Analyst Note| Andrew Bischof, CFA, CPA |
We are maintaining our CAD 54 per share fair value estimate after Emera reported second-quarter adjusted earnings per share of CAD 0.48 per share, down from CAD 0.54 last year. Much of the EPS decline is attributed to asset sales, mainly the divestiture of its merchant generation and regulated utility in Maine. Adjusting for these sales, normalized EPS was CAD 0.49. Our narrow moat and stable moat trend ratings remain unchanged.