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Algonquin Power & Utilities Corp. Earnings & Price Target Update

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Algonquin Power and Utilities Corp. (AQN) operates in two segments, the Liberty Power Group and Liberty Utilities Group. The utilities group contributes 90% of revenues, power 10%. The Utilities Group earns 52% of revenues from regulated electric distribution, 24% from natural gas utilities and water utilities-14%. Utilities are located in Arizona, Arkansas, California, Georgia, Illinois, Iowa, Kansas, Massachusetts, Missouri, New Hampshire, Oklahoma and Texas. Operations are mainly in the US, financial statements are issued in Canadian dollars.

Water Distribution & Wastewater Treatment includes 26 water distribution and wastewater operations serving 182,500 customer connections. Electricity Distribution includes two electricity distribution operations with 262,500 customer connections. Natural Gas Distribution includes six natural gas operations serving 338,000 connections. Total assets as of Sept-30-2017 are $10.2B. With the closing of the Empire acquisition on Jan-1-2017 this added $4B in assets, materially expanding utility operations in the U.S. Empire is a Missouri based regulated electric, gas, and water utility that serve 218,000 customers in Missouri, Kansas, Oklahoma, and Arkansas. In total they now serve 750,000 electric, gas, and water customers within its regulated utility business. Revenues subject to public utility board regulations comprise 80% of revenues and 50% of operating earnings. All US operations are subject to utility regulation, 25% of Canadian earnings are regulated. Approximately 80% of revenues are in US dollars, dividends are paid in US dollar effective Sept-2014.

Emera Inc. the privatized successor to Nova Scotia Power, a crown corporation who own natural gas and electric utility businesses primarily in the Canadian Maritime provinces. Assets total $29B. Emera owns 5% of Algonquin and cannot increase their interest higher than 25%.

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