RE:Equity Raise Was A Likely Possibility In 2019when2buy wrote: I reviewed NPI balance sheet back in late Fall 2018 and was considering as a new position. Given the debt status, I came to the conclusion that a debt raise was unlikely and an equity raise was a high probability.
Equity Raise Possibility in 2019 Post Would have to be sub $22 for me, but have to say it's Debt/EBIDTA still seems too high vs peers. I went with EMA in the sector instead which has been a strong performer over my period of ownership.
Continued GL2A
They don't need additional funds in the near term which is why they cancelled the DRIP from treasury shares. I don't see an equity raise this year. If they do one it will probably be for the Taiwan offshore projects but those are quite a few years away. There are no large projects that I know of between the commissioning of DB (269MW) at the end of this year and start of Hai Long (1044MW) with a COD of 2025. Perhaps a few smaller projects may pop up in the interim but it's possible they could handle that from available cash and some debt.
Northland has been very good at expanding without major dilution.