Fortis Starts the Year Off on a Good Note, Reports 1Q Earnings
We are reaffirming our CAD 50 fair value estimate, along with our narrow economic moat and stable moat trend ratings, after Fortis reported first-quarter adjusted earnings of $0.74 per share compared with $0.70 in the year-ago period.Management reaffirmed its 6% dividend growth guidance to 2023, in line with our estimates. We expect rate-base growth in line with dividend growth through this time frame. While trading in line with our fair value estimate, Fortis remains one of our more attractive...
Fortis is principally an international electric and gas utility holding company. Co. also holds investments in non-regulated generation assets. Co.'s business segments are: Regulated Electric & Gas Utilities - United States; Regulated Gas Utility - Canadian; Regulated Electric Utilities - Canadian; Regulated Electric Utilities - Caribbean; Non-Regulated - Fortis Generation; Non-regulated - Non-Utility; and Corporate and Other. Its regulated utilities served more than 3.0 million customers across Canada and in New York State and the Caribbean. Co. also holds investments in non-regulated generation assets in Canada and Belize, through Fortis Generation.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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