Northland Power Inc

NPI: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 77.00	Zdkbs	Nnzcwbbym

Elevated European Power Prices Lift Northland's Full-Year Outlook; Raise FVE to CAD 41

Brett Castelli

Aug 12, 2022

We raise our fair value estimate for Northland Power to CAD 41 from CAD 37 following its second-quarter results. The drivers of our higher valuation are increased expectations for its offshore wind segment over the next few years on European power price strength and an increase to our terminal multiple. We also update our Uncertainty Rating to Medium from High, consistent with our other renewable developer coverage.

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