Analyst Note| Andrew Bischof, CFA, CPA |
We are maintaining our CAD 54 per share value estimate for Emera after it reported first-quarter adjusted earnings per share of CAD 0.79, down from CAD 0.95 in the same year-ago quarter. Much of the decline is attributed to asset sales, mainly its merchant generation and Florida property sale. Adjusting for these sales, normalized earnings were CAD 0.81. Our narrow moat and stable moat trend remain unchanged.