Hard Data $BEPC (-0,02 %) :
- Forward yield: 4.7%
- Quality 85 / Opportunity 75 → OPTIMAL
- Income: Record FFO, ~90% of cash flows from long-term leases
The downside:
- This is my worst-performing position in the backtest: -22% since March
- Debt/EBITDA 5.4x (my limit is 3.0x)
- GAAP payout ratio 108% (accounting losses distort this figure)
Why it’s OPTIMAL: It’s infrastructure; it’s valued by P/FFO, not P/E. The debt is project-level and non-recourse.
