This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.          
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Innergex Power Income Fund       IEF.UN     www.innergex.com   Fiscal Yr: Dec 31                        
Year 12/31/97 12/31/98 12/31/99 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10     #Y            
Revenue*             $21.751 $25.209 $30.016 $41.154 $40.372 $59.430       173.23% <-Total Growth 5            
Increase               15.90% 19.07% 37.11% -1.90% 47.21%       #NUM! <-IRR #YR-> 10            
Rev per Share             $1.18 $1.22 $1.22 $1.67 $1.37 $2.02       22.27% <-IRR #YR-> 5            
P/S (Price/Sales)             10.20 10.62 10.85 7.95 8.66 4.55       #NUM! <-IRR #YR-> 10            
*Revenue in M CDN $              P/S 10 Yrs 8.81 5Yrs 8.53       11.27% <-IRR #YR-> 5            
                                                 
    $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $59.4                        
              -$21.8 $0.0 $0.0 $0.0 $0.0 $59.4                        
             
Distri Inc             $0.97 $1.01 $0.97 $1.06 $0.95 $0.98 $1.07     1.25% <-Total Growth 5 Should be funds from operations FFO    
Increase               4.88% -4.03% 8.88% -10.50% 3.22% 9.48%     #NUM! <-IRR #YR-> 10            
Payout R. Dis             94.4% 91.9% 97.2% 91.2% 105.2% 102.2% 93.4%     0.25% <-IRR #YR-> 5            
P/D Inc             12.52 12.80 13.58 12.53 12.55 9.41 9.77                      
Trailing P/D Inc             13.43 13.03 13.64 11.23 9.71 10.70                      
Averages             Payout 97.54% P/E: Y-T 12.17 12.2                        
                                                 
EPS*             $0.50 $0.46 $0.46 $0.48 -$1.13 -$0.11 $0.73 $0.52   -121.82% <-Total Growth 5            
Increase               -8.76% 0.00% 4.35% -335.42% -90.27% -763.64% -28.77%   #NUM! <-IRR #YR-> 10            
* ESP per share (Cdn GAAP)                           #NUM! <-IRR #YR-> 5            
    0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 $0.00 $0.00 -$0.11                        
              -$0.50 $0.00 $0.00 $0.00 $0.00 -$0.11                        
                                                 
Div 181 dys             $0.45                                  
Div*             $0.911 $0.93 $0.95 $0.97 $1.00 $1.00 $1.00 $1.00   7.38% <-Total Growth 4            
Increase               2.16% 1.48% 2.12% 3.29% 0.33% 0.00% 0.00%   1.80% <-Average 5            
Aver H/L             $11.47 $11.92 $12.98 $13.11 $12.96 $10.92                        
Yield H/L             7.95% 7.82% 7.28% 7.36% 7.69% 9.16%       7.86% <-Average 6            
Yield on Cl             7.54% 7.18% 7.16% 7.28% 8.38% 10.87% 9.56% 9.56%   8.17% <-Average 6            
Payout Ratio             180.8% 202.4% 205.4% 201.0% -88.2% -909.1% 137.0% 192.3%   -77.67% <-Average 6            
Payout Cash Flow             170.5% 115.5% 336.2% 77.1% 113.4% 90.9% #DIV/0! #DIV/0!   154.39% <-Average 6            
Average 5 Yrs         Yield  7.86% 8.17% Payout -147.70% 146.62%       #NUM! <-IRR #YR-> 10            
* Dividends per share                              1.87% <-IRR #YR-> 5 not as high as inflation        
    0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 $0.00 $0.00 $1.00                        
              -$0.91 $0.00 $0.00 $0.00 $0.00 $1.00                        
                                                 
H/LYield held 5 yrs       8.72% 8.39% 7.71% Ave H/L Yield on your           
H/LYield held 10 yrs       #DIV/0! #DIV/0! Ave H/L original money          
                                                 
Graham No.             $10.12 $9.58 $9.71 $9.65     $10.30 $0.00   Cl Pr higher/lower by?              
Prem /Disc.             19.50% 35.43% 36.00% 37.43%     1.59% #DIV/0!   32.09% <-Average 4            
                                                 
Price Cl             $12.09 $12.97 $13.20 $13.26 $11.89 $9.20 $10.46 $10.46   -23.90% <-Total Growth 5            
Increase               7.28% 1.77% 0.45% -10.33% -22.62% 13.70% 0.00%   #NUM! <-IRR #YR-> 10            
P/E             23.98 28.20 28.70 27.63 -10.52 -83.64 14.33 20.12   #NUM! <-IRR #YR-> 10 Price & Div        
Trailing P/E               25.73 28.70 28.83 24.77 -8.14 -95.09 14.33   3.54% <-IRR #YR-> 5 Price & Div        
Average 5 Yrs               Price Inc -10.83% P/E: Y-T -9.5 15.2                        
                                                 
    0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 $0.00 $0.00 $9.20                        
              -$12.09 $0.00 $0.00 $0.00 $0.00 $9.20                        
    0.00 $0.00 $0.00 $0.00 $0.00 $0.91 $0.93 $0.95 $0.97 $1.00 $10.20                        
              -$12.09 $0.93 $0.95 $0.97 $1.00 $10.20                        
                                                 
Hi Mths             Dec Dec Sep Sep Feb Jul                        
Price Hi             $12.09 $13.58 $14.30 $14.36 $13.90 $13.09       8.27% <-Total Growth 5            
Increase               12.32% 5.30% 0.42% -3.20% -5.83%       #NUM! <-IRR #YR-> 10            
P/E             23.98 29.52 31.09 29.92 -12.30 -119.00       1.60% <-IRR #YR-> 5            
Trailing P/E               26.94 31.09 31.22 28.96 -11.58                        
Average 5 Yrs           Price Inc -2.87% P/E: Y-T -17.6 16.2                        
                                                 
    0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 $0.00 $0.00 $13.09                        
              -$12.09 $0.00 $0.00 $0.00 $0.00 $13.09                        
                                                 
Low Mths             Jul May Nov Nov Aug Dec                        
Price Low             $10.85 $10.25 $11.65 $11.85 $12.01 $8.75       -14.63% <-Total Growth 4            
Increase               -5.53% 13.66% 1.72% 1.35% -27.14%       #NUM! <-IRR #YR-> 10            
P/E             21.52 22.28 25.33 24.69 -10.63 -79.55       -4.21% <-IRR #YR-> 5            
Trailing P/E               20.33 25.33 25.76 25.02 -7.74                        
Average 5 Yrs               Price Inc -8.03% P/E: Y-T -10.0 14.3                        
                                                 
    0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 $0.00 $0.00 $8.75                        
                                                 
Market Cap $M             $222 $268 $326 $327 $350 $271 $308                      
                                                 
# of Sh in M 18.357 20.647 24.680 24.680 29.404 29.404 29.404       Trust Units              
Increase               12.47% 19.53% 0.00% 19.14% 0.00%       9.67% <-Average 4            
CF fr Op $M $9.815 $16.643 $6.938 $30.870 $25.847 $32.353                        
OPS $0.53 $0.81 $0.28 $1.25 $0.88 $1.10       105.79% <-Total Growth 5            
Increase               50.76% -65.13% 344.94% -29.72% 25.17% #NUM! <-IRR #YR-> 10            
P/O on Cl 22.6 16.1 47.0 10.6 13.5 8.4 15.53% <-IRR #YR-> 5            
*Operational Cash Flow per share       P/CF 10 Yrs 19.69 5 Yrs 19.11              
$0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $1.100              
-$0.53 $0.00 $0.00 $0.00 $0.00 $1.10              
                                                 
OPM 45.12% 66.02% 23.11% 75.01% 64.02% 54.44%                        
Diff from Ave             -17.4% 20.9% -57.7% 37.3% 17.2% -0.3%       0.00 <-Average 6 should be zero, it is a check on calculations          
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 54.62% 5 Yrs 56.52%                        
                          9/30/09                      
Curr Assets             $8.126 $17.227 $16.947 $16.275 $38.157 $21.149 $21.294                      
Curr Liab.             $3.892 $13.525 $12.679 $10.234 $34.858 $21.138 $21.618       Net ratio of 1.5 and up            
Liquidity             2.09 1.27 1.34 1.59 1.09 1.00 0.99     1.23 <-Average 6            
                                                 
Assets             $232.257 $268.228 $358.815 $345.361 $547.556 $530.008 $513.903       Net ratio of 1.5 and up            
Liab.             $66.620 $85.268 $134.168 $132.619 $322.267 $337.342 $324.110                      
Liquidity             3.49 3.15 2.67 2.60 1.70 1.57 1.59     1.96 <-Average 6            
                                                 
Book Value             $165.637 $182.959 $224.647 $212.742 $225.289 $192.666 $189.792     Book Value is Asset less Liabilities - Unitholder's equity                
BV per share             $9.02 $8.86 $9.10 $8.62 $7.66 $6.55 $6.45     Want to buy when ratio is low.              
Change               -1.79% 2.72% -5.30% -11.12% -14.48% -1.49%     0.9630 Current/Historical; Lower, better; best .8 or lower              
P/BV (CL)             1.34 1.46 1.45 1.54 1.55 1.40 1.62     #NUM! <-IRR #YR-> 10 Book Value        
Change               9.24% -0.92% 6.08% 0.88% -9.52% 15.42% -6.20% <-IRR #YR-> 5 Book Value        
Leverage (A/BK)             1.40 1.47 1.60 1.62 2.43 2.75 2.71 1.878 <-Average 6 A/BV          
              P/BV 10 Yrs 1.46 5 Yrs 1.48 1.974 <-Average 5 A/BV          
                                     
  $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.00 $0.00 $0.00 $0.00 $6.55                        
            -$9.02 $0.00 $0.00 $0.00 $0.00 $6.55                        
                                               
ROE             5.5% 4.9% 4.5% 5.6% -12.6% -1.7% 13.5%     Net Income/Shareholders' equity                
5Yr Running Ave             5.5% 5.2% 4.9% 5.1% 1.1% -0.1% 1.9%                      
                                               
NI 181 dys             $4.507                                  
Inv. 181dys             -$213.700                                  
Net Income             $9.089 $8.955 $9.999 $11.899 -$28.370 -$3.238 $19.206       Income Statement              
Oper C. F.             $9.815 $16.643 $6.938 $30.870 $25.847 $32.353 $29.298       Cash Flow Statement CF from continuing operations      
Invest. C. F             -$430.942 -$19.577 -$42.767 -$3.562 $0.755 -$17.426 -$1.637       Cash Flow Statement            
Total Accruals             $430.216 $11.889 $45.829 -$15.409 -$54.972 -$18.165 -$8.455                      
Total Assets             $232.257 $268.228 $358.815 $345.361 $547.556 $530.008 $385.427       Balance Sheet              
Accruals Ratio             185.23% 4.43% 12.77% -4.46% -10.04% -3.43% -2.19% <--     Oper C. F. Covers Investing C.F. and dividends?      
                                                 
Chge in Cl               7.28% 1.77% 0.45% -10.33% -22.62% 13.70%                      
                                                 
Fin. C. F                   -$24.31 -$21.77 -$18.54 -$23.96                      
Total Accruals                   $8.91 -$33.21 $0.37 $15.50                      
Accruals Ratio                   2.58% -6.06% 0.07% 4.02% <--                    
                                                 
Taxes                                                
Dividend             12.05% 2.21% 0.00% 0.00% 0.00% 0.00%       0.44% <-Average 5            
Cap Gain             0.00% 0.00% 0.00% 0.00% 2.60% 0.00%       0.52% <-Average 5            
Other Income             8.70% 21.59% 33.77% 35.01% 31.99% 100.00%       44.47% <-Average 5            
Ret of Cap.             79.25% 76.20% 66.23% 65.00% 62.93% 0.00%       54.07% <-Average 5            
Total             100.00% 100.00% 100.00% 100.00% 97.52% 100.00%                        
For Tax Cr                                                
                                                 
All I can find on changes to a corporation, is that distributions will be affected after 2011.                                  
Bought in 2006 as it was highly rated at that time.  Sold in 2008, as dividends were no longer increasing and I felt it was not going anywhere. Return was -4.84%.                      
April 2008.  I sold this stock.   Probably right thing to do. Not making money.  Stock going opposite way than market. Dividends increase less than inflation.                      
AP 2006.  Year to date made 6.5%, but since purchase lost 6%. TD rates as hold. Good Revenue growth, not great EPS. OPM good, but ROE is only  5%. Keep for now.                    
                                                 
How they make their money.                                            
Innergex Power Income Fund acquires and operates a portfolio of hydroelectric facilities and wind farms in North America that produce electricity exclusively from renewable energy sources.                
                                                 
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.                
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.                        
                                                 
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