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Recommendation Changes

Emera Inc. Q2-2019 Earnings, Price Target Update

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Emera Inc.(EMA-TSX) is an energy and services company investing in electricity generation, transmission and distribution, as well as gas transmission and utility services in the Maritimes, Maine, Florida, Texas, New Mexico and the Bahamas with $31B in assets and forecast revenues of $6.8B revenues for 2019. Earnings are from six operating segments. The Florida Electric Utility(40% of adjusted net income)consists of Tampa Electric CO.(TECO) ; the Canadian Electric Utilities segment(30% of adjusted net income) includes Nova Scotia Power Inc. and Emera Newfoundland & Labrador Holdings Inc., a holding company with equity investments in NSP Maritime Link Inc. and Labrador-Island Link LP; Other Electric Utilities(10% of adjusted net income) , includes Emera Maine and Emera (Caribbean) Incorporated; Gas Utilities and Infrastructure(20% of adjusted net income) , includes Peoples Gas System, New Mexico Gas Company, Inc., SeaCoast Gas Transmission, LLC; Emera Brunswick Pipeline Company Ltd and an investment in Maritimes & Northeast Pipeline, LLC; the Other segment which includes Emera Energy, Emera Utility Services Inc. and corporate holding and financing companies. The Teco Energy acquisition added $13B in assets for 2017. Assets have increased from $12B as of Dec-31-2015 mainly the acquisition of TECO Energy in the US in 2016. They now earn approximately 70% of AFFO in US dollars. Emera's results are impacted by movements in the US dollar relative to the Canadian dollar and benefit from a weaker Canadian dollar.

Emera Inc. has sold Enmax Corp. its regulated electric transmission and distribution company in Maine, for $959M USD ($1.29B CAD). The transaction is expected to close in late 2019. ENMAX Corp. generates electricity to residential, small business and large commercial customers in Calgary. Total assets are $5.6B CAD and revenues were $2.4B CAD in 2018 with 669,000 customers across Alberta including electricity, natural gas, renewable energy and other services. Emera Maine is headquartered in Bangor and serves 159,000 customers in the northern part of the state.

Nova Scotia Power Corp. was created in 1992 through the privatization of the Crown Corporation Nova Scotia Power Corporation. NSPI is a fully-integrated regulated electric utility and is the primary electricity supplier in Nova Scotia. NSPI provides electricity generation, transmission and distribution services to approximately 500,000 customers. NSPI through the Emera Energy segment, owns or has under contract 2,483 MW of generating capacity, of which 50% is coal-fired; 28% is natural gas and/or oil; 19% hydro and wind 3% is biomass-fueled generation. In addition, NSPI has contracts to purchase renewable energy from independent power producers who own and operate 496 MW of wind and biomass fueled generation capacity. NSPI also owns 5,000 km of transmission facilities and 27,000 km of distribution facilities.

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