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Just Energy Group Walks A Precarious Path In A No-Moat Business
- Classifying JE as a utility company is a misnomer. The company is an energy retailer that does not own any real hard assets.
- JE takes on a tremendous amount of derivative risks through their hedging process. The risks are extremely unclear and potentially dangerous to equity holders over the long run.
- The company competes in a business that has a low barrier to entry and is extremely price competitive. JE operates with no real property and leases 40 sales offices.
- The aggregate dividends paid has been larger than the aggregate operating profits for the company since 2009. Debt has been steadily increasing and most debt is now convertible.
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JE vs. ETF Alternatives
Just Energy Group Inc is a retail energy company. It sells electricity and natural gas to residential and commercial customers under long-term fixed-price, price-protected and variable-priced contracts in deregulated markets.
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