Sustainable Power & Infrastructure Split (PWI) AI Stock Analysis

• Market Cap: C$41.85M
• Dividend Yield: 10.21%
• Average Volume (3M): 11.40K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.34
• Revenue Growth: 818.69%
• EPS Growth: -12.12%
• Country: CA
• Employees: N/A
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 1.29
• Shares Outstanding: 3,253,967
• 10 Day Avg. Volume: 11,576
• 30 Day Avg. Volume: 11,398
• PEG Ratio: 0.00
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: C$13.00 ▲(20.71% Upside)
• Action: Upgraded Date: 12/30/25
• Date: Action: Upgraded 12/30/25

The score is driven primarily by solid financial positioning (no debt, strong equity base) and a very attractive valuation profile (low P/E and high dividend yield). Technicals are mildly positive, while the main risk tempering the score is historical volatility in profitability and cash flow despite recent improvement.

Positive Factors

Strong balance sheet

Zero reported debt and a growing equity base give the company durable financial flexibility. Low leverage reduces default and refinancing risk, supports steady distributions, allows the fund to hold through market drawdowns and maintain capital allocation without forced sales.

Improving cash generation

Positive operating and free cash flow in 2023–2024 indicate the fund is generating internal liquidity after prior drawdowns. Sustained cash generation supports recurring distributions, funds fee and operating needs, and lessens reliance on asset sales or external financing over the medium term.

Focused sustainable infrastructure exposure

The split-share product packages targeted exposure to renewable and utility infrastructure, matching structural demand for income plus sustainability. This niche positioning attracts income/seeking investors and captures long-term growth of low‑carbon infrastructure cash flows.

Negative Factors

Historic earnings volatility

Material historical swings in earnings reduce predictability of distributions and long-term cash returns. Volatility increases the risk that management must cut payouts or liquidate holdings during downturns, making income reliability for holders less certain.

Small, lumpy revenue base

A historically tiny and uneven revenue base that suddenly jumped in 2024 implies earnings are lumpy and driven by discrete portfolio events. That unevenness complicates forecasting, budgeting, and assessing sustainable margin levels across market cycles.

Revenue tied to portfolio market performance

Core revenues depend on dividends and realized capital gains, making cash flow cyclical and sensitive to market valuations and issuers' dividend policies. Structural exposure to market cycles means manager skill and market timing materially affect long-term returns.

Sustainable Power & Infrastructure Split Business Overview & Revenue Model

Company Description

Sustainable Power & Infrastructure Split Corp. is an closed-ended investment equity fund launched and managed by Brompton Funds Limited. The fund invests in dividend-paying securities of power and infrastructure companies. It employs fundamental, and quantitative analysis to make its investments. Sustainable Power & Infrastructure Split Corp. was formed in 2021 and is domiciled in Canada.

How the Company Makes Money

PWI makes money through a combination of revenue streams. Its primary source of income is generated from selling electricity produced from its renewable energy assets, including solar farms, wind farms, and hydroelectric plants. The company also earns revenue through long-term power purchase agreements (PPAs) with utility companies and corporate clients, ensuring a stable cash flow. Additionally, PWI invests in infrastructure projects, earning returns on investments and management fees. Strategic partnerships with governments and private sector entities contribute to its earnings by facilitating access to new markets and funding opportunities. PWI's diversified portfolio and commitment to sustainable development are crucial factors in its revenue generation.

Sustainable Power & Infrastructure Split Financial Statement Overview

Summary

Strong balance sheet strength (no debt and solid/growing equity) is a major positive, but earnings and cash flow have been historically volatile. Profitability and cash generation improved materially in 2023–2024, yet earlier operating losses and negative cash flow keep the financial profile mid-range.

Income Statement

Results are highly volatile and somewhat hard to interpret due to very small revenue bases in 2021–2023 followed by a sharp jump in 2024. Profitability looks very strong in 2024 (high margins and meaningful net income), but prior years show inconsistent operating performance (negative gross profit and operating losses in multiple periods, including a large net loss in 2022). Overall, the trajectory improved materially in 2024, but the historical instability keeps the score mid-range.

Balance Sheet

The balance sheet is conservatively positioned with zero reported debt across all years and a solid equity base that has generally grown (notably higher equity in 2024 versus 2023). Total assets are stable-to-up over time, and return on equity is positive in most years (strong in 2024), though it did dip negative in 2022, highlighting earnings volatility. Net-net, low leverage is a clear strength and supports a high score.

Cash Flow

Cash generation has improved recently, with positive operating and free cash flow in 2023 and 2024 and healthy free-cash-flow growth in both years. However, cash flow history is choppy: operating and free cash flow were deeply negative in 2021 and also negative in 2022, indicating meaningful volatility and potential sensitivity to market/value changes. Cash flow is trending better, but the prior drawdowns weigh on the score.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.57M	1.50K	2.69K	69.00
Gross Profit	5.06M	-480.76K	-478.52K	-312.61K
EBITDA	14.97M	5.36M	-890.78K	-1.47M
Net Income	14.81M	5.21M	-8.99M	4.17M
Balance Sheet
Total Assets	65.19M	59.54M	61.74M	65.71M
Cash, Cash Equivalents and Short-Term Investments	64.69M	58.32M	61.26M	65.58M
Total Debt	0.00	0.00	0.00	0.00
Total Liabilities	34.38M	36.59M	38.29M	33.21M
Stockholders Equity	30.81M	22.96M	23.45M	32.50M
Cash Flow
Free Cash Flow	8.31M	5.49M	-6.88M	-61.38M
Operating Cash Flow	8.31M	5.49M	-6.88M	-61.38M
Investing Cash Flow	0.00	0.00	0.00	0.00
Financing Cash Flow	-8.34M	-5.40M	6.75M	61.75M

Sustainable Power & Infrastructure Split Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 10.77
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:PWI, the sentiment is Positive. The current price of 10.77 is below the 20-day moving average (MA) of 12.57, below the 50-day MA of 11.44, and above the 200-day MA of 9.92, indicating a bullish trend. The MACD of 0.47 indicates Positive momentum. The RSI at 69.81 is Neutral, neither overbought nor oversold. The STOCH value of 58.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:PWI.

Sustainable Power & Infrastructure Split Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AGF.B	79 Outperform	C$1.33B	7.10	9.85%	3.01%	11.23%	30.44%
PWI	70 Outperform	C$41.85M	―	32.64%	10.21%	818.69%	-12.12%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
BAM	67 Neutral	C$104.04B	33.39	41.10%	3.37%	597.75%	50.43%
BN	65 Neutral	C$144.07B	77.55	2.78%	0.53%	-19.04%	17.82%
ONEX	65 Neutral	C$8.05B	9.04	5.15%	0.36%	2.46%	-27.48%

Sustainable Power & Infrastructure Split Corporate Events

Power & Infrastructure Split Corp. Sets Up $100 Million ATM Equity Program

Power & Infrastructure Split Corp. has launched an at‑the‑market equity program allowing it to issue additional Class A and preferred shares on Canadian exchanges, with potential gross proceeds of up to $50 million for each share class. The program, in place until February 2028 and facilitated by RBC Capital Markets, gives the fund flexible, ongoing access to capital at prevailing market prices, with proceeds to be deployed in line with its existing investment objectives and strategies. This added funding mechanism should help the fund scale its globally diversified power and infrastructure portfolio while supporting its dual mandate of income and capital growth for Class A holders and stable, protected returns for preferred shareholders.

The most recent analyst rating on (TSE:PWI) stock is a Buy with a C$13.00 price target. To see the full list of analyst forecasts on Sustainable Power & Infrastructure Split stock, see the TSE:PWI Stock Forecast page.

Sustainable Power & Infrastructure Split Corp. to Rebrand and Highlights Strong Returns

Sustainable Power & Infrastructure Split Corp. plans to change its name to Power & Infrastructure Split Corp., with the change expected to take effect on January 19, 2026, subject to regulatory approval. The fund highlighted its performance and income profile, noting a 9.5% annual distribution rate and 13.8% annualized total return since inception for its Class A shares, and a 4.9% distribution rate and 5.1% annualized total return for its preferred shares, which also benefit from substantial downside protection and an investment-grade rating, underscoring the vehicle’s appeal for investors seeking yield and exposure to infrastructure assets tied to the energy transition.

The most recent analyst rating on (TSE:PWI) stock is a Buy with a C$13.00 price target. To see the full list of analyst forecasts on Sustainable Power & Infrastructure Split stock, see the TSE:PWI Stock Forecast page.

Brompton Funds Declares December 2025 Split Share Fund Distributions

Brompton Funds has announced the distributions for several of its split share funds, payable on December 12, 2025, for shareholders of record as of November 28, 2025. The announcement includes details about the distribution amounts for both class A and preferred shareholders across various funds, with a specific note on Brompton Energy Split Corp. (ESP) meeting the net asset value requirements for distribution. The funds offer a distribution reinvestment plan (DRIP) for class A shareholders, allowing them to reinvest distributions commission-free, thereby benefiting from compound growth.