BREN.jk, PGEO.jk, NEE: The Renewable Energy Dream vs. the Cashflow Reality
July 4, 2025 – Based on TTM Cashflows
Returns & CFROA
Renewable energy may be a powerful story — but the cashflow tells a different tale.
• BREN.jk posted a CFROA of –1%
• PGEO.jk managed +4%
• NEE (NextEra Energy, US listed) lagged at –5%
None of these are strong returns — especially given the capital intensity of their businesses.
Valuation
All three are priced well above their current performance:
• BREN’s market value equivalent is a sky-high 78%
• PGEO is at 7%
• NEE sits at 3%
Valuations this high, with returns this low, point to confidence in the story — rather than evidence from the cashflow.
Leverage
Borrowing is heavy for two of the three:
• BREN: 74% of assets funded by liabilities net of cash
• PGEO: a relatively modest 10%
• NEE: a steep 68%
The mix of high leverage, weak returns, and high valuation is risky — especially when cashflows don’t back the optimism.
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Data 🔥
• CFROA: BREN –1%, PGEO 4%, NEE –5%
• Market Value Equivalent: BREN 78%, PGEO 7%, NEE 3%
• Leverage (Liabilities minus Cash over Assets): BREN 74%, PGEO 10%, NEE 68%
• Share Price: All three stocks are down YTD
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These stocks lead in narrative — but not yet in performance. For now, it’s clean energy without clean cashflow.
For informational purposes only, not investment advice.
⸻
Upgrade to full CFROA & market value data
Covers over 90% of the Indonesian market — updated daily.
IDR 1,000,000 per quarter.
Bank: Permata
Account Name: PT Sharpfokus Research Indonesia
Account Number: 702593212
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July 4, 2025 – Based on TTM Cashflows
Returns & CFROA
Renewable energy may be a powerful story — but the cashflow tells a different tale.
• BREN.jk posted a CFROA of –1%
• PGEO.jk managed +4%
• NEE (NextEra Energy, US listed) lagged at –5%
None of these are strong returns — especially given the capital intensity of their businesses.
Valuation
All three are priced well above their current performance:
• BREN’s market value equivalent is a sky-high 78%
• PGEO is at 7%
• NEE sits at 3%
Valuations this high, with returns this low, point to confidence in the story — rather than evidence from the cashflow.
Leverage
Borrowing is heavy for two of the three:
• BREN: 74% of assets funded by liabilities net of cash
• PGEO: a relatively modest 10%
• NEE: a steep 68%
The mix of high leverage, weak returns, and high valuation is risky — especially when cashflows don’t back the optimism.
⸻
Data 🔥
• CFROA: BREN –1%, PGEO 4%, NEE –5%
• Market Value Equivalent: BREN 78%, PGEO 7%, NEE 3%
• Leverage (Liabilities minus Cash over Assets): BREN 74%, PGEO 10%, NEE 68%
• Share Price: All three stocks are down YTD
⸻
These stocks lead in narrative — but not yet in performance. For now, it’s clean energy without clean cashflow.
For informational purposes only, not investment advice.
⸻
Upgrade to full CFROA & market value data
Covers over 90% of the Indonesian market — updated daily.
IDR 1,000,000 per quarter.
Bank: Permata
Account Name: PT Sharpfokus Research Indonesia
Account Number: 702593212
Confirm payment via WhatsApp