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Fortis Inc. 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 $53B as of Dec-31-2018 from $29B at Dec-31-2015 mainly from the acquisition of ITC Holdings Corp in Nov-2016 and annual capital spending of about $3.5B. Approximately 97% of revenues are from rate regulated natural gas and electric utilities serving 2M electric customers and 1.3M natural gas connections. Approximately 65% of forecast adjusted net income is in US dollars and 30% in Canadian with the balance from Caribbean operations. The $53B 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. Dividends are forecast to increase by 6% annually consistent with previous forecasts. Forecast capital expenditures for the 2019-2023 time period is $17.5B.

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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