Northland Power Inc

NPI: XTSE (CAN)
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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation
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Northland Power Earnings: Focus Shifts to Construction of Projects in Backlog

No-moat Northland Power reported 2023 results and initiated 2024 guidance broadly consistent with our modeling assumptions. We will incorporate the results and outlook into our model shortly, but after a first look, we maintain our CAD 29 fair value estimate. We still see the shares as undervalued.

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