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Fortis

DB:12F
Snowflake Description

Solid track record established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
12F
DB
CA$25B
Market Cap
  1. Home
  2. DE
  3. Utilities
Company description

Fortis Inc. operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. The last earnings update was 53 days ago. More info.


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12F Share Price and Events
7 Day Returns
8.2%
DB:12F
0.2%
Europe Electric Utilities
-0.6%
DE Market
1 Year Returns
4.1%
DB:12F
-2.6%
Europe Electric Utilities
-20.9%
DE Market
12F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Fortis (12F) 8.2% -9.5% -8% 4.1% 10.1% 17.6%
Europe Electric Utilities 0.2% -18.2% -13.1% -2.6% 19.9% -3%
DE Market -0.6% -16.6% -26% -20.9% -25.8% -31.8%
1 Year Return vs Industry and Market
  • 12F outperformed the Electric Utilities industry which returned -2.6% over the past year.
  • 12F outperformed the Market in Germany which returned -20.9% over the past year.
Price Volatility
12F
Industry
5yr Volatility vs Market

12F Value

 Is Fortis undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Fortis to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Fortis.

DB:12F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 12 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 4%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:12F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Electric Utilities Unlevered Beta Simply Wall St/ S&P Global 0.25
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.245 (1 + (1- 26.5%) (91.42%))
0.605
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.8 * 5.44%)
3.96%

Discounted Cash Flow Calculation for DB:12F using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Fortis is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:12F DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 3.96%)
2020 1,391.50 Analyst x2 1,338.47
2021 1,184.33 Analyst x3 1,095.78
2022 -34.00 Analyst x2 -30.26
2023 507.00 Analyst x1 434.02
2024 1,145.00 Analyst x1 942.83
2025 1,191.13 Est @ 4.03% 943.44
2026 1,223.33 Est @ 2.7% 932.01
2027 1,245.05 Est @ 1.78% 912.41
2028 1,259.07 Est @ 1.13% 887.52
2029 1,267.52 Est @ 0.67% 859.42
Present value of next 10 years cash flows CA$8,315.00
DB:12F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CA$1,267.52 × (1 + -0.39%) ÷ (3.96% – -0.39%)
CA$29,011.30
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$29,011.30 ÷ (1 + 3.96%)10
CA$19,670.75
DB:12F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$8,315.00 + CA$19,670.75
CA$27,985.75
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$27,985.75 / 463.51
CA$60.38
DB:12F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:12F represents 0.62785x of TSX:FTS
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.62785x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 60.38 x 0.62785
€37.91
Value per share (EUR) From above. €37.91
Current discount Discount to share price of €34.40
= -1 x (€34.40 - €37.91) / €37.91
9.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Fortis is available for.
Intrinsic value
9%
Share price is €34.4 vs Future cash flow value of €37.91
Current Discount Checks
For Fortis to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Fortis's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Fortis's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Fortis's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Fortis's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:12F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CAD CA$3.79
TSX:FTS Share Price ** TSX (2020-04-06) in CAD CA$54.79
Europe Electric Utilities Industry PE Ratio Median Figure of 76 Publicly-Listed Electric Utilities Companies 10.33x
Germany Market PE Ratio Median Figure of 401 Publicly-Listed Companies 16.45x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Fortis.

DB:12F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:FTS Share Price ÷ EPS (both in CAD)

= 54.79 ÷ 3.79

14.46x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Fortis is overvalued based on earnings compared to the Europe Electric Utilities industry average.
  • Fortis is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Fortis's expected growth come at a high price?
Raw Data
DB:12F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.46x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
-4.7%per year
Europe Electric Utilities Industry PEG Ratio Median Figure of 37 Publicly-Listed Electric Utilities Companies 1.51x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.16x

*Line of best fit is calculated by linear regression .

DB:12F PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.46x ÷ -4.7%

-3.07x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Fortis earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Fortis's assets?
Raw Data
DB:12F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CAD CA$36.50
TSX:FTS Share Price * TSX (2020-04-06) in CAD CA$54.79
Europe Electric Utilities Industry PB Ratio Median Figure of 87 Publicly-Listed Electric Utilities Companies 0.76x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.44x
DB:12F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:FTS Share Price ÷ Book Value per Share (both in CAD)

= 54.79 ÷ 36.50

1.5x

* Primary Listing of Fortis.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Fortis is overvalued based on assets compared to the Europe Electric Utilities industry average.
X
Value checks
We assess Fortis's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electric Utilities industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electric Utilities industry average (and greater than 0)? (1 check)
  5. Fortis has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

12F Future Performance

 How is Fortis expected to perform in the next 1 to 3 years based on estimates from 12 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-4.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Fortis expected to grow at an attractive rate?
  • Fortis's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Fortis's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Fortis's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:12F Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:12F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts -4.7%
DB:12F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts 6.1%
Europe Electric Utilities Industry Earnings Growth Rate Market Cap Weighted Average 9.6%
Europe Electric Utilities Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:12F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:12F Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 12,697 3,852 1
2023-12-31 12,169 3,707 1
2022-12-31 10,098 3,516 1,455 4
2021-12-31 9,690 3,127 1,333 10
2020-12-31 9,289 2,990 1,239 10
2020-04-06
DB:12F Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-12-31 8,783 2,663 1,655
2019-09-30 8,663 2,566 1,570
2019-06-30 8,652 2,505 1,568
2019-03-31 8,629 2,556 1,088
2018-12-31 8,390 2,604 1,100
2018-09-30 8,295 2,833 973
2018-06-30 8,156 2,837 975
2018-03-31 8,224 2,804 992
2017-12-31 8,301 2,756 963
2017-09-30 8,243 2,465 1,018
2017-06-30 7,870 2,143 867
2017-03-31 7,340 1,942 717

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Fortis's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Fortis's revenue is expected to grow by 6.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:12F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below

All data from Fortis Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:12F Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 3.10 3.16 3.04 2.00
2021-12-31 2.84 2.93 2.77 8.00
2020-12-31 2.67 2.74 2.62 8.00
2020-04-06
DB:12F Past Financials Data
Date (Data in CAD Millions) EPS *
2019-12-31 3.79
2019-09-30 3.64
2019-06-30 3.66
2019-03-31 2.55
2018-12-31 2.59
2018-09-30 2.30
2018-06-30 2.31
2018-03-31 2.37
2017-12-31 2.32
2017-09-30 2.50
2017-06-30 2.32
2017-03-31 2.11

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Fortis is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Fortis's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Fortis has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

12F Past Performance

  How has Fortis performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Fortis's growth in the last year to its industry (Electric Utilities).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Fortis has delivered over 20% year on year earnings growth in the past 5 years.
  • Fortis's 1-year earnings growth exceeds its 5-year average (50.5% vs 25.1%)
  • Fortis's earnings growth has exceeded the Europe Electric Utilities industry average in the past year (50.5% vs 7.2%).
Earnings and Revenue History
Fortis's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Fortis Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:12F Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 8,783.00 1,655.00 -11.00
2019-09-30 8,663.00 1,570.00 1.00
2019-06-30 8,652.00 1,568.00 1.00
2019-03-31 8,629.00 1,088.00 1.00
2018-12-31 8,390.00 1,100.00 2.00
2018-09-30 8,295.00 973.00 11.00
2018-06-30 8,156.00 975.00 11.00
2018-03-31 8,224.00 992.00 11.00
2017-12-31 8,301.00 963.00 11.00
2017-09-30 8,243.00 1,018.00
2017-06-30 7,870.00 867.00
2017-03-31 7,340.00 717.00
2016-12-31 6,838.00 585.00
2016-09-30 6,523.00 531.00
2016-06-30 6,561.00 555.00
2016-03-31 6,614.00 692.00
2015-12-31 6,757.00 728.00
2015-09-30 6,712.00 706.00
2015-06-30 6,343.00 569.00
2015-03-31 5,861.00 372.00
2014-12-31 5,401.00 312.00
2014-09-30 4,937.00 299.00
2014-06-30 4,655.00 335.00
2014-03-31 4,389.00 342.00
2013-12-31 4,047.00 333.00
2013-09-30 3,817.00 320.00
2013-06-30 3,616.00 315.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Fortis has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Fortis used its assets more efficiently than the Europe Electric Utilities industry average last year based on Return on Assets.
  • Fortis has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Fortis's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electric Utilities industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Fortis has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

12F Health

 How is Fortis's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Fortis's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Fortis's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Fortis's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Fortis's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Fortis Company Filings, last reported 3 months ago.

DB:12F Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 20,113.00 22,703.00 370.00
2019-09-30 18,966.00 23,392.00 228.00
2019-06-30 18,814.00 22,915.00 191.00
2019-03-31 18,420.00 24,017.00 233.00
2018-12-31 18,456.00 24,145.00 332.00
2018-09-30 17,807.00 22,502.00 195.00
2018-06-30 17,864.00 22,678.00 197.00
2018-03-31 17,276.00 22,262.00 333.00
2017-12-31 16,749.00 21,668.00 327.00
2017-09-30 16,891.00 21,222.00 265.00
2017-06-30 17,144.00 21,741.00 240.00
2017-03-31 17,062.00 21,972.00 309.00
2016-12-31 16,450.00 22,282.00 269.00
2016-09-30 10,136.00 12,223.00 341.00
2016-06-30 10,326.00 11,850.00 296.00
2016-03-31 10,183.00 11,408.00 232.00
2015-12-31 10,353.00 11,735.00 242.00
2015-09-30 10,108.00 11,795.00 347.00
2015-06-30 9,747.00 11,732.00 797.00
2015-03-31 9,577.00 11,565.00 299.00
2014-12-31 9,112.00 10,819.00 230.00
2014-09-30 7,191.00 13,389.00 458.00
2014-06-30 6,518.00 7,907.00 612.00
2014-03-31 6,532.00 7,871.00 528.00
2013-12-31 6,376.00 7,414.00 72.00
2013-09-30 6,272.00 7,279.00 155.00
2013-06-30 6,163.00 7,333.00 267.00
  • Fortis's level of debt (112.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (118.8% vs 112.9% today).
  • Debt is not well covered by operating cash flow (11.7%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.3x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Fortis's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Fortis has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

12F Dividends

 What is Fortis's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.49%
Current annual income from Fortis dividends. Estimated to be 3.79% next year.
If you bought €2,000 of Fortis shares you are expected to receive €70 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Fortis's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.69%).
  • Fortis's dividend is below the markets top 25% of dividend payers in Germany (4.85%).
Upcoming dividend payment

Purchase Fortis before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:12F Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
Europe Electric Utilities Industry Average Dividend Yield Market Cap Weighted Average of 51 Stocks 4.9%
Germany Market Average Dividend Yield Market Cap Weighted Average of 315 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:12F Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2024-12-31 2.43 2.00
2023-12-31 2.30 4.00
2022-12-31 2.18 8.00
2021-12-31 2.05 14.00
2020-12-31 1.94 14.00
2020-04-06
DB:12F Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-09-10 1.910 3.511
2019-07-31 1.800 3.313
2019-05-01 1.800 3.504
2018-10-15 1.800 3.858
2018-07-25 1.700 4.015
2018-02-14 1.700 4.025
2017-12-07 1.700 3.847
2017-10-16 1.700 3.583
2017-07-27 1.600 3.526
2016-12-06 1.600 3.696
2016-09-27 1.600 3.844
2016-07-28 1.500 3.548
2016-02-17 1.500 3.681
2015-09-29 1.500 3.956
2015-05-06 1.360 3.698
2015-02-18 1.360 3.464
2014-12-17 1.360 3.417
2014-08-14 1.280 3.568
2014-05-13 1.280 3.925
2014-03-17 1.280 4.016
2013-12-09 1.280 4.192
2013-09-23 1.240 3.913
2013-05-08 1.240 3.882
2013-03-20 1.240 3.643
2012-12-11 1.240 3.650
2012-09-24 1.200 3.591
2012-05-03 1.200 3.622
2012-03-13 1.200 3.660
2011-12-13 1.200 3.644
2011-09-26 1.160 3.515
2011-03-02 1.160 3.605
2010-12-14 1.160 3.424
2010-09-28 1.120 3.468
2010-05-03 1.120 3.951
2010-03-02 1.120 3.931
2010-01-11 1.120 4.024
2009-09-23 1.040 3.924
2009-05-04 1.040 4.201

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Fortis's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.4x coverage).
X
Income/ dividend checks
We assess Fortis's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Fortis afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Fortis has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

12F Management

 What is the CEO of Fortis's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Barry Perry
COMPENSATION CA$9,080,480
AGE 54
TENURE AS CEO 5.3 years
CEO Bio

Mr. Barry V. Perry became a Director of ITC Holdings Corp. in October 2016. Mr. Perry serves as Chief Executive Officer of Fortis Inc. since January 2015 and serves as its President since June 30, 2014. Mr. Perry served as Vice President of Finance and Chief Financial Officer at Fortis Inc. from 2004 to June 2014. He serves as a Director of Fortis Properties Corporation. He serves as a Director of Fortis Inc. since January 2015. Mr. Perry joined the Fortis organization in 2000 as Vice President, Finance and Chief Financial Officer of Newfoundland Power Inc. Mr. Perry serves as a director of the Fortis utility subsidiaries, FortisBC and UNS Energy Corporation. Mr. Perry serves as a director of the FortisBC Energy Inc., since 2007.

CEO Compensation
  • Barry's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Barry's remuneration is about average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Fortis management team in years:

2
Average Tenure
55.5
Average Age
  • The tenure for the Fortis management team is about average.
Management Team

Barry Perry

TITLE
President
COMPENSATION
CA$9M
AGE
54
TENURE
5.3 yrs

Jocelyn Perry

TITLE
Executive VP & CFO
COMPENSATION
CA$2M
TENURE
1.8 yrs

Dave Hutchens

TITLE
Chief Operating Officer
COMPENSATION
CA$7M
AGE
52
TENURE
0.3 yrs

Jim Laurito

TITLE
Executive VP of Business Development & CTO
COMPENSATION
CA$3M
AGE
63
TENURE
0.9 yrs

Nora Duke

TITLE
Executive VP of Sustainability & Chief Human Resource Officer
COMPENSATION
CA$2M
AGE
57
TENURE
4.7 yrs

Ron Hinsley

TITLE
Chief Information Officer & VP

Stephanie Amaimo

TITLE
Vice President of Investor Relations
TENURE
2.5 yrs

Jim Reid

TITLE
Executive VP
TENURE
2.1 yrs

Karen McCarthy

TITLE
Vice President of Communications & Corporate Affairs
TENURE
1.9 yrs

Regan O'Dea

TITLE
VP & Corporate General Counsel
Board of Directors Tenure

Average tenure and age of the Fortis board of directors in years:

3.9
Average Tenure
60.5
Average Age
  • The tenure for the Fortis board of directors is about average.
Board of Directors

Doug Haughey

TITLE
Independent Chairman of the Board
COMPENSATION
CA$452K
AGE
62
TENURE
3.6 yrs

Barry Perry

TITLE
President
COMPENSATION
CA$9M
AGE
54
TENURE
5.3 yrs

J. F. Hew

TITLE
CEO, President
AGE
54

Tracey Ball

TITLE
Independent Corporate Director
COMPENSATION
CA$341K
AGE
61
TENURE
5.9 yrs

Pierre Blouin

TITLE
Independent Corporate Director
COMPENSATION
CA$240K
AGE
61
TENURE
4.9 yrs

Jo Zurel

TITLE
Independent Corporate Director
COMPENSATION
CA$244K
AGE
55
TENURE
3.9 yrs

Paul Bonavia

TITLE
Independent Corporate Director
COMPENSATION
CA$149K
AGE
67
TENURE
1.9 yrs

Maura Clark

TITLE
Independent Corporate Director
COMPENSATION
CA$264K
AGE
60
TENURE
4.9 yrs

Margarita Dilley

TITLE
Independent Corporate Director
COMPENSATION
CA$369K
AGE
61
TENURE
3.9 yrs

Larry Borgard

TITLE
Independent Corporate Director
COMPENSATION
CA$254K
AGE
57
TENURE
2.9 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Fortis individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
30. Mar 20 Buy Albert Ernst Individual 27. Mar 20 27. Mar 20 575 €31.37 €18,036
20. Mar 20 Buy Maura Clark Individual 20. Mar 20 20. Mar 20 2,000 €31.88 €63,763
18. Mar 20 Buy James Reid Individual 18. Mar 20 18. Mar 20 1,400 €30.86 €43,203
16. Mar 20 Buy James Reid Individual 16. Mar 20 16. Mar 20 1,000 €31.15 €31,155
13. Mar 20 Buy Kevin Prust Individual 11. Mar 20 11. Mar 20 500 €35.41 €17,706
13. Mar 20 Buy David Hutchens Individual 13. Mar 20 13. Mar 20 14,200 €31.52 €447,587
13. Mar 20 Buy James Reid Individual 12. Mar 20 12. Mar 20 1,100 €31.22 €33,896
13. Mar 20 Buy James Roberts Individual 13. Mar 20 13. Mar 20 250 €32.23 €8,056
05. Mar 20 Buy Karen Gosse Individual 02. Mar 20 02. Mar 20 6 €38.69 €232
05. Mar 20 Buy Nora Duke Individual 02. Mar 20 02. Mar 20 631 €38.26 €24,144
05. Mar 20 Buy James Reid Individual 02. Mar 20 02. Mar 20 3 €38.26 €115
05. Mar 20 Buy Jocelyn Perry Individual 02. Mar 20 02. Mar 20 223 €38.69 €8,629
03. Mar 20 Buy James Laurito Individual 02. Mar 20 02. Mar 20 28,687 €37.62 €1,078,968
27. Feb 20 Buy Stephanie Amaimo Individual 27. Feb 20 27. Feb 20 1,750 €38.83 €67,954
18. Dec 19 Buy David Hutchens Individual 18. Dec 19 18. Dec 19 11,000 €36.56 €402,176
16. Dec 19 Buy Lawrence Borgard Individual 13. Dec 19 13. Dec 19 2,458 €36.58 €89,912
11. Oct 19 Buy Albert Ernst Individual 09. Oct 19 09. Oct 19 116 €38.71 €4,491
08. Aug 19 Sell Albert Ernst Individual 07. Aug 19 07. Aug 19 -274 €36.06 €-9,880
10. Jun 19 Buy James Reid Individual 07. Jun 19 07. Jun 19 400 €34.42 €13,767
07. Jun 19 Buy James Reid Individual 07. Jun 19 07. Jun 19 1,200 €34.54 €41,442
31. May 19 Sell James Roberts Individual 31. May 19 31. May 19 -23 €33.83 €-778
X
Management checks
We assess Fortis's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Fortis has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

12F News

Simply Wall St News

12F Company Info

Description

Fortis Inc. operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 429,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona’s Mohave and Santa Cruz counties with an aggregate capacity of 3,143 megawatts (MW), including 59 MW of solar capacity. The company also sells wholesale electricity to other entities in the western United States; owns gas-fired and hydroelectric generating capacity totaling 65 MW; and distributes natural gas to approximately 1,041,000 residential, commercial and industrial and transportation customers in British Columbia, Canada. In addition, it owns and operates the electricity distribution system that serves approximately 568,000 customers in southern and central Alberta; owns 4 hydroelectric generating facilities with a combined capacity of 225 MW; and provides operation, maintenance, and management services to five hydroelectric generating facilities. Further, the company distributes electricity in the island portion of Newfoundland and Labrador with an installed generating capacity of 143 MW; and on Prince Edward Island with a generating capacity of 140 MW. Additionally, it provides integrated electric utility service to approximately 66,000 customers in Ontario; approximately 269,000 customers in Newfoundland and Labrador; approximately 31,000 customers on Grand Cayman, Cayman Islands; and approximately 15,000 customers on certain islands in Turks and Caicos. The company also holds long-term contracted generation assets in Belize consisting of 3 hydroelectric generating facilities with a combined capacity of 51 MW; and the Aitken Creek natural gas storage facility. It also owns and operates approximately 91,000 circuit Kilometers (km) of distribution lines; and approximately 49,500 km of natural gas pipelines. Fortis Inc. was founded in 1885 and is headquartered in St. John's, Canada.

Details
Name: Fortis Inc.
12F
Exchange: DB
Founded: 1885
CA$16,599,955,043
463,507,566
Website: http://www.fortisinc.com
Address: Fortis Inc.
Fortis Place,
Suite 1100,
St. John's,
Newfoundland and Labrador, A1B 3T2,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX FTS Common Shares The Toronto Stock Exchange CA CAD 29. Dec 1987
NYSE FTS Common Shares New York Stock Exchange US USD 29. Dec 1987
DB 12F Common Shares Deutsche Boerse AG DE EUR 29. Dec 1987
TSX FTS.PRF 1ST PFD SER F The Toronto Stock Exchange CA CAD 28. Sep 2006
TSX FTS.PRH PREF SHS SER H The Toronto Stock Exchange CA CAD 27. Jan 2010
TSX FTS.PRM 1ST PREF SER M The Toronto Stock Exchange CA CAD 22. Sep 2014
TSX FTS.PRJ 1ST PF SHS S J The Toronto Stock Exchange CA CAD 13. Nov 2012
TSX FTS.PRI PREF SHS SER I The Toronto Stock Exchange CA CAD 03. Jun 2015
OTCPK FORF.F 1ST PFD SER F Pink Sheets LLC US CAD 28. Sep 2006
Number of employees
Current staff
Staff numbers
8,970
Fortis employees.
Industry
Electric Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/06 23:59
End of day share price update: 2020/04/06 00:00
Last estimates confirmation: 2020/04/02
Last earnings filing: 2020/02/13
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.