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    Rupert Merer • National Bank Financial

    Rupert Merer's questions to Algonquin Power & Utilities Corp (AQN) leadership

    Rupert Merer's questions to Algonquin Power & Utilities Corp (AQN) leadership • Q1 2025

    Question

    Rupert Merer followed up on operating costs, asking if added expenses from billing issues are resolved and if current levels are representative. He also inquired about dis-synergies from the Renewables group sale and any near-term cost-reduction plans.

    Answer

    CFO Brian Chin stated that the majority of extra costs from billing issues, primarily bad debt expense, were reported in Q4 2024 and the trend is improving. He also noted that Q1 dis-synergies from the asset sale were less than a penny of EPS and not material enough to call out, with their eventual removal expected to manifest in the forward outlook.

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    Rupert Merer's questions to Algonquin Power & Utilities Corp (AQN) leadership • Q4 2024

    Question

    Rupert Merer asked incoming CEO Rod West about his key focus areas for his first 90 days and his initial thoughts on Algonquin's asset base. He also inquired about the potential for moving the company's headquarters to the U.S.

    Answer

    Incoming CEO Roderick West stated his initial focus is on aligning people, identifying opportunities for productive capital deployment, and accelerating the company's strategy. He noted it was too early to opine on specific asset challenges. Interim CFO Brian Chin responded that it is premature to comment on a potential headquarters move, emphasizing the company's current focus is on its internal 'self-help' story.

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    Rupert Merer's questions to Algonquin Power & Utilities Corp (AQN) leadership • Q2 2024

    Question

    Rupert Merer from National Bank Financial inquired about the composition of the $1.6 billion in net cash proceeds from the renewables sale and sought details on the deal's valuation multiple.

    Answer

    CFO Darren Myers explained that the difference between the gross sale price and net proceeds is primarily due to the repayment of construction loans, with minimal tax friction. Myers and CEO Chris Huskilson characterized the valuation as strong, representing an 11.5x to 12.5x multiple of next year's estimated EBITDA, which they believe reflects significant value for the development pipeline.

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    Rupert Merer's questions to GFL Environmental Inc (GFL) leadership

    Rupert Merer's questions to GFL Environmental Inc (GFL) leadership • Q1 2025

    Question

    Rupert Merer asked about the remaining impact from recent divestitures, any further portfolio rationalization plans, and the performance and M&A outlook for the divested ES business.

    Answer

    Executive Luke Pelosi confirmed one final quarter of revenue impact from a prior divestiture and stated that the company's major portfolio pruning is complete. Regarding the ES business, he noted some weather-related softness but stable EBITDA, while highlighting a robust M&A pipeline. CEO Patrick Dovigi reiterated the plan to add $30-35 million in EBITDA annually to ES via acquisitions.

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    Rupert Merer's questions to GFL Environmental Inc (GFL) leadership • Q2 2024

    Question

    Rupert Merer asked about the optimal debt level for the company following a potential sale of the Environmental Services (ES) business and how management weighs M&A opportunities against stock buybacks.

    Answer

    CEO Patrick Dovigi stated that post-transaction, the company would target a leverage ratio of around 3.0x to definitively secure an investment-grade rating. He emphasized that at current valuations, buying back GFL's own stock is likely the 'higher and better use of capital,' while also acknowledging a significant pipeline of tuck-in M&A opportunities exists within the company's current footprint.

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    Rupert Merer's questions to Brookfield Renewable Partners LP (BEP) leadership

    Rupert Merer's questions to Brookfield Renewable Partners LP (BEP) leadership • Q4 2024

    Question

    Rupert Merer questioned the potential impact of tariffs on equipment costs and how the company is covered, and also asked about the primary drivers of data center power demand, specifically AI versus cloud and crypto.

    Answer

    Connor Teskey (executive) explained that any potential tariffs on equipment would be passed through to customers via higher PPA prices, similar to tax credit changes, due to inelastic demand. He highlighted Brookfield's global procurement capabilities as a competitive advantage. On data centers, he identified AI as the primary demand driver by a wide margin and stated that even with more efficient AI models, the overall demand growth and supply-demand imbalance will remain strongly in their favor.

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    Rupert Merer's questions to Brookfield Renewable Corp (BEPC) leadership

    Rupert Merer's questions to Brookfield Renewable Corp (BEPC) leadership • Q4 2024

    Question

    Rupert Merer of National Bank Financial followed up on policy risk, asking about exposure to tariffs and higher equipment costs. He also inquired about the primary drivers of data center power demand (AI vs. cloud) and the potential impact of more energy-efficient AI technologies.

    Answer

    Executive Connor Teskey stated that, similar to tax credits, any cost increases from tariffs would be passed through to customers via higher PPA prices. He highlighted the company's global procurement capabilities as a competitive advantage. Teskey confirmed that AI is the single largest driver of new power demand and argued that even more efficient AI would likely lead to wider adoption and faster overall growth, maintaining a favorable supply-demand balance for power producers.

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    Rupert Merer's questions to Brookfield Renewable Corp (BEPC) leadership • Q3 2024

    Question

    Rupert Merer asked for quantification of the difference in return expectations between mature and development assets, and also questioned the price sensitivity of the power market, particularly for data centers, given recent high contract prices.

    Answer

    Executive Connor Teskey quantified the return delta, stating their best developers see margins of 400-600 basis points, implying development returns of 13-17% versus sale prices yielding 8-11%. Executive Wyatt Hartley addressed pricing, noting that the $90/MWh price for dispatchable clean power is constructive and supported by strong demand from multiple buyers. He did not speculate on a price ceiling but emphasized the market remains very favorable.

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