CANADIAN UTILITIES LTD.(Toronto symbols CU (class A non-voting) $50 and CU.X (class B voting) $50; Income Portfolio, Utilities sector; Shares outstanding: 125.8 million; Market cap: $6.3 billion; Price-to-sales ratio: 2.4; Dividend yield: 3.0%; TSINetwork Rating: Above Average; www.canadian-utilities.com) distributes electricity and natural gas in Alberta. It also operates a total of 20 power plants in Canada, Australia, and the U.K., and sells its expertise to other firms. ATCO Ltd. (see ATCO LTD. – Toronto symbols ACO.X $57 and ACO.Y $57) owns 52.2% of the company.
Canadian Utilities earned $82.0 million, or $0.66 a share, in the three months ended September 30, 2010. That’s up 6.9% from $76.7 million, or $0.61 a share, a year earlier. These figures exclude unusual items, mostly gains and losses on hedging contracts that Canadian Utilities uses to lock in natural-gas prices. Revenue rose 2.5% in quarter, to $550.7 million from $537.1 million. Regulatory rulings helped offset lower power prices in Alberta.
The company will probably earn $3.31 a share in 2010. The stock trades at 15.1 times that estimate. That’s a reasonable p/e ratio in light of the steady cash flows it gets from its regulated operations.
Canadian Utilities is a buy. The more liquid class “A” non-voting shares are the better choice.
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