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  5. NPI: Please provide your opinion on NPI, and if positive what is a good entry point? [Northland Power Inc.]
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Q: Please provide your opinion on NPI, and if positive what is a good entry point? Will Trump derail any of their projects?
Asked by Stephen on January 27, 2025
5i Research Answer:

NPI has struggled a bit in the past year, down 24%. But overall we would see it today as a decent income investment at 16X earnings and a 6.85% dividend, with good earnings growth expected this year and in 2026. If it can execute on expected growth the stock should respond accordingly. Lower interest rates should also help here. 12-month payout ratio is less than 30% so there is room for a dividend hike. The dividend has not been raised since 2017. We would see it as a hold for income, and some growth. Most of its exposure is outside of the US, but Trump may still have a 'sentiment' impact on the sector.