Stock FTS.PRJ FORTIS INC.
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Financials Fortis Inc. Toronto S.E.

Equities

FTS.PRJ

CA3495537928

Electric Utilities

Market Closed - Toronto S.E.
Other stock markets
 21:00:00 28/06/2024 BST 		5-day change 1st Jan Change
19.44 CAD +2.26% Intraday chart for Fortis Inc. +1.57% +3.08%
05-08 Wells Fargo Adjusts Fortis Price Target to CA$59 From CA$56, Maintains Equal Weight Rating MT
05-06 Fortis Ratings Confirmed by DBRS MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 24,876 24,272 28,861 26,023 26,627 26,214 - -
Enterprise Value (EV) 1 47,646 48,853 54,645 54,815 55,991 57,559 58,782 59,292
P/E ratio 14.2 x 20 x 23.4 x 19.5 x 17.6 x 16.5 x 15.9 x 15.2 x
Yield 3.39% 3.73% 3.36% 4.01% 4.2% 4.49% 4.69% 4.91%
Capitalization / Revenue 2.83 x 2.72 x 3.05 x 2.36 x 2.31 x 2.18 x 2.1 x 2.05 x
EV / Revenue 5.42 x 5.47 x 5.78 x 4.96 x 4.86 x 4.78 x 4.7 x 4.64 x
EV / EBITDA 10.9 x 12.4 x 13.8 x 12.4 x 11.5 x 10.8 x 10.5 x 9.81 x
EV / FCF -57 x -36.5 x -114 x -69.3 x -89.7 x 29.2 x 28.2 x 200 x
FCF Yield -1.75% -2.74% -0.88% -1.44% -1.11% 3.43% 3.54% 0.5%
Price to Book 1.35 x 1.3 x 1.5 x 1.24 x 1.24 x 1.16 x 1.13 x 1.09 x
Nbr of stocks (in thousands) 461,696 466,770 472,893 480,308 488,477 493,022 - -
Reference price 2 53.88 52.00 61.03 54.18 54.51 53.17 53.17 53.17
Announcement Date 13/02/20 12/02/21 11/02/22 10/02/23 09/02/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 8,783 8,935 9,448 11,043 11,517 12,029 12,503 12,775
EBITDA 1 4,388 3,936 3,974 4,408 4,857 5,350 5,587 6,046
EBIT 1 3,038 2,508 2,469 2,740 3,084 3,329 3,510 3,812
Operating Margin 34.59% 28.07% 26.13% 24.81% 26.78% 27.68% 28.07% 29.84%
Earnings before Tax (EBT) 1 2,141 1,620 1,639 1,803 2,070 2,131 2,244 2,386
Net income 1 1,655 1,209 1,231 1,330 1,506 1,588 1,675 1,795
Net margin 18.84% 13.53% 13.03% 12.04% 13.08% 13.2% 13.4% 14.05%
EPS 2 3.790 2.600 2.610 2.780 3.100 3.223 3.342 3.505
Free Cash Flow 1 -836 -1,338 -479 -791 -624 1,974 2,081 296.3
FCF margin -9.52% -14.97% -5.07% -7.16% -5.42% 16.41% 16.64% 2.32%
FCF Conversion (EBITDA) - - - - - 36.89% 37.24% 4.9%
FCF Conversion (Net income) - - - - - 124.27% 124.24% 16.51%
Dividend per Share 2 1.828 1.938 2.050 2.170 2.290 2.386 2.491 2.612
Announcement Date 13/02/20 12/02/21 11/02/22 10/02/23 09/02/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 2,583 2,835 2,487 2,553 3,168 3,319 2,594 2,719 2,885 3,118 2,763 2,926 3,240
EBITDA 1 1,030 1,083 1,031 1,119 1,175 1,266 1,094 1,264 1,233 1,343 1,260 1,363 1,465
EBIT 646 676 614 697 753 830 654 821 779 - - - -
Operating Margin 25.01% 23.84% 24.69% 27.3% 23.77% 25.01% 25.21% 30.19% 27% - - - -
Earnings before Tax (EBT) 1 438 460 383 436 524 584 395 537 554 613 440 551 539
Net income 328 350 284 326 370 437 294 394 381 459 - - -
Net margin 12.7% 12.35% 11.42% 12.77% 11.68% 13.17% 11.33% 14.49% 13.21% 14.72% - - -
EPS 2 0.6900 0.7400 0.5900 0.6800 0.7700 0.9000 0.6100 0.8100 0.7800 0.9300 0.6485 0.8467 0.8067
Dividend per Share 2 0.5350 0.5350 0.5350 0.5350 0.5650 - 0.5650 0.5650 0.5950 0.5900 0.5900 0.5900 0.6132
Announcement Date 11/02/22 04/05/22 28/07/22 28/10/22 10/02/23 03/05/23 02/08/23 27/10/23 09/02/24 01/05/24 - - -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 22,770 24,581 25,784 28,792 29,364 31,345 32,568 33,078
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 5.189 x 6.245 x 6.488 x 6.532 x 6.046 x 5.858 x 5.829 x 5.471 x
Free Cash Flow 1 -836 -1,338 -479 -791 -624 1,974 2,081 296
ROE (net income / shareholders' equity) 6.36% 6.5% 6.48% 6.6% 7.08% 7.64% 7.61% 7.66%
ROA (Net income/ Total Assets) 2.1% 2.22% 2.18% 2.18% 2.31% 2.34% 2.33% 2.37%
Assets 1 78,998 54,443 56,572 61,001 65,085 67,869 71,819 75,750
Book Value Per Share 2 40.00 40.10 40.60 43.60 43.80 45.80 47.20 48.60
Cash Flow per Share 2 6.710 6.730 6.470 7.080 7.290 7.340 7.490 7.710
Capex 1 3,720 4,039 3,386 3,865 4,169 4,755 4,831 4,906
Capex / Sales 42.35% 45.2% 35.84% 35% 36.2% 39.53% 38.64% 38.41%
Announcement Date 13/02/20 12/02/21 11/02/22 10/02/23 09/02/24 - - -
1CAD in Million2CAD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Fortis Inc.

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
13
Last Close Price
53.17 CAD
Average target price
55.83 CAD
Spread / Average Target
+5.01%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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