Earnings
September 23, 2023 - CNQ
New! Canadian Natural Resources Ltd -Q2-2023 Earnings, Price Target Update .....
September 22, 2023 - IMO
New! Imperial Oil Ltd - Q2-2023 Earnings, Price Target Update .....
September 21, 2023 - SU
New! Suncor Energy Inc. Q2-2023 Earnings, Price Target Update .....
September 17, 2023 - LIF
Labrador Iron Ore Royalty Corp. Q2-2023 Earnings, Price Target Update .....
September 16, 2023 - NWC
Northwest Co. Q2-2023 Earnings, Price Target Update .....
September 14, 2023 - KEY
Keyera Corp. Q2-2023 Earnings, Price Target Update .....
September 13, 2023 - ENB
Enbridge Inc. Q2-2023 Earnings & 2023 Forecast .....
September 10, 2023 - CRT.UN
CT REIT - Q2-2023 Earnings, Price Target Forecast .....
Recommendation Changes
NRR.UN, EXE, MI.UN, CIX, BEP.UN, more...
Adjusted Funds from Operations

Adjusted Funds from Operations (AFFO) is the amount of cash (or near cash) generated by a business,  including costs necessary to sustain productive capacity. AFFO can be retained and used internally to fund growth, or can be distributed to owners.

AFFO stands for Adjusted Funds from Operations. This amount is determined by starting with net income(as determined under Generally Accepted Accounting Principles), and adjusting for non cash amounts or amounts related to capital spending. Examples of non cash amounts would be unrealized gains or losses on hedging contracts. It also includes depreciation, depletion or amortization which are a non-cash expenses. Capital spending can be identified as either growth or sustaining. If determined to be sustaining this is deducted from AFFO.

Other terms that essentially mean much the same as AFFO are Distributable Cash, Adjusted Operating Net Income and Free Cash flow. AFFO is most meaningful when calculated on a per share basis then compared with dividends per share to determine the AFFO payout ratio.


Produced by H.C. Levant, – Reproduction of this material in part or it’s entirety is subject to copyright licensing agreements and is forbidden except only with the express written consent of the author.

New Issues & Acquisition
September 22, 2023
New! Coverage Universe - Weekly Price Change Sept 15-22, 2023
September 19, 2023
New! Equinox Gold Corp. 4.75% Convertible Notes New Issue
September 9, 2023
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Coverage Universe - Weekly Price Change, Aug 25-Sept 1, 2023
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