Author Topic: AT - Atlantic Power Corp  (Read 46264 times)

SafetyinNumbers

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Re: AT - Atlantic Power Corp
« Reply #130 on: April 07, 2018, 12:24:52 PM »
Just noticed that ATP has been in the market buying the common and preferreds. As per SEDI, in March they repurchased:

3,029,840 common shares at around $2.10 (USD)
237,500 of the series A pref @ $15.25
83,095 of the series C pref @ $17.80

What is your source? The link below shows that they can buy up to 1k shares of A pref each day

https://investors.atlanticpower.com/2017-12-20-Atlantic-Power-Corporation-and-Atlantic-Power-Preferred-Equity-Ltd-Announce-Normal-Course-Issuer-Bids-for-the-Companys-Convertible-Unsecured-Subordinated-Debentures-Common-Shares-and-Preferred-Shares

He stated his source as SEDI but you can't link there so you can go to this link. 

https://www.canadianinsider.com/node/7?menu_tickersearch=ATP+%7C+Atlantic+Power

Every NCIB on the TSX also has a one block trade a week exemption on top of the daily limit.
Top 5 positions: ELF GCM.NT/GCM.WT.B TII.V PIF AZP.PR.A


dr.malone

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Re: AT - Atlantic Power Corp
« Reply #131 on: May 14, 2018, 05:48:23 PM »
Anyone see their latest results and the annual letter by the CEO? I think the situation is getting much clearer for the company as they continue to de-lever and we finally saw meaningful buybacks YTD. It seems they are patiently sitting on the bid for the buyback and most likely continuing to buy around the 2.15-2.20 level.

It's hard to see how this stock could fail to compound annually at 10-15% for the next 3-5 years... but then again, i've been wrong for the past year on this name...

wisowis

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Re: AT - Atlantic Power Corp
« Reply #132 on: August 12, 2018, 05:48:48 PM »
These guys continue to do exactly what they said they'd do.

Buy back shares (4.3 million common so far this year, and at least $6 million CAD worth of preferred).
Reducing debt, on track to reduce by 100 million in 2018.
Re-affirmed guidance of 2018 Project Adjusted EBITDA guidance of $170 to $185 million.

From their AGM, there is a slide on "Improved Shareholder Alignment":
  • Since last year’s Annual Meeting, management and directors have purchased approximately 158,000 shares
  • Since May 2015, insiders have purchased nearly 1.8 million shares
And Increased Share Ownership Requirements:
  • CEO: Minimum of 5x base salary, up from 3x
  • EVPs: Minimum of 3x base salary, up from 2x
  • SVPs: Minimum of 2x base salary; no requirement previously
  • Directors: Minimum of 3x total compensation; previously had been 3x base cash compensation

I will just leave an excerpt from their latest annual report, where they answer the question "What can you do about the share price"? (the whole letter is great)

Quote
What can you do about the share price?

Our approach is to focus on protecting and, if possible, growing the intrinsic value per share of the
business. We try not to promote the shares. We view the market quotation as an invitation to buy (as
we have been doing, with $31 million of Company and insider purchases) or to sell shares. We try to
provide investors as much information as we can, but to make an estimate of value you must have a
view of what power prices will be in five, seven, or ten years.

We have made enormous improvements in the business. The share price has not reflected those
improvements. Although we are not focused on moving the share price over short time periods, we
believe it would be better if our shares traded closer to intrinsic value.

Things that might narrow the valuation gap over time include higher power prices, growth, or
significant share repurchases. Higher power prices would drive better post-PPA outcomes for us. Such
an environment might rerate the sector, including our shares.

Growth, organic or external, is highly unlikely to totally offset the expected decline in EBITDA
from current levels to post-PPA pricing as the decline is too large. As noted earlier, our debt should
decline faster than EBITDA if we continue aggressive debt repayment, resulting in declining leverage
ratios in 2019 and beyond. At that point the lower leverage may rerate the shares.

In either case (higher power prices or growth), if we continue to shrink the number of shares
outstanding, the value of the Company on a per-share basis should grow. We will remain focused on
improving the value of the business and we believe that at some point the public market will reflect
that value, or a buyer will emerge for the Company.

awindenberger

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Re: AT - Atlantic Power Corp
« Reply #133 on: August 24, 2018, 06:20:30 PM »
AT is my 2nd largest position for a year. I continue to be impressed with the execution of the management team. Its simply a matter of time before someone wakes up and starts buying up the stock.

spartansaver

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Re: AT - Atlantic Power Corp
« Reply #134 on: February 22, 2019, 09:27:01 AM »
Is there any news that has come out? It's up 8% today, this thing barely moves on a daily basis.

StubbleJumper

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Re: AT - Atlantic Power Corp
« Reply #135 on: February 22, 2019, 10:36:57 AM »
Is there any news that has come out? It's up 8% today, this thing barely moves on a daily basis.

My recollection is that earnings are next week?

SJ

SafetyinNumbers

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Re: AT - Atlantic Power Corp
« Reply #136 on: February 22, 2019, 11:47:44 AM »
Is there any news that has come out? It's up 8% today, this thing barely moves on a daily basis.

Saw this:

https://www.wltribune.com/news/atlantic-power-meeting-with-premier-sheds-good-news-and-bad-news-mayor-walt-cobb/

But wouldn’t think it would move the needle that much.

I think, the AZP.PR.A, is really interesting here. Someone has been sitting on the offer at $14.40. Perpetual, 8.4% yield and stock/debs going up, it could mean credit spreads tighten or if there is a takeover bid, could also win that way. Risk is a takeover bid with higher leverage and they leave them outstanding.
Top 5 positions: ELF GCM.NT/GCM.WT.B TII.V PIF AZP.PR.A

wisowis

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Re: AT - Atlantic Power Corp
« Reply #137 on: February 23, 2019, 09:47:15 AM »
Is there any news that has come out? It's up 8% today, this thing barely moves on a daily basis.

Saw this:

https://www.wltribune.com/news/atlantic-power-meeting-with-premier-sheds-good-news-and-bad-news-mayor-walt-cobb/

But wouldn’t think it would move the needle that much.

I think, the AZP.PR.A, is really interesting here. Someone has been sitting on the offer at $14.40. Perpetual, 8.4% yield and stock/debs going up, it could mean credit spreads tighten or if there is a takeover bid, could also win that way. Risk is a takeover bid with higher leverage and they leave them outstanding.

I'm surprised to see that AZP.PR.A hasn't moved - looks like they bought back 427,500 shares of it at $14.40 at the end of January (~10% of outstanding shares, I think?). Given how much the common has run up in price YTD, and the present yield on the preferreds, I would hope they continue to buy them back in size.

wisowis

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Re: AT - Atlantic Power Corp
« Reply #138 on: February 28, 2019, 06:09:07 PM »
Q4 and 2018 FY results: https://investors.atlanticpower.com/2019-02-28-Atlantic-Power-Corporation-Releases-Fourth-Quarter-and-Year-End-2018-Results


Quote
Full Year 2018 Highlights

- Net income attributable to Atlantic Power of $36.8 million vs. net loss of $(98.6) million in 2017
- Cash from operating activities of $137.5 million decreased from $169.2 million in 2017, but was modestly above Company's expectation
- Project Adjusted EBITDA of $185.1 million in 2018 decreased from $288.8 million in 2017, but was at the high end of Company's guidance range of $170 million to $185 million
- Repaid $100.3 million of term loan and project debt; achieved leverage ratio of 4.5 times at December 31, 2018
- Executed two re-pricings of credit facilities, resulting in additional interest cost savings
- Repurchased and canceled approximately 7.8 million common shares and approximately 645 thousand preferred shares, at a total cost of approximately $24.6 million
- Liquidity at December 31, 2018 of $191.4 million, including approximately $39 million of discretionary cash
- Returned Tunis to commercial operation under 15-year contract
- Announced two acquisitions that will add to capacity, average contract life and Project Adjusted EBITDA

Fourth Quarter 2018 Financial Results

- Net income attributable to Atlantic Power of $24.7 million vs. net loss of $(41.1) million in Q4 2017
- Cash from operating activities of $39.7 million vs. $30.5 million in Q4 2017
- Project Adjusted EBITDA of $46.6 million vs. $62.1 million in Q4 2017


Also, regarding my previous comment, I was a dummy and didn't realize that they have hit the cap on buybacks for some of the preferreds :)
Quote
In January 2019, under the new NCIB, the Company repurchased 427,500 shares of the 4.85% Cumulative Redeemable Preferred, Series 1 at Cdn$14.26 per share; 27,777 shares of the Cumulative Rate Reset Preferred, Series 2 at Cdn$18.00 per share; and 148,311 shares of the Cumulative Floating Rate Preferred, Series 3 at Cdn$17.69 per share, for a total cost of Cdn$9.2 million.  With these repurchases, the Company has reached the 10% limit on Series 1 and Series 3 repurchases under this NCIB.   

petec

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Re: AT - Atlantic Power Corp
« Reply #139 on: April 24, 2019, 05:55:03 AM »
Also, regarding my previous comment, I was a dummy and didn't realize that they have hit the cap on buybacks for some of the preferreds :)
Quote

Yes. Pity. Anyone know how often they are allowed to reload the NCIB?

Alternatively I presume they can do an SIB. There's clearly intent there - they used up the limit impressively quickly.

Mind you with the common dropping they might prefer to spend money there.