Company Valuation: Fortis Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 28,861 26,023 26,627 29,823 35,794 40,629 - -
Change - -9.83% 2.32% 12% 20.02% 13.51% - -
Enterprise Value (EV) 1 54,645 54,815 55,991 62,915 69,708 77,806 80,062 81,702
Change - 0.31% 2.15% 12.37% 10.8% 11.62% 2.9% 2.05%
P/E 23.4x 19.5x 17.6x 18.4x 21x 22x 20.7x 19.4x
PBR 1.5x 1.24x 1.24x 1.25x 1.52x 1.78x 1.61x 1.56x
PEG - 2.99x 1.5x 4.07x 4.25x 3.33x 3.15x 2.91x
Capitalization / Revenue 3.05x 2.36x 2.31x 2.59x 2.94x 2.99x 2.92x 2.78x
EV / Revenue 5.78x 4.96x 4.86x 5.47x 5.73x 5.74x 5.76x 5.6x
EV / EBITDA 13.8x 12.4x 11.5x 12.1x 12.6x 12.7x 12.2x 11.4x
EV / EBIT 22.1x 20x 18.2x 19.1x 20x 20.4x 19.2x 17.9x
EV / FCF -114x -69.3x -89.7x -47.1x -32.1x -110x -328x 221x
FCF Yield -0.88% -1.44% -1.11% -2.12% -3.12% -0.91% -0.3% 0.45%
Dividend per Share 2 2.05 2.17 2.29 2.39 2.49 2.593 2.708 2.832
Rate of return 3.36% 4.01% 4.2% 4% 3.49% 3.25% 3.39% 3.55%
EPS 2 2.61 2.78 3.1 3.24 3.4 3.625 3.863 4.121
Distribution rate 78.5% 78.1% 73.9% 73.8% 73.2% 71.5% 70.1% 68.7%
Net sales 1 9,448 11,043 11,517 11,508 12,170 13,567 13,907 14,591
EBITDA 1 3,974 4,408 4,857 5,219 5,549 6,149 6,589 7,184
EBIT 1 2,469 2,740 3,084 3,292 3,492 3,815 4,179 4,554
Net income 1 1,231 1,330 1,506 1,606 1,714 1,859 1,980 2,177
Net Debt 1 25,784 28,792 29,364 33,092 33,914 37,178 39,433 41,073
Reference price 2 61.03 54.18 54.51 59.73 71.36 79.80 79.80 79.80
Nbr of stocks (in thousands) 472,893 480,308 488,477 499,301 501,595 509,133 - -
Announcement Date 2/11/22 2/10/23 2/9/24 2/14/25 2/12/26 - - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
32.64x5.55x40.27x0.2% 268B
21.5x9.12x15.55x2.85% 181B
20.31x4.2x11.56x3.52% 154B
13.63x1.94x6.94x5.18% 114B
20.83x5.97x13.25x3.26% 107B
18.39x5.62x11.29x3.53% 96.89B
21.31x3.37x13.43x0.62% 97.74B
20.01x5.22x12.34x2.99% 69.86B
19.11x6.47x13.43x3.88% 60.47B
Average 20.86x 5.27x 15.34x 2.89% 127.68B
Weighted average by Cap. 22.60x 5.46x 18.86x 2.52%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield