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Fortis Inc FTS

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Morningstar’s Analysis

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Economic Moat


Capital Allocation


Fortis Reports Solid Second-Quarter Earnings Against Foreign Currency Headwinds

Andrew Bischof, CFA, CPA Senior Equity Analyst

Analyst Note

| Andrew Bischof, CFA, CPA |

We are increasing Fortis' fair value estimate to CAD 57 per share, up CAD 1, after Fortis reported second-quarter adjusted earnings of CAD 0.55 per share compared with CAD 0.56 in the same year-ago period. Excluding foreign currency impacts, earnings were up CAD .04 per share. Management reaffirmed 6% dividend growth expectations through 2025, in line with our estimates. Our narrow economic moat and stable moat trend ratings are unchanged. Our fair value increase is due to time value appreciation.

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Company Profile

Business Description

Fortis owns and operates utility transmission and distribution assets in Canada and the United States, serving more than 2.5 million electricity and gas customers. The company has smaller stakes in electricity generation and several Caribbean utilities. ITC operates electric transmission in seven U.S. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 26 gigawatts.

5 Springdale Street, Suite 1100, Fortis Place
St. John’s, NL, A1E OE4, Canada
T +1 709 737-2800
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 9,000