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Canadian Utilities Ltd Q2-2019 Earnings, Price Target Update

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Canadian Utilities Limited (CU) with assets of $22B is mainly engaged in electricity generation and distribution and natural gas pipelines and distribution primarily in Western Canada, with presence in Australia and Mexico. The Electricity segment (electricity generation, transmission, and distribution and Pipelines & Liquids segment (natural gas transmission, distribution and infrastructure development, energy storage, and industrial water solutions); The electricity segment contributes approximately 60% of adjusted net earnings with the balance from Pipeline and Liquids. They are in the process of selling $2.8B of power generation assets, mainly natural gas and coal fired facilities in Alberta.

They have the longest track record of dividend increases at 47 for any Canadian publicly traded company. Recent major assets dispositions include the Alberta Power Line in Jun-2019 for $1.8B; their entire Canadian fossil fuel-based electricity generation portfolio mainly located in Alberta for $835M expected to close in Q4-2019: a 50% interest in the Ontario based Brighton Beach Power JV and their 50% interest in the Cory Generation facility to SaskPower International. The total value of assets sold is estimated at $2.8B including $2B of debt to be assumed.

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.

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