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 38,725 - -
Change - -9.83% 2.32% 12% 20.02% 8.19% - -
Enterprise Value (EV) 1 54,645 54,815 55,991 62,915 69,708 75,563 77,908 79,482
Change - 0.31% 2.15% 12.37% 10.8% 8.4% 3.1% 2.02%
P/E 23.4x 19.5x 17.6x 18.4x 21x 21x 19.7x 18.4x
PBR 1.5x 1.24x 1.24x 1.25x 1.52x 1.59x 1.54x 1.48x
PEG - 2.99x 1.5x 4.07x 4.25x 3.17x 2.93x 2.74x
Capitalization / Revenue 3.05x 2.36x 2.31x 2.59x 2.94x 2.92x 2.76x 2.61x
EV / Revenue 5.78x 4.96x 4.86x 5.47x 5.73x 5.7x 5.55x 5.37x
EV / EBITDA 13.8x 12.4x 11.5x 12.1x 12.6x 12.3x 11.7x 10.9x
EV / EBIT 22.1x 20x 18.2x 19.1x 20x 19.6x 18.8x 17.5x
EV / FCF -114x -69.3x -89.7x -47.1x -32.1x 282x -297x 213x
FCF Yield -0.88% -1.44% -1.11% -2.12% -3.12% 0.35% -0.34% 0.47%
Dividend per Share 2 2.05 2.17 2.29 2.39 2.49 2.592 2.703 2.824
Rate of return 3.36% 4.01% 4.2% 4% 3.49% 3.41% 3.55% 3.71%
EPS 2 2.61 2.78 3.1 3.24 3.4 3.625 3.868 4.128
Distribution rate 78.5% 78.1% 73.9% 73.8% 73.2% 71.5% 69.9% 68.4%
Net sales 1 9,448 11,043 11,517 11,508 12,170 13,257 14,033 14,813
EBITDA 1 3,974 4,408 4,857 5,219 5,549 6,167 6,632 7,263
EBIT 1 2,469 2,740 3,084 3,292 3,492 3,853 4,143 4,554
Net income 1 1,231 1,330 1,506 1,606 1,714 1,860 1,979 2,183
Net Debt 1 25,784 28,792 29,364 33,092 33,914 36,839 39,184 40,757
Reference price 2 61.03 54.18 54.51 59.73 71.36 76.06 76.06 76.06
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
29.67x4.99x36.54x0.22% 243B
20.33x8.93x15.27x3.01% 171B
20.03x4.1x11.3x3.58% 153B
13.04x1.88x6.69x5.44% 109B
19.74x5.8x12.67x3.43% 102B
21.78x3.36x13.64x0.62% 98.05B
17.82x5.54x11.16x3.62% 93.76B
19.21x5.08x12.28x3.15% 66.59B
18.28x6.19x13.01x4.07% 57.65B
Average 19.99x 5.10x 14.73x 3.01% 121.42B
Weighted average by Cap. 21.32x 5.22x 17.55x 2.65%

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