Stock EMA.PR.H EMERA INCORPORATED
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Financials Emera Incorporated Toronto S.E.

Equities

EMA.PR.H

CA2908768617

Electric Utilities

Market Closed - Toronto S.E.
Other stock markets
 11:48:31 17/05/2024 pm IST 		5-day change 1st Jan Change
22.5 CAD +0.04% Intraday chart for Emera Incorporated +1.35% +2.74%
14/05 Emera Price Target Lowered to $54 at TD MT
13/05 Emera Reports 23% Decline in Adjusted EPS; National Bank Maintains Sector Perform Rating, $49.00 Price Target MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 13,451 13,581 16,432 13,955 13,996 14,451 - -
Enterprise Value (EV) 1 28,946 28,707 32,415 32,667 33,206 34,955 35,975 36,776
P/E ratio 20.2 x 14.3 x 31.9 x 14.5 x 14.1 x 16.3 x 15.2 x 14.3 x
Yield 4.26% 4.57% 4.07% 5.17% 5.54% 5.72% 5.88% 6.11%
Capitalization / Revenue 2.2 x 2.47 x 2.85 x 1.84 x 1.85 x 1.83 x 1.77 x 1.7 x
EV / Revenue 4.74 x 5.21 x 5.62 x 4.31 x 4.39 x 4.43 x 4.41 x 4.32 x
EV / EBITDA 12.4 x 12.3 x 13.7 x 12.2 x 11.4 x 10.9 x 10.4 x 10.1 x
EV / FCF -29.8 x -29.1 x -27.6 x -19.4 x -47.7 x -53.6 x -41.7 x 42.2 x
FCF Yield -3.35% -3.43% -3.62% -5.15% -2.1% -1.87% -2.4% 2.37%
Price to Book 1.56 x 1.48 x 1.63 x 1.22 x 1.18 x 1.3 x 1.29 x 1.26 x
Nbr of stocks (in thousands) 2,41,097 2,51,037 2,59,911 2,69,665 2,78,255 2,86,553 - -
Reference price 2 55.79 54.10 63.22 51.75 50.30 50.43 50.43 50.43
Announcement Date 18/02/20 16/02/21 14/02/22 23/02/23 26/02/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 6,111 5,506 5,765 7,588 7,563 7,894 8,165 8,523
EBITDA 1 2,339 2,343 2,367 2,687 2,910 3,213 3,470 3,627
EBIT 1 1,436 1,172 930 1,629 1,794 1,810 2,121 2,267
Operating Margin 23.5% 21.29% 16.13% 21.47% 23.72% 22.92% 25.97% 26.6%
Earnings before Tax (EBT) 1 771 1,325 555 1,194 1,173 1,072 1,219 1,318
Net income 1 663 938 510 945 978 884.8 983 1,056
Net margin 10.85% 17.04% 8.85% 12.45% 12.93% 11.21% 12.04% 12.39%
EPS 2 2.760 3.780 1.980 3.560 3.570 3.088 3.320 3.525
Free Cash Flow 1 -970 -986 -1,174 -1,683 -696 -652 -863.4 872
FCF margin -15.87% -17.91% -20.36% -22.18% -9.2% -8.26% -10.57% 10.23%
FCF Conversion (EBITDA) - - - - - - - 24.04%
FCF Conversion (Net income) - - - - - - - 82.58%
Dividend per Share 2 2.375 2.475 2.575 2.678 2.788 2.886 2.966 3.082
Announcement Date 18/02/20 16/02/21 14/02/22 23/02/23 26/02/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 1,868 2,015 1,380 1,835 2,358 2,433 1,418 1,740 1,972 2,018 1,657 1,965 1,886
EBITDA 1 582 660.8 589 597 755 809 668 728 705 795 771.8 848.7 850.7
EBIT 1 516 428.8 305 359 720 894 312 415 505 437 444 562 489
Operating Margin 27.62% 21.28% 22.1% 19.56% 30.53% 36.74% 22% 23.85% 25.61% 21.66% 26.8% 28.6% 25.93%
Earnings before Tax (EBT) 1 423 473 -118 186 653 738 -7 84 358 253 204 317 240
Net income 324 362 -67 167 483 560 28 101 289 - - - -
Net margin 17.34% 17.97% -4.86% 9.1% 20.48% 23.02% 1.97% 5.8% 14.66% - - - -
EPS 2 1.240 1.380 -0.2500 0.6300 1.800 2.070 0.1000 0.3700 1.040 0.7300 0.6500 0.8600 0.8400
Dividend per Share 2 0.6625 0.6625 0.6625 0.6625 0.6900 - 0.6900 0.6900 0.7175 - 0.7200 0.7200 0.7433
Announcement Date 14/02/22 13/05/22 10/08/22 11/11/22 23/02/23 12/05/23 11/08/23 10/11/23 26/02/24 13/05/24 - - -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 15,495 15,126 15,983 18,712 19,210 20,504 21,524 22,325
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 6.625 x 6.456 x 6.752 x 6.964 x 6.601 x 6.381 x 6.202 x 6.156 x
Free Cash Flow 1 -970 -986 -1,174 -1,683 -696 -652 -863 872
ROE (net income / shareholders' equity) 8.39% 10.6% 5.28% 8.77% 8.32% 7.68% 8.45% 8.56%
ROA (Net income/ Total Assets) 2.07% 2.97% 1.56% 2.55% 2.47% 2.15% 2.39% 2.46%
Assets 1 32,078 31,540 32,738 36,994 39,611 41,151 41,164 42,883
Book Value Per Share 2 35.70 36.60 38.70 42.30 42.50 38.90 39.00 39.90
Cash Flow per Share 2 6.660 5.730 5.180 4.310 8.530 8.530 7.660 8.390
Capex 1 2,495 2,623 2,359 2,596 2,937 3,018 3,130 2,610
Capex / Sales 40.83% 47.64% 40.92% 34.21% 38.83% 38.23% 38.34% 30.62%
Announcement Date 18/02/20 16/02/21 14/02/22 23/02/23 26/02/24 - - -
1CAD in Million2CAD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Emera Incorporated

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
50.43 CAD
Average target price
52.33 CAD
Spread / Average Target
+3.77%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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