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Canadian Utilities Ltd Q2-2020 Earnings, Price Target Update

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Canadian Utilities Limited (CU) with assets of $20B as of Jun-30-2020 is mainly engaged in electricity generation and distribution, natural gas pipelines and distribution primarily in Western Canada, with presence in Australia and Mexico. The Electricity segment includes electricity generation, transmission, and distribution. The Pipelines & Liquids segment includes 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. During 2019 approximately $2.8B of power generation assets, mainly natural gas and coal fired facilities in Alberta were sold, the proceeds are being used to fund annual capital spending in the $1B range for 2020-2023.

They have the longest track record of dividend increases at 48 for any Canadian publicly traded company. Recent major asset dispositions include the Alberta Power Line project in Jun-2019 for $1.8B with retention of the management agreement, their entire Canadian fossil fuel-based electricity generation portfolio mainly located in Alberta for $835M closed in Q3-2019: 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 $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 Jun-30-2020 there were 199.7M Class A shares and 73.5M Class B shares. The Class A shares are non-voting shares.

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