CANADIAN UTILITIES LTD. $39 (Toronto symbol CU; Income Portfolio, Utilities sector; Shares outstanding: 125.5 million; Market cap: $5 billion; Price-to-sales ratio: 2.0; SI Rating: Above Average) distributes electricity and natural gas in Alberta. It also operates power plants and sells its expertise to other companies.
Canadian Utilities recently raised its quarterly dividend by 6.0%, to $0.3525 a share from $0.3325. The new annual rate of $1.41 yields 3.6%. It has increased its dividend each year since 1972.
In the three months ended September 30, 2008, Canadian Utilities earned $0.57 a share, for a total $71.3 million, before unusual items, up 1.8% from $0.56 ($70.6 million) a year earlier. Higher depreciation charges at its gas operations offset gains from its engineering-services division. Revenue jumped 30.3%, to $638.4 million from $489.9 million, partly due to higher power rates.
Canadian Utilities’ total debt was $2.9 billion, including $15.6 million payable within one year. The company generated cash flow of $580.1 million, or $4.61 a share, in the first nine months of 2008, and held cash of $946.1 million, or $7.54 a share. This gives Canadian Utilities plenty of room to expand its operations; it recently launched a new division that builds and operates water-treatment systems.
The company probably earned $2.95 a share in 2008, and the stock trades at 13.2 times that figure.
Canadian Utilities is a buy.
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