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Fortis Inc FTS

Rating as of

Morningstar’s Analysis

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Economic Moat


Capital Allocation


Fortis Increases Five-Year Capital Investment Plan; Arizona Regulation Remains a Risk

Andrew Bischof, CFA, CPA Senior Equity Analyst

Analyst Note

| Andrew Bischof, CFA, CPA |

We are lowering our Fortis fair value estimate to CAD 56 per share from CAD 57 after Fortis reported third-quarter adjusted earnings of CAD 0.64 per share compared with CAD 0.65 in the same year-ago period. Management reaffirmed 6% dividend growth expectations through 2025, in line with our estimates. We are reaffirming our narrow economic moat and stable moat trend ratings.

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Company Profile

Business Description

Fortis owns and operates utility transmission and distribution assets in Canada and the United States, serving more than 2.5 million electricity and gas customers. The company has smaller stakes in electricity generation and several Caribbean utilities. ITC operates electric transmission in seven U.S. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 26 gigawatts.

5 Springdale Street, Suite 1100, Fortis Place
St. John’s, NL, A1E OE4, Canada
T +1 709 737-2800
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 9,000