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Emera Inc. - Q2-2020 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, Florida, Texas, New Mexico and the Bahamas with $31.9B in assets and revenues forecast at $5.5B for 2020. Revenues will be lower for 2020 compared to 2019 due to selling Emera Maine for $1.3B to fund the capital development program of $6.9B over 2020-2022. Approximately 60% of adjusted earnings are from operations in Florida and 35% in Nova Scotia and the balance from the Bahamas. Electricity distribution and generation contributes 80% of earnings, natural gas- 20%.

Emera has a $6.9B capital budget over the 2020-to-2022 period and the potential for additional capital opportunities of $500M - $1B over the same period. Spending for 2020 is forecast at $2.7B. The plan includes renewable and cleaner generation, infrastructure upgrades. Anticipated funding sources include earnings, debt and share issuance. Major projects include $2.2B ($1.7B USD) in Florida for Tampa Electric's 600 MW of new solar generation and conversion of the 600 MW Big Bend Power Station in Florida from coal to natural gas. Emera has completed $2.1B of dispositions of operations in Maine as part of the funding for the capital program.

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