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Algonquin Power & Utilities Corp. Q2-2019 Earnings & Price Target

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Algonquin Power & Utilities Corp (AQN) operations include two North American business units consisting of: the Liberty Power Group, which owns and operates a portfolio of non-regulated renewable and thermal electric generation facilities; and the Liberty Utilities Group, which owns and operates a portfolio of 40 regulated electric, natural gas, water distribution and wastewater collection utility systems, and transmission operations primarily in the US. APUC also owns a 44% share of Atlantica Yield PLC (NYSE: AY) initially acquired during 2018 for $984.M.(41%)

Atlantica acquires, owns and manages a diversified international portfolio of contracted renewable energy, power generation, electric transmission, and water assets. Including investment income primarily from Atlantica, 55% of AFFO is from Utilities, 25% from Power generation and 20% is from Atlantica and other investments. The Utilities Group earns 55% of revenues from regulated electric distribution, 33% from natural gas utilities, water utilities-9% and other -3%. The power generation segment is 80% wind powered, 12% from hydro and the balance mainly from solar. Assets total $9.4B as of Dec-31-2018, liabilities were $5.7B. This compares to $10B of assets and $5.7B of liabilities as at Jun-30-2019. The 5 year capital program is $6.4B, of which $1.6B is budgeted for 2019.

The Liberty Utilities Group operates a portfolio of regulated utility systems throughout the United States serving 768,000 connections. The Liberty Utilities Group's regulated electrical distribution utility systems and related generation assets are located in California, New Hampshire, Missouri, Kansas, Oklahoma, and Arkansas. The electric utility systems have 266,000 electric connections and operate a fleet of generation assets with a net capacity of 1.7 GW. The Liberty Utilities Group's regulated natural gas distribution utility systems are located in Georgia, Illinois, Iowa, Massachusetts, New Hampshire and Missouri serving 338,000 natural gas connections. The Liberty Utilities Group's regulated water distribution and wastewater collection utility systems are located in Arizona, Arkansas, California, Illinois, Missouri, and Texas which together serve approximately 164,000 connections. With the closing of the Empire acquisition on Jan-1-2017 this added $4B in assets, materially expanding utility operations in the U.S.

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