Brookfield Renewable Partners LP

BEP.UN: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 76.00	Wrtnc	Qdydjfgzs

Brookfield Renewable Wraps Up an Active 2022; We Expect More of the Same in 2023

Brett Castelli

Feb 3, 2023

We lower our fair value estimate for Brookfield Renewable to $32 (CAD 43) per share from $33 (CAD 45) following its fourth-quarter results. The primary driver of our lower fair value estimate is a slightly lower terminal multiple as we adjust for Brookfield Renewable's growing share of energy transition investments. We view shares as undervalued at current levels.

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