| Over a week ago | ||||
The Company expects that… The Company expects that annual distributable earnings per share will grow at a compounded annual rate of 10% to 13% from 2021 to 2024, relative to the 2020 baseline of $1.55 per share, which is equivalent to a 2024 midpoint of $2.40 per share. The Company also expects growth of annual dividends per share to be at a compounded annual rate of 5% to 8%. This guidance reflects the Company's judgments and estimates of (i) yield on its existing portfolio; (ii) yield on incremental portfolio investments, inclusive of the Company's existing pipeline; (iii) the volume and profitability of transactions; (iv) amount, timing, and costs of debt and equity capital to fund new investments; (v) changes in costs and expenses reflective of the Company's forecasted operations; and (vi) the general interest rate and market environment. All guidance is based on current expectations of the ongoing and future impact of COVID-19 and the speed and efficacy of vaccine distribution on economic conditions, the regulatory environment, the dynamics of the markets in which we operate and the judgment of the Company's management team, among other factors. In addition, distributions are subject to approval by the Company's Board of Directors on a quarterly basis. The Company has not provided GAAP guidance as discussed in the Forward-Looking Statements section of this press release. | ||||
Reports Q1 revenue… Reports Q1 revenue $58.48M, consensus $29.07M. "Strong NII growth contributed to this strong quarter and sets us up for a strong year. With our gain on sale revenue, in addition to NII, we demonstrate again that the HASI dual-revenue business model, built on a diverse set of clients, technologies and assets, continues to work well despite macroeconomic and industry challenges" said Jeffrey W. Eckel, Hannon Armstrong Chairman and Chief Executive Officer. | ||||
| Over a month ago | ||||
B. Riley analyst… B. Riley analyst Christopher Souther raised the firm's price target on Hannon Armstrong to $67 from $64 and keeps a Buy rating on the shares ahead of the Q1 results. Hannon remains a top pick, says the analyst, who favors its "defensive positioning amid high valuations in the space." He sees "strong potential upside" over the next few years years based on expectations of an acceleration of the clean energy transition and policy support. | ||||
KeyBanc holds a virtual… KeyBanc holds a virtual meeting with CFO & COO Lipson and VP Reed on March 29. | ||||
KeyBanc holds a virtual… KeyBanc holds a virtual meeting with CFO & COO Lipson and VP Reed on March 29. | ||||
| Over a quarter ago | ||||
The Company expects that… The Company expects that annual distributable earnings per share will grow at a compounded annual rate of 10% to 13% from 2021 to 2024, relative to the 2020 baseline of $1.55 per share, which is equivalent to a 2024 midpoint of $2.40 per share. The Company also expects growth of annual dividends per share to be at a compounded annual rate of 5% to 8%. This guidance reflects the Company's judgments and estimates of (i) yield on its existing portfolio; (ii) yield on incremental portfolio investments, inclusive of the Company's existing pipeline; (iii) the volume and profitability of securitization transactions; (iv) amount, timing, and costs of debt and equity capital to fund new investments; (v) changes in costs and expenses reflective of the Company's forecasted operations; and (vi) the general interest rate and market environment. All guidance is based on current expectations of the ongoing and future impact of COVID-19 and the speed and efficacy of vaccine distribution on economic conditions, the regulatory environment, the dynamics of the markets in which we operate and the judgment of the Company's management team, among other factors. In addition, actual dividend distributions are subject to approval by the Company's Board of Directors on a quarterly basis. | ||||
Reports Q4 revenue… Reports Q4 revenue $53.7M, consensus $27.69M. "In the face of macroeconomic and industry headwinds, we had another outstanding year, growing distributable earnings per share by 21% through strong growth in our portfolio and the resulting net investment income," said Jeffrey W. Eckel, Hannon Armstrong Chairman and Chief Executive Officer. "The confidence we have in this business to continue this strong performance causes us to raise and extend guidance for distributable earnings to 10% to 13% and dividends to 5% to 8% per share annually through 2024." | ||||
UBS analyst Jon Windham… UBS analyst Jon Windham upgraded Hannon Armstrong to Buy from Neutral with a price target of $50, down from $60. The company is well positioned to produce profitable growth through renewable investment cycles, the analyst tells investors in a research note. Despite being caught-up in the broader growth and clean technology sell-off, Hannon's underlying earnings are relatively stable, while market volatility in underlying asset values can create opportunities, Windham adds. | ||||
B. Riley analyst… B. Riley analyst Christopher Souther lowered the firm's price target on Hannon Armstrong to $64 from $83 and keeps a Buy rating on the shares. The analyst recommends taking advantage of weakness around "short-term disruptions" for individual sustainable energy companies or the sector overall "provided the volatility hasn't impacted the longer-term growth thesis." However, he lowered price targets across the board to reflect multiple compression. The group has significantly underperformed benchmarks, "creating more attractive entry points," Souther tells investors in a research note. | ||||
