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 41,387 - -
Change - -9.83% 2.32% 12% 20.02% 15.63% - -
Enterprise Value (EV) 1 54,645 54,815 55,991 62,915 69,708 78,228 80,604 82,071
Change - 0.31% 2.15% 12.37% 10.8% 12.22% 3.04% 1.82%
P/E 23.4x 19.5x 17.6x 18.4x 21x 22.4x 21x 19.7x
PBR 1.5x 1.24x 1.24x 1.25x 1.52x 1.7x 1.64x 1.58x
PEG - 2.99x 1.5x 4.07x 4.25x 3.25x 3.26x 2.94x
Capitalization / Revenue 3.05x 2.36x 2.31x 2.59x 2.94x 3.15x 2.95x 2.8x
EV / Revenue 5.78x 4.96x 4.86x 5.47x 5.73x 5.95x 5.75x 5.55x
EV / EBITDA 13.8x 12.4x 11.5x 12.1x 12.6x 12.8x 12.3x 11.3x
EV / EBIT 22.1x 20x 18.2x 19.1x 20x 20.6x 19.4x 17.9x
EV / FCF -114x -69.3x -89.7x -47.1x -32.1x 439x -319x 224x
FCF Yield -0.88% -1.44% -1.11% -2.12% -3.12% 0.23% -0.31% 0.45%
Dividend per Share 2 2.05 2.17 2.29 2.39 2.49 2.592 2.704 2.824
Rate of return 3.36% 4.01% 4.2% 4% 3.49% 3.19% 3.33% 3.47%
EPS 2 2.61 2.78 3.1 3.24 3.4 3.634 3.868 4.128
Distribution rate 78.5% 78.1% 73.9% 73.8% 73.2% 71.3% 69.9% 68.4%
Net sales 1 9,448 11,043 11,517 11,508 12,170 13,154 14,028 14,790
EBITDA 1 3,974 4,408 4,857 5,219 5,549 6,134 6,576 7,247
EBIT 1 2,469 2,740 3,084 3,292 3,492 3,793 4,159 4,581
Net income 1 1,231 1,330 1,506 1,606 1,714 1,869 1,974 2,195
Net Debt 1 25,784 28,792 29,364 33,092 33,914 36,841 39,216 40,683
Reference price 2 61.03 54.18 54.51 59.73 71.36 81.29 81.29 81.29
Nbr of stocks (in thousands) 472,893 480,308 488,477 499,301 501,595 509,133 - -
Announcement Date 2/11/22 A 2/10/23 A 2/9/24 A 2/14/25 A 2/12/26 A - - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.37x5.95x12.75x3.19% 29.6B
28.4x4.7x32.91x0.23% 234B
20.12x9.09x16.08x3.02% 172B
20.9x4.45x12.24x3.31% 165B
20.4x11.37x14.88x3.43% 110B
21.15x5.95x13.07x3.27% 107B
12.77x1.87x6.63x5.56% 103B
18.63x5.65x11.39x3.46% 98.16B
21.34x3.18x13.17x0.64% 93.74B
20.13x5.23x12.66x2.96% 70.41B
Average 20.62x 5.74x 14.58x 2.91% 118.27B
Weighted average by Cap. 21.37x 5.81x 16.76x 2.64%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Fortis Inc.

Historical PBR trend

Valuation ratios - PBR - Fortis Inc.

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Fortis Inc.

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Fortis Inc.


Year-on-year evolution of the Yield

Valuation ratios - Yield - Fortis Inc.
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