ALGONQUIN POWER & UTILITIES CORP. $10.41(Toronto symbol AQN; Shares outstanding: 238.1 million; Market cap: $2.5 billion; TSINetwork Rating: Extra Risk; Dividend yield: 3.8%; www.algonquinpower.com) has nearly tripled in size over the past three years through acquisitions. Now it’s expanding further with new purchases.
The most recent was late last year, when Algonquin paid $327 million U.S. for Park Water, owner of three regulated water utilities with 74,000 customers in California and Montana.
Algonquin’s regulated utility businesses now provide water, electricity and natural gas to over 488,000 customers, up sharply from 120,000 three years ago. In addition, its hydroelectric, thermal energy, solar and wind facilities generate 1,150 megawatts, up from 460.
Emera (Toronto symbol EMA), a recommendation of The Successful Investor, our conservative growth advisory, owns 24.9% of Algonquin.
Algonquin’s acquisitions are paying off: in the nine months ended September 30, 2014, they increased Algonquin’s revenue by 45.6%, to $684.2 million from $470.0 million a year earlier. Cash flow per share jumped 21.6%, to $0.62 from $0.51.
Growth by acquisition—particularly rapid growth—adds risk. But Algonquin cuts that risk by buying profitable utilities. It also ensures that its renewable energy projects sell their power under long-term government-guaranteed contracts.
The stock trades at 11.6 times its forecast 2015 cash flow of $0.90 a share. It yields 3.8%.
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