Company Reports

In 2015, the province of Ontario began the privatization of Hydro One through a series of initial public offerings. Even though the province is a minority shareholder, it holds an outsize influence on the future of the company. The political atmosphere has stabilized for Hydro One, reducing the risk of politicians' future interference.

We are maintaining our CAD 35 per share fair value estimate for Hydro One after the company reported full-year operating earnings of CAD 1.81 per share compared with CAD 1.75 in the same year-ago period. Results were in line with our CAD 1.79 per share estimate. Our no economic moat rating remains unchanged.

In 2015, the province of Ontario began the privatization of Hydro One through a series of initial public offerings. Even though the province is a minority shareholder, it holds an outsize influence on the future of the company. The political atmosphere has stabilized for Hydro One, reducing the risk of politicians' future interference.

We are maintaining our CAD 34 per share fair value estimate for Hydro One after the company reported third-quarter operating earnings of CAD 0.60 per share compared with CAD 0.51 in the same year-ago period. Our no economic moat rating remains unchanged.

We are reaffirming our fair value estimates and economic moat ratings for all U.S. utilities after the sector fell nearly 5% on Monday. We think the sector's 11% drop since last week offers a rare opportunity for investors to buy high-quality utilities at very attractive prices.

In 2015, the province of Ontario began the privatization of Hydro One through a series of initial public offerings. Even though the province is a minority shareholder, it holds an outsize influence on the future of the company. While the political atmosphere has stabilized for Hydro One, the possibility for future interference remains.

We are maintaining our CAD 33 per share fair value estimate for Hydro One after the company reported second-quarter operating earnings of CAD 0.44 per share compared with CAD 0.43 in the same year-ago period.

In 2015, the province of Ontario began the privatization of Hydro One through a series of initial public offerings. Even though the province is a minority shareholder, it holds an outsize influence on the future of the company. While the political atmosphere has stabilized for Hydro One, the possibility for future interference remains.

We are maintaining our CAD 31 per share fair value estimate for Hydro One after the company reported first-quarter operating earnings of CAD 0.47 per share compared with CAD 0.52 in the same year-ago period. Our economic moat rating of none remains unchanged.

In 2015, the province of Ontario began the privatization of Hydro One through a series of initial public offerings. Even though the province is a minority shareholder, it holds an outsize influence on the future of the company. While the political atmosphere has stabilized for Hydro One, the possibility for future interference remains.

We are maintaining our CAD 31 per share fair value estimate for Hydro One after the company reported full-year 2022 adjusted earnings of CAD 1.67 per share compared with CAD 1.61 in 2021. Our no economic moat rating and stable moat trend rating remain unchanged.

In 2015, the province of Ontario began the privatization of Hydro One through a series of initial public offerings. Even though the province is a minority shareholder, it holds an outsize influence on the future of the company. While the political atmosphere has stabilized for Hydro One, the possibility for future interference remains.

In 2015, the province of Ontario began the privatization of Hydro One through a series of initial public offerings. Even though the province is a minority shareholder, it holds an outsize influence on the future of the company. While the political atmosphere has stabilized for Hydro One, the possibility for future interference remains.

We are maintaining our CAD 30 fair value estimate for Hydro One after the company received Ontario Energy Board regulatory approval for its previously agreed-to settlement in its 2023-27 joint rate application. We continue to believe Hydro One has no economic moat.

We are maintaining our CAD 30 fair value estimate for Hydro One after the company reported third-quarter adjusted earnings of CAD 0.51 per share compared with CAD 0.50 in the year-ago period. Our no-moat and stable moat trend ratings are unchanged.

In 2015, the province of Ontario began the privatization of Hydro One through a series of initial public offerings. Even though the province is a minority shareholder, it holds an outsize influence on the future of the company. While the political atmosphere has stabilized for Hydro One, the possibility for future interference remains.

We are maintaining our CAD 30 per share fair value estimate for Hydro One after the company reported second-quarter adjusted earnings of CAD 0.43 per share compared with CAD 0.40 in the same year-ago period. Our no economic moat rating and stable trend remain unchanged.

We are reaffirming our fair value estimates and moat ratings for our U.S. utility coverage after the U.S. Bureau of Labor Statistics reported 9.1% core inflation on July 14. We continue consider inflation to be the largest threat to utilities' long-term returns and ability to pay robust, growing dividends.

We are maintaining our CAD 30 per-share fair value estimate for Hydro One after the company announced that President and CEO Mark Poweska would be stepping down to take on a leadership position at a different Canadian utility. Our no moat and stable trend ratings remain unchanged.

In 2015, the province of Ontario began the privatization of Hydro One through a series of initial public offerings. Even though the province is a minority shareholder, it holds an outsize influence on the future of the company. While the political atmosphere has stabilized for Hydro One, the possibility for future interference remains.