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Canadian Utilities Ltd - Q1-2019 Earnings, Price Target Update

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Canadian Utilities Limited (CU) with assets of $21B is mainly engaged in electricity generation and distribution and natural gas pipelines and distribution primarily in Western Canada, with presence in Australia and Mexico. Over the past five years, they have invested $9B in regulated utility and long-term contracted operations. The regulated utility portion of adjusted earnings has grown from 62% in 2012 to 99% in 2017. For 2018 to 2020, a total of $3.7B is budgeted for capital spending. The owned generating capacity is fuelled by 1,198MW (52%) natural gas,1,084MW (47%) coal and 24MW (1%) hydroelectric as of Dec-31-2018. Dividends have been increased every year for the past 47 years, the longest record of annual dividend increases of any Canadian publicly traded company.

Canadian Utilities Ltd is 52% owned by Atco Ltd(ACO.A,B). Class A shareholders are entitled to exchange their shares for Class B shares if ATCO Ltd., the controlling share owner, ceases to own or control, more than 10M of Class B shares. As of Dec-31-2018 there are 194M Class A shares and 73.8M Class B shares. The Class A shares are non-voting shares.

ATCO Electric develops and operates regulated distribution and transmission projects primarily in Alberta and also Australia and Mexico. ATCO Pipelines owns and operate key natural gas transmission facilities throughout Alberta to transport natural gas from producers and other pipelines to utilities, power generators, and major industries and also a natural gas distribution utility in Perth, Australia serving 763,000 customers.

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