Upcoming Dividend • May 28
Upcoming dividend of US$0.20 per share Eligible shareholders must have bought the stock before 01 June 2026. Payment date: 15 June 2026. Payout ratio is a comfortable 70% but the company is not cash flow positive. Trailing yield: 5.4%. Lower than top quartile of Canadian dividend payers (5.5%). Higher than average of industry peers (2.8%). Declared Dividend • May 14
First quarter dividend increased to US$0.20 Dividend of US$0.20 is 5.3% higher than last year. Ex-date: 1st June 2026 Payment date: 15th June 2026 Dividend yield will be 5.2%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (70% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.4% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 5.5% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 12
Caribbean Utilities Company, Ltd Announces Declaration of Dividend on Class A Ordinary Shares, Payable on June 15, 2026 Caribbean Utilities Company, Ltd. .announced that the Board of Directors has declared an increase in the regular quarterly dividend from USD 0.19 to USD 0.20 per Class A Ordinary Share. This represents a 5% increase from USD 0.76 to USD 0.80 per share on an annualized basis. The dividend is payable on June 15, 2026 to shareholders of record on June 1, 2026. Reported Earnings • May 07
First quarter 2026 earnings released: EPS: US$0.17 (vs US$0.18 in 1Q 2025) First quarter 2026 results: EPS: US$0.17 (down from US$0.18 in 1Q 2025). Revenue: US$65.4m (up 3.6% from 1Q 2025). Net income: US$7.09m (down 5.3% from 1Q 2025). Profit margin: 11% (down from 12% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.0% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Electric Utilities industry in North America. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Mar 11
Caribbean Utilities Company, Ltd Welcomes Regulatory Approval of the Certificate of Need by the Utility Regulation and Competition Office Caribbean Utilities Company, Ltd. welcomed approval of the Certificate of Need ("CON") by the Utility Regulation and Competition Office ("URCO" or the "Regulator"), paving the way for increased generation capacity to support Grand Cayman's continued growth. URCO has approved CUC's revised CON, submitted on February 10, 2026. The CON identifies Grand Cayman's future electricity needs, and establishes the requirements for the development of 94 megawatts ("MW") of additional generation capacity. The required capacity has been structured into three distinct capacity blocks, allowing for the participation of alternate generation technologies and resources in meeting the electricity generation needs. Under its Transmission and Distribution licence, CUC is required to submit a CON to the Regulator to outline projected electricity demand. Following this submission, the Regulator will launch a competitive procurement process to secure new generation resources needed to meet future demand. CUC continues to make significant investments in the reliability and resilience of Grand Cayman's electricity system, investing as much as USD 100 million annually to serve the households, businesses, and communities that rely on it. Since 2020, these investments have contributed to a 50% reduction in outage time. Upcoming Dividend • Feb 26
Upcoming dividend of US$0.19 per share Eligible shareholders must have bought the stock before 02 March 2026. Payment date: 16 March 2026. Payout ratio is a comfortable 69% but the company is not cash flow positive. Trailing yield: 5.7%. Within top quartile of Canadian dividend payers (5.4%). Higher than average of industry peers (2.7%). Announcement • Feb 26
Caribbean Utilities Company, Ltd., Annual General Meeting, May 11, 2026 Caribbean Utilities Company, Ltd., Annual General Meeting, May 11, 2026. Reported Earnings • Feb 19
Full year 2025 earnings: EPS in line with expectations, revenues disappoint Full year 2025 results: EPS: US$1.10 (up from US$1.08 in FY 2024). Revenue: US$284.0m (down 3.3% from FY 2024). Net income: US$46.3m (up 11% from FY 2024). Profit margin: 16% (up from 14% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 6.9%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Electric Utilities industry in North America. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 12
Third quarter dividend of US$0.19 announced Shareholders will receive a dividend of US$0.19. Ex-date: 2nd March 2026 Payment date: 16th March 2026 Dividend yield will be 5.7%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (68% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.4% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 7.8% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 07
Caribbean Utilities Company, Ltd Announces Declaration of Dividend on Class A Ordinary Shares, Payable on March 16, 2026 Caribbean Utilities Company, Ltd. announced that the Board of Directors has declared a dividend of USD 0.19 per Class A Ordinary Share, or an annualized dividend of USD 0.76 per share. The dividend will be payable on March 16, 2026 to shareholders of record on March 2, 2026. Declared Dividend • Nov 24
Third quarter dividend of US$0.19 announced Shareholders will receive a dividend of US$0.19. Ex-date: 1st December 2025 Payment date: 15th December 2025 Dividend yield will be 5.6%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (68% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.4% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 3.4% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 21
Caribbean Utilities Company, Ltd Announces Declaration of Dividend on Class A Ordinary Shares, Payable on December 15, 2025 Caribbean Utilities Company, Ltd. announced that the Board of Directors has declared a dividend of USD 0.19 per Class A Ordinary Share, or an annualized dividend of USD 0.76 per share. The dividend will be payable on December 15, 2025 to shareholders of record on December 1, 2025. New Risk • Nov 16
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.2x net interest cover). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Nov 09
Third quarter 2025 earnings released: EPS: US$0.38 (vs US$0.38 in 3Q 2024) Third quarter 2025 results: EPS: US$0.38 (up from US$0.38 in 3Q 2024). Revenue: US$75.9m (down 5.9% from 3Q 2024). Net income: US$16.0m (up 12% from 3Q 2024). Profit margin: 21% (up from 18% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the Electric Utilities industry in North America. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Sep 20
Caribbean Utilities Company, Ltd. Submits New Certificate of Need to Utility Regulation and Competition Office for Grand Cayman Grid Expansion On August 1, 2025, Caribbean Utilities Company, Ltd. (CUC) announced an agreed approach with the Utility Regulation and Competition Office (URCO) to address the pressing demand for increased generating capacity in Grand Cayman. As part of this strategic alignment, CUC committed to withdraw its initial Certificate of Need (CON) submitted on June 7, 2024. In conjunction with this withdrawal, URCO formally rescinded its Final Determination on CUC's Certificate of Need issued on April 24, 2025. A key feature of this agreement was that solar generation coupled with battery storage may be able to provide firm capacity subject to industry standard analysis. In alignment with the recently established agreement, CUC confirmed the submission of a new CON to the regulator for formal review. This updated filing outlines the generation resource requirements essential to meet Grand Cayman's projected energy demand with a need for additional generation capacity to be in place by 2027. CUC's submission includes a comprehensive system analysis, detailed load forecasts, and operational benchmarking designed to ensure sufficient capacity and energy availability by June 2027. The timeframe for supply of the needed capacity is very short, and it is likely that interim measures may need to be taken to fulfil the needs of the grid in the short term. The new submission differs from the prior document in that the generation capacity and reliability requirements are outlined but no specific technology is recommended. Instead, it is anticipated that URCO will issue a Request for Proposal (RFP) and bidders will be allowed to propose alternate resource solutions to meet that need. CUC conducted additional analyses to provide URCO with an example methodology to evaluate the potential contribution of alternate generation solutions, such as the Dispatchable Solar Photovoltaic (DPV) project, which was recently issued as a request for proposal, to support forecasted load requirements. Through continued collaboration, innovation, and investment in sustainable technologies, CUC is dedicated to building a resilient energy future that promotes economic prosperity, environmental stewardship, and ensures affordable, equitable access to energy for all. As move forward, CUC remains focused on delivering solutions that meet today's challenges while laying the foundation for a cleaner, more sustainable tomorrow. Announcement • Aug 28
Caribbean Utilities Company, Ltd. announces Quarterly dividend, payable on September 15, 2025 Caribbean Utilities Company, Ltd. announced Quarterly dividend of USD 0.1900 per share payable on September 15, 2025, ex-date on August 29, 2025 and record date on September 01, 2025. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to US$15.99, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 19x in the Electric Utilities industry in North America. Total returns to shareholders of 20% over the past three years. New Risk • Aug 12
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Aug 07
Second quarter 2025 earnings released: EPS: US$0.27 (vs US$0.26 in 2Q 2024) Second quarter 2025 results: EPS: US$0.27 (up from US$0.26 in 2Q 2024). Revenue: US$69.4m (down 1.9% from 2Q 2024). Net income: US$11.3m (up 13% from 2Q 2024). Profit margin: 16% (up from 14% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Electric Utilities industry in North America. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 29
Upcoming dividend of US$0.19 per share Eligible shareholders must have bought the stock before 02 June 2025. Payment date: 16 June 2025. Payout ratio is a comfortable 68% but the company is not cash flow positive. Trailing yield: 5.7%. Lower than top quartile of Canadian dividend payers (6.0%). Higher than average of industry peers (3.1%). Declared Dividend • May 15
First quarter dividend increased to US$0.19 Dividend of US$0.19 is 2.7% higher than last year. Ex-date: 2nd June 2025 Payment date: 16th June 2025 Dividend yield will be 5.7%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (68% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.2% per year over the past 7 years and payments have been stable during that time. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Announcement • May 12
Caribbean Utilities Company, Ltd Announces Increase in Dividend on Class A Ordinary Shares, Payable June 16, 2025 Caribbean Utilities Company, Ltd. announced that the Board of Directors has declared an increase in the regular quarterly dividend from USD 0.185 to USD 0.19 per Class A Ordinary Share. This represents a 3% increase to USD 0.76 per share on an annualized basis. The dividend will be payable June 16, 2025 to shareholders of record June 2, 2025. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: US$0.18 (vs US$0.16 in 1Q 2024) First quarter 2025 results: EPS: US$0.18 (up from US$0.16 in 1Q 2024). Revenue: US$63.1m (down 8.2% from 1Q 2024). Net income: US$7.49m (up 24% from 1Q 2024). Profit margin: 12% (up from 8.8% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.4% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Electric Utilities industry in North America. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Feb 26
Caribbean Utilities Company, Ltd., Annual General Meeting, May 12, 2025 Caribbean Utilities Company, Ltd., Annual General Meeting, May 12, 2025. Reported Earnings • Feb 16
Full year 2024 earnings released: EPS: US$1.08 (vs US$1.00 in FY 2023) Full year 2024 results: EPS: US$1.08 (up from US$1.00 in FY 2023). Revenue: US$293.7m (up 2.2% from FY 2023). Net income: US$41.7m (up 11% from FY 2023). Profit margin: 14% (up from 13% in FY 2023). Revenue is forecast to grow 9.9% p.a. on average during the next 2 years, compared to a 4.7% growth forecast for the Electric Utilities industry in North America. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 15
Third quarter dividend of US$0.18 announced Shareholders will receive a dividend of US$0.18. Ex-date: 28th February 2025 Payment date: 14th March 2025 Dividend yield will be 5.6%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (71% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.2% per year over the past 7 years and payments have been stable during that time. EPS is expected to grow by 5.5% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 13
Caribbean Utilities Company Declares Dividend on Class A Ordinary Shares, Payable on March 14, 2025 Caribbean Utilities Company, Ltd. announced that the Board of Directors has declared a dividend of USD 0.185 per Class A Ordinary Share, or an annualized dividend of USD 0.74 per share. The dividend will be payable on March 14, 2025 to shareholders of record on February 28, 2025. Declared Dividend • Nov 18
Third quarter dividend of US$0.18 announced Shareholders will receive a dividend of US$0.18. Ex-date: 29th November 2024 Payment date: 15th December 2024 Dividend yield will be 5.4%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (71% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.2% per year over the past 7 years and payments have been stable during that time. EPS is expected to grow by 5.5% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 15
Caribbean Utilities Company, Ltd. Declares Dividend, Payable on December 15, 2024 Caribbean Utilities Company, Ltd. announced that the board of directors has declared a dividend of USD 0.185 per Class A Ordinary Share, or an annualized dividend of USD 0.74 per share. The dividend will be payable on December 15, 2024 to shareholders of record on December 1, 2024. Reported Earnings • Nov 06
Third quarter 2024 earnings released: EPS: US$0.38 (vs US$0.37 in 3Q 2023) Third quarter 2024 results: EPS: US$0.38 (up from US$0.37 in 3Q 2023). Revenue: US$80.7m (up 9.7% from 3Q 2023). Net income: US$14.3m (up 3.7% from 3Q 2023). Profit margin: 18% (down from 19% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.7% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Electric Utilities industry in North America. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 29
Second quarter dividend of US$0.18 announced Shareholders will receive a dividend of US$0.18. Ex-date: 30th August 2024 Payment date: 15th September 2024 Dividend yield will be 5.2%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (71% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.2% per year over the past 7 years and payments have been stable during that time. EPS is expected to grow by 6.1% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 27
Caribbean Utilities Company, Ltd. Declares Dividend on Class A Ordinary Share, Payable on September 15, 2024 Caribbean Utilities Company, Ltd. announced that the Board of Directors has declared a dividend of USD 0.185 per Class A Ordinary Share, or an annualized dividend of USD 0.74 per share. The dividend will be payable on September 15, 2024 to shareholders of record on September 1, 2024. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: US$0.26 (vs US$0.26 in 2Q 2023) Second quarter 2024 results: EPS: US$0.26 (up from US$0.26 in 2Q 2023). Revenue: US$70.8m (up 4.3% from 2Q 2023). Net income: US$10.0m (up 1.3% from 2Q 2023). Profit margin: 14% (in line with 2Q 2023). Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Electric Utilities industry in North America. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Board Change • Jun 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Nominee Stuart Lochray was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 24
Upcoming dividend of US$0.18 per share Eligible shareholders must have bought the stock before 31 May 2024. Payment date: 15 June 2024. Payout ratio is a comfortable 71% but the company is not cash flow positive. Trailing yield: 5.1%. Lower than top quartile of Canadian dividend payers (6.5%). Higher than average of industry peers (3.3%). Announcement • May 17
Caribbean Utilities Company, Ltd. announced that it has received $80 million in funding Caribbean Utilities Company, Ltd. announced that it has issued $40 million 6.17% Senior Unsecured Green Notes due May 15, 2039, $10 million 6.37% Senior Unsecured Green Notes due May 15, 2049, and $30 million 6.37% Senior Unsecured Notes due May 15, 2049, for gross proceeds of $80 million on May 15, 2024. The debt transaction included participation from institutional investors. The Notes will not be registered under the United States Securities Act of 1933 (the "Securities Act") as amended, nor will they be registered under any state securities laws. Unless so registered, the notes may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Declared Dividend • May 10
First quarter dividend increased to US$0.18 Dividend of US$0.18 is 2.8% higher than last year. Ex-date: 31st May 2024 Payment date: 15th June 2024 Dividend yield will be 5.2%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (71% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased over the past 6 years and payments have been stable during that time. EPS is expected to grow by 3.4% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 08
Caribbean Utilities Company, Ltd. Declares Regular Quarterly Dividend on Class A Ordinary Share, Payable June 15, 2024 Caribbean Utilities Company, Ltd. announced that the Board of Directors has declared an increase in the regular quarterly dividend from USD 0.18 to USD 0.185 per Class A Ordinary Share. This represents a 3% increase to USD 0.74 per share on an annualized basis. The dividend will be payable June 15, 2024 to shareholders of record June 1, 2024. Reported Earnings • May 03
First quarter 2024 earnings released: EPS: US$0.16 (vs US$0.14 in 1Q 2023) First quarter 2024 results: EPS: US$0.16 (up from US$0.14 in 1Q 2023). Revenue: US$68.7m (down 3.3% from 1Q 2023). Net income: US$6.05m (up 19% from 1Q 2023). Profit margin: 8.8% (up from 7.2% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Feb 27
Caribbean Utilities Company, Ltd., Annual General Meeting, May 07, 2024 Caribbean Utilities Company, Ltd., Annual General Meeting, May 07, 2024. Upcoming Dividend • Feb 22
Upcoming dividend of US$0.18 per share Eligible shareholders must have bought the stock before 29 February 2024. Payment date: 15 March 2024. Payout ratio is a comfortable 72% but the company is not cash flow positive. Trailing yield: 6.1%. Lower than top quartile of Canadian dividend payers (6.4%). Higher than average of industry peers (3.7%). Major Estimate Revision • Feb 16
Consensus revenue estimates increase by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from US$262.0m to US$293.0m. EPS estimate unchanged at US$1.04. Net income forecast to grow 6.1% next year vs 13% growth forecast for Electric Utilities industry in Canada. Consensus price target down from US$13.30 to US$12.38. Share price rose 2.8% to US$11.51 over the past week. New Risk • Feb 14
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Feb 11
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: US$1.00 (up from US$0.86 in FY 2022). Revenue: US$287.2m (up 7.4% from FY 2022). Net income: US$37.7m (up 17% from FY 2022). Profit margin: 13% (up from 12% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) missed analyst estimates by 2.1%. Revenue is expected to decline by 3.2% p.a. on average during the next 2 years, while revenues in the Electric Utilities industry in North America are expected to grow by 3.2%. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 08
Third quarter dividend of US$0.18 announced Shareholders will receive a dividend of US$0.18. Ex-date: 29th February 2024 Payment date: 15th March 2024 Dividend yield will be 6.4%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (72% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased over the past 6 years and payments have been stable during that time. EPS is expected to grow by 8.3% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 06
Caribbean Utilities Company, Ltd. Declares a Dividend on Class A Ordinary Share, Payable on March 15, 2024 Caribbean Utilities Company, Ltd. announced that the Board of Directors has declared a dividend of USD 0.18 per Class A Ordinary Share, or an annualized dividend of USD 0.72 per share. The dividend will be payable on March 15, 2024 to shareholders of record on March 1, 2024. Announcement • Nov 25
Caribbean Utilities Company, Ltd. Announces the Appointment of Dr. Stephen Jay as an Executive Officer of the Company Serving as Vice President of Energy Operations Caribbean Utilities Company, Ltd. announced the appointment of Dr. Stephen Jay as an Executive Officer of the Company serving as Vice President of Energy Operations. Dr. Jay holds a doctorate in Electrical and Mechanical Engineering and brings a wealth of knowledge with over 30 years' experience in strategy development, asset management, electricity markets and regulation, renewable generation development and technological innovation. Prior to his appointment with CUC, Dr. Jay was with Transpower New Zealand Ltd. as the Executive GeneralManager Operations. Dr. Jay has a wealth of experience including strong leadership skills, activecollaboration with the New Zealand market regulator including the development of renewable energy systems, andassistance with positioning the country for a lower carbon emission future. As the President of the Electricity Engineers Association, a national not-for-profit organization thatrepresents the self-governance, safety and asset management best practice for the generation, distribution andtransmission companies in New Zealand; Dr. Jay provided insight into renewable energy thought leadership,technology integration and asset management. Upcoming Dividend • Nov 24
Upcoming dividend of US$0.18 per share at 6.3% yield Eligible shareholders must have bought the stock before 30 November 2023. Payment date: 15 December 2023. Payout ratio is a comfortable 72% but the company is not cash flow positive. Trailing yield: 6.3%. Lower than top quartile of Canadian dividend payers (6.7%). Higher than average of industry peers (3.8%). Announcement • Nov 08
Caribbean Utilities Company, Ltd Declares Dividend on Class A Ordinary Shares, Payable on December 15, 2023 Caribbean Utilities Company, Ltd. announced that the Board of Directors has declared a dividend of USD 0.18 per Class A Ordinary Share, or an annualized dividend of USD 0.72 per share. The dividend will be payable on December 15, 2023 to shareholders of record on December 1, 2023. Reported Earnings • Oct 29
Third quarter 2023 earnings released: EPS: US$0.37 (vs US$0.28 in 3Q 2022) Third quarter 2023 results: EPS: US$0.37 (up from US$0.28 in 3Q 2022). Revenue: US$73.6m (down 6.9% from 3Q 2022). Net income: US$13.8m (up 34% from 3Q 2022). Profit margin: 19% (up from 13% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 6.1% p.a. on average during the next 2 years, while revenues in the Electric Utilities industry in North America are expected to grow by 3.1%. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Aug 25
Caribbean Utilities Company, Ltd Announces Declaration of Dividend on Class A Ordinary Shares, Payable on September 15, 2023 Caribbean Utilities Company, Ltd. announced that the Board of Directors has declared a dividend of USD 0.18 per Class A Ordinary Share, or an annualized dividend of USD 0.72 per share. The dividend will be payable on September 15, 2023 to shareholders of record on September 1, 2023. Reported Earnings • Aug 04
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: US$67.9m (up 17% from 2Q 2022). Net income: US$9.99m (up 22% from 2Q 2022). Profit margin: 15% (in line with 2Q 2022). Revenue is expected to decline by 4.7% p.a. on average during the next 2 years, while revenues in the Electric Utilities industry in North America are expected to grow by 3.3%. Upcoming Dividend • May 24
Upcoming dividend of US$0.18 per share at 5.2% yield Eligible shareholders must have bought the stock before 31 May 2023. Payment date: 15 June 2023. Payout ratio is on the higher end at 82% but the company is not cash flow positive. Trailing yield: 5.2%. Lower than top quartile of Canadian dividend payers (6.3%). Higher than average of industry peers (3.5%). Announcement • May 13
Caribbean Utilities Company, Ltd. Elects Karen Gosse and Kay Menzies as Director Caribbean Utilities Company, Ltd. at the Annual General Meeting of Shareholders held on May 12, 2023, elected Ms. Karen Gosse and Ms. Kay Menzies to serve as directors. Announcement • May 11
Caribbean Utilities Company, Ltd. Declares Regular Quarterly Dividend, Payable on June 15, 2023 Caribbean Utilities Company, Ltd. announced that the Board of Directors has declared an increase in the regular quarterly dividend from USD 0.175 to USD 0.18 per Class A Ordinary Share. This represents a 3% increase to USD 0.72 per share on an annualized basis. The dividend will be payable June 15, 2023 to shareholders of record June 1, 2023. Reported Earnings • May 05
First quarter 2023 earnings released: EPS: US$0.14 (vs US$0.14 in 1Q 2022) First quarter 2023 results: EPS: US$0.14 (down from US$0.14 in 1Q 2022). Revenue: US$71.1m (up 38% from 1Q 2022). Net income: US$5.10m (down 5.1% from 1Q 2022). Profit margin: 7.2% (down from 10% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 1.8% p.a. on average during the next 2 years, while revenues in the Electric Utilities industry in North America are expected to grow by 3.7%. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Feb 21
Upcoming dividend of US$0.17 per share at 5.0% yield Eligible shareholders must have bought the stock before 28 February 2023. Payment date: 15 March 2023. Payout ratio is on the higher end at 81% but the company is not cash flow positive. Trailing yield: 5.0%. Lower than top quartile of Canadian dividend payers (5.8%). Higher than average of industry peers (3.4%). Announcement • Feb 18
Caribbean Utilities Company, Ltd., Annual General Meeting, May 12, 2023 Caribbean Utilities Company, Ltd., Annual General Meeting, May 12, 2023. Reported Earnings • Feb 12
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: US$0.86 (up from US$0.79 in FY 2021). Revenue: US$267.3m (up 35% from FY 2021). Net income: US$32.2m (up 9.7% from FY 2021). Profit margin: 12% (down from 15% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) missed analyst estimates by 2.5%. Revenue is forecast to grow 1.3% p.a. on average during the next 2 years, compared to a 3.7% growth forecast for the Electric Utilities industry in North America. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Feb 07
Caribbean Utilities Company, Ltd. Declares Dividend on Class A Ordinary Share, Payable on March 15, 2023 Caribbean Utilities Company, Ltd. announced that the Board of Directors has declared a dividend of USD 0.175 per Class A Ordinary Share, or an annualized dividend of USD 0.70 per share. The dividend will be payable on March 15, 2023 to shareholders of record on March 1, 2023. Upcoming Dividend • Nov 23
Upcoming dividend of US$0.13 per share Eligible shareholders must have bought the stock before 30 November 2022. Payment date: 15 December 2022. Payout ratio is on the higher end at 83% but the company is not cash flow positive. Trailing yield: 4.9%. Lower than top quartile of Canadian dividend payers (5.9%). Higher than average of industry peers (3.3%). Announcement • Nov 16
Caribbean Utilities Company, Ltd. announced that it has received $80 million in funding Caribbean Utilities Co. Ltd. announced closing of a private placement of senior unsecured notes for gross proceeds of $80 million with institutional investors from United States on November 15, 2022. he company will issued 5.88% senior unsecured notes due November 15, 2052. The notes will not be registered under the United States Securities Act of 1933. Announcement • Nov 09
Caribbean Utilities Company, Ltd Announces Declaration of Dividend on Class A Ordinary Shares payable on December 15, 2022 Caribbean Utilities Company, Ltd. announced that the Board of Directors has declared a dividend of $0.175 per Class A Ordinary Share, or an annualized dividend of $0.70 per share. The dividend will be payable on December 15,2022 to shareholders of record on December 1, 2022. Major Estimate Revision • Nov 04
Consensus revenue estimates increase by 21% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from US$216.0m to US$261.0m. EPS estimate increased from US$0.86 to US$0.88 per share. Net income forecast to grow 12% next year vs 8.8% growth forecast for Electric Utilities industry in Canada. Consensus price target up from US$14.59 to US$15.52. Share price fell 3.4% to US$14.30 over the past week. Reported Earnings • Oct 29
Third quarter 2022 earnings released: EPS: US$0.28 (vs US$0.27 in 3Q 2021) Third quarter 2022 results: EPS: US$0.28 (up from US$0.27 in 3Q 2021). Revenue: US$79.0m (up 41% from 3Q 2021). Net income: US$10.3m (up 3.2% from 3Q 2021). Profit margin: 13% (down from 18% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 1.4% p.a. on average during the next 2 years, while revenues in the Electric Utilities industry in North America are expected to grow by 4.8%. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 5% per year. Upcoming Dividend • Aug 24
Upcoming dividend of US$0.17 per share Eligible shareholders must have bought the stock before 31 August 2022. Payment date: 15 September 2022. Payout ratio is on the higher end at 84% but the company is not cash flow positive. Trailing yield: 4.5%. Lower than top quartile of Canadian dividend payers (5.4%). Higher than average of industry peers (2.9%). Announcement • Aug 10
Caribbean Utilities Company, Ltd. Declares Dividend, Payable on September 15, 2022 Caribbean Utilities Company, Ltd. announced that the Board of Directors has declared a dividend of USD 0.175 per Class A Ordinary Share, or an annualized dividend of USD 0.70 per share. The dividend will be payable on September 15, 2022 to shareholders of record on September 1, 2022. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: US$0.22 (vs US$0.23 in 2Q 2021) Second quarter 2022 results: EPS: US$0.22 (down from US$0.23 in 2Q 2021). Revenue: US$58.2m (up 21% from 2Q 2021). Net income: US$8.20m (down 3.0% from 2Q 2021). Profit margin: 14% (down from 18% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 1.0%, compared to a 4.8% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 4% per year. Upcoming Dividend • May 24
Upcoming dividend of US$0.17 per share Eligible shareholders must have bought the stock before 31 May 2022. Payment date: 15 June 2022. Payout ratio is on the higher end at 83% but the company is not cash flow positive. Trailing yield: 4.6%. Lower than top quartile of Canadian dividend payers (4.9%). Higher than average of industry peers (3.1%). Announcement • May 12
Caribbean Utilities Company, Ltd. Announces Board Changes Caribbean Utilities Company, Ltd. at its AGM held on May 10, 2022 appointed Ms. Jennifer Frizzelle to serve as director until the next annual meeting of the Company or until their successors are elected or appointed. The Chairman of the Board of Directors, Mr. David Ritch, and long term director Mr. Peter Thomson, retired from service as directors on the Board at the AGSM. At a meeting of the new Board of Directors that followed the AGSM, Mrs. Sheree L. Ebanks was appointed as the new Chair of the Board. Mrs. Ebanks was elected as a member of the Board of Directors in May 2014 and was appointed as Chair of the Audit Committee of the Board in May 2020. Announcement • May 10
Caribbean Utilities Company, Ltd Announces Declaration of Dividend on Class A Ordinary Shares, Payable on June 15, 2022 Caribbean Utilities Company, Ltd. announced that the Board of Directors has declared a dividend of USD 0.175 per Class A Ordinary Share, or an annualized dividend of USD 0.70 per share. The dividend will be payable on June 15, 2022 to shareholders of record on June 1, 2022. Reported Earnings • May 06
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: US$0.14 (up from US$0.087 in 1Q 2021). Revenue: US$51.6m (up 33% from 1Q 2021). Net income: US$5.37m (up 67% from 1Q 2021). Profit margin: 10% (up from 8.3% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 28%. Over the next year, revenue is forecast to grow 4.0%, compared to a 5.3% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has remained flat. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Gretchen Holloway was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 26
Caribbean Utilities Company, Ltd., Annual General Meeting, May 10, 2022 Caribbean Utilities Company, Ltd., Annual General Meeting, May 10, 2022. Upcoming Dividend • Feb 22
Upcoming dividend of US$0.17 per share Eligible shareholders must have bought the stock before 28 February 2022. Payment date: 15 March 2022. Payout ratio is on the higher end at 89% but the company is not cash flow positive. Trailing yield: 4.7%. Lower than top quartile of Canadian dividend payers (4.9%). Higher than average of industry peers (3.3%). Reported Earnings • Feb 12
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: US$0.79 (up from US$0.73 in FY 2020). Revenue: US$198.5m (up 12% from FY 2020). Net income: US$29.3m (up 17% from FY 2020). Profit margin: 15% (in line with FY 2020). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 2.5%. Over the next year, revenue is forecast to grow 7.8%, compared to a 3.6% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has increased by 1% per year. Announcement • Feb 08
Caribbean Utilities Company, Ltd Announces Declaration of Dividend on Class A Ordinary Shares, Payable on March 15, 2022 Caribbean Utilities Company, Ltd. announced that the Board of Directors has declared a dividend of USD 0.175 per Class A Ordinary Share, or an annualized dividend of USD 0.70 per share. The dividend will be payable on March 15, 2022 to shareholders of record on March 1, 2022. Upcoming Dividend • Nov 23
Upcoming dividend of US$0.17 per share Eligible shareholders must have bought the stock before 30 November 2021. Payment date: 15 December 2021. Trailing yield: 4.7%. Within top quartile of Canadian dividend payers (4.5%). Higher than average of industry peers (3.2%). Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS US$0.27 (vs US$0.30 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: US$56.1m (up 28% from 3Q 2020). Net income: US$10.1m (down 1.4% from 3Q 2020). Profit margin: 18% (down from 23% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 24
Upcoming dividend of US$0.17 per share Eligible shareholders must have bought the stock before 31 August 2021. Payment date: 15 September 2021. Trailing yield: 4.7%. Within top quartile of Canadian dividend payers (4.5%). Higher than average of industry peers (3.1%). Major Estimate Revision • Aug 12
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from US$203.6m to US$195.8m. EPS estimate rose from US$0.70 to US$0.78. Net income forecast to grow 4.3% next year vs 6.1% growth forecast for Electric Utilities industry in Canada. Consensus price target broadly unchanged at US$14.26. Share price fell 6.2% to US$14.75 over the past week.