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 38,368 - -
Change - -9.83% 2.32% 12% 20.02% 7.19% - -
Enterprise Value (EV) 1 54,645 54,815 55,991 62,915 69,708 75,207 77,552 79,125
Change - 0.31% 2.15% 12.37% 10.8% 7.89% 3.12% 2.03%
P/E 23.4x 19.5x 17.6x 18.4x 21x 20.8x 19.5x 18.3x
PBR 1.5x 1.24x 1.24x 1.25x 1.52x 1.58x 1.52x 1.47x
PEG - 2.99x 1.5x 4.07x 4.25x 3.14x 2.91x 2.73x
Capitalization / Revenue 3.05x 2.36x 2.31x 2.59x 2.94x 2.89x 2.73x 2.59x
EV / Revenue 5.78x 4.96x 4.86x 5.47x 5.73x 5.67x 5.53x 5.34x
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 19.5x 18.7x 17.4x
EV / FCF -114x -69.3x -89.7x -47.1x -32.1x 281x -296x 212x
FCF Yield -0.88% -1.44% -1.11% -2.12% -3.12% 0.36% -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% 3.44% 3.59% 3.75%
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 6,139 6,610 7,249
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 75.36 75.36 75.36
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.($)
30.06x5.05x36.8x0.22% 246B
20.47x8.97x15.34x2.99% 172B
19.73x4.07x11.21x3.62% 151B
12.31x1.82x6.47x5.76% 103B
22.51x3.45x14.02x0.6% 101B
19.63x5.78x12.69x3.46% 101B
17.69x5.52x11.12x3.65% 93.07B
19.19x5.11x12.35x3.12% 67.22B
18.15x6.17x12.96x4.1% 57.21B
Average 19.97x 5.11x 14.77x 3.06% 121.32B
Weighted average by Cap. 21.43x 5.25x 17.73x 2.66%

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

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