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Fortis Inc. Q2-2018 Earnings - Price Target Update

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Fortis is a North American electric and gas utility business, operating in five Canadian provinces, nine U.S. states and three Caribbean countries. Total assets have increased to $50B as of Jun-30-2018 from $29B mainly from the acquisition of ITC Holdings Corp in Nov-2016. Approximately 90% of revenues are from rate regulated natural gas and electric utilities with the remaining 10% comprised of long-term contracted hydroelectric generation operations. The regulated utilities serve more than 3.3M customers across Canada and in the United States and the Caribbean. Approximately 65% of forecast adjusted net income is in US dollars and 30% in Canadian with the balance from Caribbean operations. The $50B in assets includes the $11.8B(US) acquisition in Nov-2016 of ITC, the largest independent owner of transmission lines in the US. ITC owns and operates high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma. The largest business segments are ITC, UNS and Fortis(Alberta) contributing 30%, 25% and 10% respectively. The capital budget for 2017 was $3.1B and forecast at $15.1B for the next 5 years with 70% in US dollars. Dividends are forecast to increase by 6% annually consistent with previous forecasts.

Business Segments

The regulated electric utilities in Canada are comprised of FortisAlberta, FortisBC Electric, and Eastern Canadian Electric Utilities (Newfoundland Power, Maritime Electric and FortisOntario). The Canadian regulated Gas Utility companies include Fortis distribution utilities serving Victoria, the Okanagan and Whistler, BC. FortisOntario mainly includes Canadian Niagara Power Inc., Cornwall Street Railway, Light and Power Company, Limited and Algoma Power Inc. Regulated Electric Utilities in the Caribbean are comprised of Caribbean Utilities, in which Fortis holds a 60% controlling interest, and two wholly owned utilities in the Turks and Caicos Islands, FortisTCI Limited and Turks and Caicos Utilities Limited. Fortis Generation includes the financial non-regulated generation assets in Belize, British Columbia, Upstate New York and Ontario.

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