects/PPAs, particularly tied to growing

M&A (development platforms) and asset sales data center demand. (4.85)

(de-risked assets). Asset sales at high MOICs/IRRs (recycling that EPS Note: There are not sufficient brokers supplying

Clean energy policy across BEP's jurisdictions. allows for reinvestment). ($) consensus data for this metric

Interconnection queue lead times. Declining interest rates.

Increased power demand and/or renewed

GLOBAL REVENUE EXPOSURE federal clean energy policy support. 1,400

EBITDA RISKS TO DOWNSIDE Note: There are not sufficient brokers supplying ($, mm)

Rising interest rates could increase cost of consensus data for this metric 20-30% Latin America

capital. 70-80% North America

Concerns around clean energy policy changes.

Clean energy stocks fall out of favor with Mean Morgan Stanley Estimates

investors. Source: Refinitiv, Morgan Stanley Research

Source: Morgan Stanley Research Estimate

View explanation of regional hierarchies here

OWNERSHIP POSITIONING

MS ALPHA MODELS Inst. Owners, % Active 66.4%

HF Sector Long/Short Ratio 1.4x

5/5 24 Month 1/5 3 Month

BEST Horizon MOST Horizon HF Sector Net Exposure 1.9%

Source: Refinitiv, FactSet, Morgan Stanley Research; 1 is Refinitiv; MSPB Content. Includes certain hedge fund