Emera
Emera Incorporated, an energy and services company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity to various customers. The last earnings update was 66 days ago. More info.
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EMA Share Price and Events
7 Day Returns
1 Year Returns
EMA Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Emera (EMA) | -0.2% | 1.6% | 8% | 27.6% | 10.3% | 57.3% |
| North America Electric Utilities | -0.5% | 0.5% | 4.1% | 14.9% | 14.9% | 43% |
| CA Market | -0.4% | 0.8% | -1.7% | -3.1% | 8.2% | 0.9% |
1 Year Return vs Industry and Market
- EMA outperformed the Electric Utilities industry which returned 14.9% over the past year.
- EMA outperformed the Market in Canada which returned -3.1% over the past year.
EMA Value
Is Emera 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
Emera
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Emera.
| 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 | 6.7% |
| Perpetual Growth Rate | 10-Year CA Government Bond Rate | 1.9% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year CA Govt Bond Rate | 1.9% |
| Equity Risk Premium | S&P Global | 6% |
| Electric Utilities Unlevered Beta | Simply Wall St/ S&P Global | 0.26 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.262 (1 + (1- 26.5%) (122.62%)) |
0.664 |
| 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)
= 1.95% + (0.8 * 5.96%) |
6.72% |
Discounted Cash Flow Calculation for TSX:EMA using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Emera 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.
| Levered FCF (CAD, Millions) | Source |
Present Value Discounted (@ 6.72%) |
|
|---|---|---|---|
| 2020 | 670.75 | Analyst x4 | 628.54 |
| 2021 | 491.33 | Analyst x3 | 431.44 |
| 2022 | 1,299.00 | Analyst x1 | 1,068.89 |
| 2023 | 1,499.00 | Analyst x1 | 1,155.85 |
| 2024 | 1,657.86 | Est @ 10.6% | 1,197.90 |
| 2025 | 1,790.53 | Est @ 8% | 1,212.36 |
| 2026 | 1,901.30 | Est @ 6.19% | 1,206.34 |
| 2027 | 1,994.73 | Est @ 4.91% | 1,185.99 |
| 2028 | 2,075.00 | Est @ 4.02% | 1,156.08 |
| 2029 | 2,145.57 | Est @ 3.4% | 1,120.18 |
| Present value of next 10 years cash flows | CA$10,363.58 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2029
× (1 + g) ÷ (Discount Rate – g)
= CA$2,145.57 × (1 + 1.95%) ÷ (6.72% – 1.95%) |
CA$45,875.51 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= CA$45,875.51 ÷ (1 + 6.72%)10 |
CA$23,951.14 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= CA$10,363.58 + CA$23,951.14 |
CA$34,314.72 |
| Equity Value per Share (CAD) |
= Total value / Shares Outstanding
= CA$34,314.72 / 238.61 |
CA$143.81 |
| Calculation | Result | |
|---|---|---|
| Value per share (CAD) | From above. | CA$143.81 |
| Current discount | Discount to share price of
CA$54.28
= -1 x (CA$54.28 - CA$143.81) / CA$143.81 |
62.3% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Emera's share price is below the future cash flow value, and at a moderate discount (> 20%).
- Emera's share price is below the future cash flow value, and 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 Emera's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Emera's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in CAD | CA$3.21 |
| TSX:EMA Share Price ** | TSX (2019-07-15) in CAD | CA$54.28 |
| North America Electric Utilities Industry PE Ratio | Median Figure of 29 Publicly-Listed Electric Utilities Companies | 22.39x |
| Canada Market PE Ratio | Median Figure of 539 Publicly-Listed Companies | 15x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Emera.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = TSX:EMA Share Price ÷ EPS (both in CAD) = 54.28 ÷ 3.21 |
16.93x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Emera is good value based on earnings compared to the North America Electric Utilities industry average.
- Emera is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does
Emera's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 16.93x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts |
4.9%per year |
| North America Electric Utilities Industry PEG Ratio | Median Figure of 25 Publicly-Listed Electric Utilities Companies | 3.23x |
| Canada Market PEG Ratio | Median Figure of 249 Publicly-Listed Companies | 1.16x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 16.93x ÷ 4.9% |
3.47x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Emera is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
Emera's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in CAD | CA$31.53 |
| TSX:EMA Share Price * | TSX (2019-07-15) in CAD | CA$54.28 |
| North America Electric Utilities Industry PB Ratio | Median Figure of 33 Publicly-Listed Electric Utilities Companies | 2.19x |
| Canada Market PB Ratio | Median Figure of 2,436 Publicly-Listed Companies | 1.42x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = TSX:EMA Share Price ÷ Book Value per Share (both in CAD) = 54.28 ÷ 31.53 |
1.72x |
* Primary Listing of Emera.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Emera is good value based on assets compared to the North America Electric Utilities industry average.
Value checks
We assess Emera's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the Electric Utilities industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Electric Utilities industry average (and greater than 0)? (1 check) Emera has a total score of 4/6, 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.
EMA Future Performance
How is Emera 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!
Earnings growth vs Low Risk Savings
- Emera's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
- Emera's earnings growth is positive but not above the Canada market average.
- Emera's revenue growth is positive but not above the Canada market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| TSX:EMA Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts | 4.9% |
| TSX:EMA Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts | 3% |
| North America Electric Utilities Industry Earnings Growth Rate | Market Cap Weighted Average | 8.3% |
| North America Electric Utilities Industry Revenue Growth Rate | Market Cap Weighted Average | 2.5% |
| Canada Market Earnings Growth Rate | Market Cap Weighted Average | 14% |
| Canada Market Revenue Growth Rate | Market Cap Weighted Average | 5.7% |
*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
| 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 |
| Date (Data in CAD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 7,348 | 2,203 | 876 | 3 |
| 2022-12-31 | 7,084 | 2,144 | 827 | 3 |
| 2021-12-31 | 6,787 | 1,975 | 755 | 6 |
| 2020-12-31 | 6,424 | 1,792 | 698 | 10 |
| 2019-12-31 | 6,514 | 1,759 | 685 | 10 |
| Date (Data in CAD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 6,535 | 1,659 | 751 |
| 2018-12-31 | 6,524 | 1,690 | 710 |
| 2018-09-30 | 6,198 | 1,545 | 251 |
| 2018-06-30 | 6,130 | 1,576 | 214 |
| 2018-03-31 | 6,176 | 1,460 | 225 |
| 2017-12-31 | 6,226 | 1,193 | 266 |
| 2017-09-30 | 6,266 | 1,227 | 564 |
| 2017-06-30 | 6,227 | 1,058 | 388 |
| 2017-03-31 | 5,257 | 1,038 | 495 |
| 2016-12-31 | 4,277 | 1,053 | 227 |
| 2016-09-30 | 3,495 | 979 | 349 |
| 2016-06-30 | 2,750 | 800 | 479 |
*GAAP earnings excluding extraordinary items.
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 Emera Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in CAD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 3.40 | 3.40 | 3.40 | 1.00 |
| 2022-12-31 | 3.30 | 3.30 | 3.30 | 1.00 |
| 2021-12-31 | 3.01 | 3.02 | 3.00 | 3.00 |
| 2020-12-31 | 2.88 | 2.92 | 2.82 | 5.00 |
| 2019-12-31 | 2.81 | 2.84 | 2.79 | 4.00 |
| Date (Data in CAD Millions) | EPS * |
|---|---|
| 2019-03-31 | 3.21 |
| 2018-12-31 | 3.05 |
| 2018-09-30 | 1.10 |
| 2018-06-30 | 0.96 |
| 2018-03-31 | 1.03 |
| 2017-12-31 | 1.25 |
| 2017-09-30 | 2.68 |
| 2017-06-30 | 1.91 |
| 2017-03-31 | 2.65 |
| 2016-12-31 | 1.32 |
| 2016-09-30 | 2.22 |
| 2016-06-30 | 3.24 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess Emera's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the North America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the North America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Emera 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.
EMA Past Performance
How has Emera 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
Past Earnings growth analysis
- Emera's year on year earnings growth rate has been positive over the past 5 years.
- Emera's 1-year earnings growth exceeds its 5-year average (234% vs 9.1%)
- Emera's earnings growth has exceeded the North America Electric Utilities industry average in the past year (234% vs 11.1%).
Earnings and Revenue History
All data from Emera Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in CAD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 6,535.00 | 751.40 | 27.00 | |
| 2018-12-31 | 6,524.00 | 710.00 | 27.00 | |
| 2018-09-30 | 6,198.00 | 250.60 | -21.00 | |
| 2018-06-30 | 6,130.00 | 213.50 | -14.00 | |
| 2018-03-31 | 6,176.00 | 225.00 | -7.00 | |
| 2017-12-31 | 6,226.00 | 266.00 | ||
| 2017-09-30 | 6,266.00 | 564.40 | 21.00 | |
| 2017-06-30 | 6,227.00 | 388.30 | 14.00 | |
| 2017-03-31 | 5,257.00 | 495.40 | 7.00 | |
| 2016-12-31 | 4,277.00 | 227.00 | ||
| 2016-09-30 | 3,495.00 | 349.00 | ||
| 2016-06-30 | 2,749.60 | 479.00 | ||
| 2016-03-31 | 2,777.50 | 280.90 | ||
| 2015-12-31 | 2,789.00 | 397.00 | ||
| 2015-09-30 | 2,817.30 | 356.20 | ||
| 2015-06-30 | 2,737.10 | 349.50 | ||
| 2015-03-31 | 2,776.80 | 364.00 | ||
| 2014-12-31 | 2,938.60 | 406.70 | ||
| 2014-09-30 | 2,773.70 | 276.50 | ||
| 2014-06-30 | 2,702.50 | 277.10 | ||
| 2014-03-31 | 2,642.40 | 297.50 | ||
| 2013-12-31 | 2,230.20 | 217.50 | ||
| 2013-09-30 | 2,148.70 | 239.20 | ||
| 2013-06-30 | 2,133.90 | 255.10 | ||
| 2013-03-31 | 2,128.70 | 263.40 | ||
| 2012-12-31 | 2,058.60 | 220.80 | ||
| 2012-09-30 | 2,057.70 | 224.90 |
*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.
- Emera has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Emera used its assets more efficiently than the North America Electric Utilities industry average last year based on Return on Assets.
- Emera's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Emera's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Electric Utilities industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Emera has a total score of 4/6, 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.
EMA Health
How is Emera'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 Emera's finances.
The net worth of a company is the difference between its assets and liabilities.
- Emera's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- Emera's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0.2x 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.
All data from Emera Company Filings, last reported 3 months ago.
| Date (Data in CAD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 8,491.00 | 15,881.00 | 979.00 |
| 2018-12-31 | 8,358.00 | 16,597.00 | 316.00 |
| 2018-09-30 | 7,752.00 | 15,620.00 | 393.00 |
| 2018-06-30 | 7,947.00 | 15,610.00 | 330.00 |
| 2018-03-31 | 7,504.00 | 15,440.00 | 367.00 |
| 2017-12-31 | 7,204.00 | 15,122.00 | 438.00 |
| 2017-09-30 | 6,651.00 | 15,103.00 | 221.00 |
| 2017-06-30 | 6,951.00 | 15,660.00 | 217.00 |
| 2017-03-31 | 7,042.00 | 15,753.00 | 255.00 |
| 2016-12-31 | 6,816.00 | 15,705.00 | 404.00 |
| 2016-09-30 | 6,264.00 | 15,440.00 | 415.00 |
| 2016-06-30 | 4,350.90 | 11,961.50 | 7,523.90 |
| 2016-03-31 | 4,196.90 | 4,681.10 | 999.50 |
| 2015-12-31 | 4,334.00 | 4,706.00 | 1,073.00 |
| 2015-09-30 | 4,091.70 | 4,405.70 | 795.00 |
| 2015-06-30 | 4,000.00 | 3,714.20 | 176.70 |
| 2015-03-31 | 4,013.70 | 3,901.00 | 305.30 |
| 2014-12-31 | 3,705.40 | 4,014.00 | 221.10 |
| 2014-09-30 | 3,554.60 | 3,870.70 | 281.00 |
| 2014-06-30 | 3,537.90 | 3,746.00 | 130.10 |
| 2014-03-31 | 3,380.40 | 3,978.50 | 179.40 |
| 2013-12-31 | 2,897.20 | 4,132.50 | 100.80 |
| 2013-09-30 | 2,635.50 | 3,811.40 | 232.10 |
| 2013-06-30 | 2,641.00 | 3,720.40 | 80.00 |
| 2013-03-31 | 2,430.30 | 3,833.10 | 104.30 |
| 2012-12-31 | 2,277.80 | 3,721.40 | 86.70 |
| 2012-09-30 | 2,107.60 | 3,713.00 | 76.30 |
- Emera's level of debt (187%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (117.6% vs 187% today).
- Debt is not well covered by operating cash flow (10.4%, less than 20% of total debt).
- Interest payments on debt are not well covered by earnings (EBIT is 2x annual interest expense, ideally 3x coverage).
Financial health checks
We assess Emera's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Emera has a total score of 0/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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.
EMA Dividends
What is Emera'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
If you bought
CA$2,000 of
Emera
shares you are expected to receive
CA$87
in your first year as a dividend.
Dividend Amount
- Emera's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.08%).
- Emera's dividend is below the markets top 25% of dividend payers in Canada (5.73%).
Upcoming dividend payment
Purchase Emera before the 'Buy Limit' to receive their next dividend payment.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 12 Analyst Estimates (S&P Global) | See Below |
| North America Electric Utilities Industry Average Dividend Yield | Market Cap Weighted Average of 31 Stocks | 3.3% |
| Canada Market Average Dividend Yield | Market Cap Weighted Average of 336 Stocks | 3.5% |
| Canada Minimum Threshold Dividend Yield | 10th Percentile | 1.1% |
| Canada Bottom 25% Dividend Yield | 25th Percentile | 2.1% |
| Canada Top 25% Dividend Yield | 75th Percentile | 5.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in CA$) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | 2.71 | 3.00 |
| 2022-12-31 | 2.65 | 3.00 |
| 2021-12-31 | 2.57 | 7.00 |
| 2020-12-31 | 2.48 | 12.00 |
| 2019-12-31 | 2.38 | 11.00 |
| Date (Data in CA$) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-07-05 | 2.350 | 4.323 |
| 2019-04-05 | 2.350 | 4.532 |
| 2019-01-04 | 2.350 | 5.007 |
| 2018-08-09 | 2.350 | 5.650 |
| 2018-07-06 | 2.260 | 5.335 |
| 2018-04-06 | 2.260 | 5.526 |
| 2018-01-05 | 2.260 | 5.290 |
| 2017-09-29 | 2.260 | 4.706 |
| 2017-07-07 | 2.090 | 4.441 |
| 2017-04-07 | 2.090 | 4.371 |
| 2017-01-06 | 2.090 | 4.558 |
| 2016-09-30 | 2.090 | 4.585 |
| 2016-07-04 | 2.090 | 4.329 |
| 2016-04-08 | 1.900 | 4.068 |
| 2016-01-08 | 1.900 | 4.164 |
| 2015-08-11 | 1.900 | 4.383 |
| 2015-07-10 | 1.600 | 3.782 |
| 2015-02-06 | 1.600 | 3.895 |
| 2015-01-09 | 1.550 | 3.784 |
| 2014-09-26 | 1.550 | 4.137 |
| 2014-07-04 | 1.450 | 4.249 |
| 2014-04-04 | 1.450 | 4.227 |
| 2014-01-10 | 1.450 | 4.453 |
| 2013-10-16 | 1.450 | 4.810 |
| 2013-10-15 | 1.450 | 4.870 |
| 2013-07-05 | 1.400 | 4.518 |
| 2013-04-05 | 1.400 | 3.986 |
| 2013-01-04 | 1.400 | 3.955 |
| 2012-09-28 | 1.400 | 4.057 |
| 2012-07-06 | 1.350 | 3.887 |
| 2012-04-05 | 1.350 | 4.012 |
| 2012-01-06 | 1.350 | 4.042 |
| 2011-09-23 | 1.350 | 4.155 |
| 2011-07-08 | 1.300 | 4.181 |
| 2011-04-08 | 1.300 | 4.112 |
| 2011-01-07 | 1.300 | 4.097 |
| 2010-09-24 | 1.300 | 4.216 |
| 2010-07-09 | 1.130 | 4.237 |
| 2010-02-12 | 1.130 | 4.620 |
| 2010-01-08 | 1.090 | 4.536 |
| 2009-09-25 | 1.090 | 4.681 |
| 2009-07-10 | 1.010 | 4.830 |
| 2009-04-03 | 1.010 | 5.022 |
| 2009-01-09 | 1.010 | 4.926 |
| 2008-10-20 | 1.010 | 4.702 |
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
Emera's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are covered by earnings (1.4x coverage).
- Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
Income/ dividend checks
We assess Emera's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Emera afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Emera 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.
EMA Management
CEO
| COMPENSATION | CA$6,124,668 |
| AGE | 55 |
| TENURE AS CEO | 1.3 years |
CEO Bio
Mr. Scott Carlyle Balfour has been Chief Executive Officer, President and Director of Emera Incorporated since March 29, 2018. Mr. Balfour served as Chief Operating Officer of Emera Incorporated since November 18, 2016 until March 29, 2018 and also served as its Chief Financial Officer. He joined Emera in April 2012. Mr. Balfour served as Chief Operating Officer for Northeast & Caribbean at Emera Incorporated from March 01, 2016 to November 18, 2016. Mr. Balfour served as the Chief Financial Officer and Executive Vice President of Nova Scotia Power Inc. since April 16, 2012 until March 1, 2016. He served as the Chief Financial Officer and Executive Vice President of Emera Incorporated from April 16, 2012 to March 2016. He is a seasoned business executive, with over 23 years of business experience in various roles. Following six years in commercial and corporate banking with TD Bank and Royal Bank of Canada, he played a leading role in growing Aecon Group into Canada’s largest publicly traded construction firm. He served as the President of Aecon Group Inc., from September 2005 to January 31, 2011. He joined Aecon as Chief Financial Officer in 1994. He also served as the Chief Financial Officer at Aecon Group Inc. from April 20, 2009 to November 16, 2009. Mr. Balfour served as the Chief Executive Officer of Infrastructure Construction Division of Aecon Group Inc., and served as its Executive Vice President and Chief Financial Officer from 1999 to April 2009. He had an extensive career in corporate banking at the Royal Bank of Canada and the Toronto Dominion Bank. Mr. Balfour has been Chairman of the Board at Tampa Electric Company since April 19, 2017. He has been the Chairman of Nova Scotia Power Inc. since May 17, 2016. He serves as Chairman of the Board at ICD Utilities Limited and Emera (Caribbean) Inc. He served as Chairman at Emera Maine until August 13, 2018. He serves as a Director of Emera Maine. He served as the Chairman of Ontario Energy Association (OEA). Mr. Balfour has been the Director of Nova Scotia Power Inc. since 2016. He has been a Director of Emera (Caribbean) Incorporated since June 03, 2015. He has been an Independent Director of Martinrea International Inc., since June 18, 2013. He served as a Director of Aecon Group Inc., from 1995 to January 31, 2011. Mr. Balfour holds an Honours Bachelor in Business Administration (HBBA) from Wilfred Laurier University and an MBA from the Richard Ivey School of Business, University of Western Ontario.
CEO Compensation
- Scott's compensation has been consistent with company performance over the past year, both up more than 20%.
- Scott's remuneration is lower than average for companies of similar size in Canada.
Management Team Tenure
Average tenure and age of the Emera management team in years:
- The tenure for the Emera management team is about average.
Management Team
Scott Balfour
CEO, President & Director
CA$6M
55
1.3 yrs
Greg Blunden
Chief Financial Officer
CA$2M
54
3.3 yrs
Bruce Marchand
Chief Legal Officer & Chief Compliance Officer
CA$2M
7.5 yrs
Nancy Tower
President & CEO of Tampa Electric Company
CA$3M
1.6 yrs
Rob Bennett
President & CEO of Emera Technologies Inc.
CA$2M
57
2.6 yrs
Scott LaFleur
Acting Manager
5.2 yrs
Ken McOnie
VP of Investor Relations & Treasurer
Mike Roberts
Chief Human Resources Officer
4.6 yrs
Sarah MacDonald
Executive VP of Corporate Safety & Environment
50
1.6 yrs
Bob Hanf
Executive Vice President of Stakeholder Relations & Regulatory Affairs
CA$1M
8.5 yrs
Board of Directors Tenure
Average tenure and age of the Emera board of directors in years:
- The tenure for the Emera board of directors is about average.
Board of Directors
Jackie Sheppard
Chair of the Board
CA$400K
63
5.2 yrs
Scott Balfour
CEO, President & Director
CA$6M
55
1.3 yrs
Andrea Rosen
Director
CA$234K
65
12.5 yrs
Donald Pether
Director
CA$227K
71
10.7 yrs
Sylvia Chrominska
Director
CA$226K
68
8.8 yrs
Rick Sergel
Director
CA$261K
69
8.8 yrs
B. Loewen
Director
CA$224K
57
6.4 yrs
Henry Demone
Director
CA$223K
65
4.8 yrs
John Ramil
Director
CA$246K
63
2.8 yrs
Kent Harvey
Director
CA$247K
60
1.7 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (CA$) | Value (CA$) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 05. Jun 19 | Sell | Robert Bennett | Individual | 21. May 19 | 21. May 19 | -106,975 | CA$51.78 | CA$-5,538,973 | ||
| 25. Apr 19 | Sell | Karen Hutt | Individual | 22. Apr 19 | 22. Apr 19 | -477 | CA$50.32 | CA$-24,003 | ||
| 29. Mar 19 | Sell | Mark Sidebottom | Individual | 27. Mar 19 | 27. Mar 19 | -5,475 | CA$50.50 | CA$-276,487 | ||
| 27. Feb 19 | Sell | Mark Sidebottom | Individual | 22. Feb 19 | 22. Feb 19 | -350 | CA$46.59 | CA$-16,307 | ||
| 03. Jan 19 | Sell | Christopher G. Huskilson | Individual | 02. Jan 19 | 03. Jan 19 | -69,000 | CA$43.43 | CA$-2,995,363 | ||
| 04. Sep 18 | Sell | Wayne O'Connor | Individual | 31. Aug 18 | 31. Aug 18 | -350 | CA$41.25 | CA$-14,435 | ||
Management checks
We assess Emera's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Emera 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.
EMA News
Simply Wall St News
Did You Miss Emera's (TSE:EMA) 58% Share Price Gain?
For example, the Emera Incorporated (TSE:EMA) share price is up 58% in the last 5 years, clearly besting than the market return of around 1.4% (ignoring dividends). … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … During five years of share price growth, Emera achieved compound earnings per share (EPS) growth of 7.8% per year.
Simply Wall St - – Full articleWhat Are Analysts Expecting From Emera Incorporated (TSE:EMA) In Next 12 Months?
After Emera Incorporated's (TSE:EMA) recent earnings announcement in March 2019, analyst consensus outlook seem pessimistic, with earnings expected to decline by 8.4% in the upcoming year compared with the past 5-year average growth rate of 9.1%. … To understand the overall trajectory of EMA's earnings growth over these next fews years, I've fitted a line through these analyst earnings forecast to determine an annual growth rate from the slope. … TSX:EMA Past and Future Earnings, July 3rd 2019 From the current net income level of CA$710m and the final forecast of CA$730m by 2022, the annual rate of growth for EMA’s earnings is 4.9%.
Simply Wall St - – Full articleIs Emera Incorporated (TSE:EMA) A Smart Pick For Income Investors?
Dividend paying stocks like Emera Incorporated (TSE:EMA) tend to be popular with investors, and for good reason - some research suggests a significant amount of all stock market returns come from reinvested dividends. … Dividend Growth Potential While dividend payments have been relatively reliable, it would also be nice if earnings per share (EPS) were growing, as this is essential to maintaining the dividend's purchasing power over the long term. … Earnings per share have been growing rapidly, but given that it is paying out more than half of its earnings as dividends, we wonder how Emera will keep funding its growth projects in the future.
Simply Wall St - – Full articleDid Emera Incorporated (TSE:EMA) Use Debt To Deliver Its ROE Of 9.4%?
The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Emera: 9.4% = CA$751m ÷ CA$8.5b (Based on the trailing twelve months to March 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … Does Emera Have A Good Return On Equity? … Combining Emera's Debt And Its 9.4% Return On Equity Emera does use a significant amount of debt to increase returns.
Simply Wall St - – Full articleHere's Why I Think Emera (TSE:EMA) Is An Interesting Stock
I like to take a look at earnings before interest and (EBIT) tax margins, as well as revenue growth, to get another take on the quality of the company's growth. … We would not expect to see insiders owning a large percentage of a CA$12b company like Emera. … You can't deny that Emera has grown its earnings per share at a very impressive rate.
Simply Wall St - – Full articleIs Emera Incorporated (TSE:EMA) Investing Effectively In Its Business?
And finally, we'll look at how its current liabilities are impacting its ROCE. … Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Emera: 0.053 = CA$1.4b ÷ (CA$32b - CA$4.7b) (Based on the trailing twelve months to March 2019.) So, Emera has an ROCE of 5.3%. … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE.
Simply Wall St - – Full articleDo You Know What Emera Incorporated's (TSE:EMA) P/E Ratio Means?
The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … Emera has a price to earnings ratio of 16.51, based on the last twelve months. … How Do I Calculate Emera's Price To Earnings Ratio
Simply Wall St - – Full articleIncome Investors Should Know The Emera Incorporated (TSE:EMA) Ex-Dividend Date
Important news for shareholders and potential investors in Emera Incorporated (TSE:EMA): The dividend payment of CA$0.59 per share will be distributed to shareholders on 15 May 2019, and the stock will begin trading ex-dividend at an earlier date, 30 April 2019. … When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas:? … Will the company be able to keep paying dividend based on the future earnings growth
Simply Wall St - – Full articleWhat Kind Of Shareholders Own Emera Incorporated (TSE:EMA)?
Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … We also tend to see lower insider ownership in companies that were previously publicly owned. … Companies of this size are usually well known to retail investors, too.
Simply Wall St - – Full articleWill Emera Incorporated's (TSE:EMA) Earnings Grow In The Years Ahead?
The most recent earnings announcement Emera Incorporated's (TSE:EMA) released in December 2018a … confirmed
Simply Wall St - – Full articleEMA Company Info
Description
Emera Incorporated, an energy and services company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity to various customers. The company is also involved in gas transmission and utility energy services businesses; and the provision of energy marketing, trading, and other energy asset management services. In addition, it transports re-gasified liquefied natural gas to consumers in the northeastern United States through its 145-kilometre pipeline in New Brunswick. As of December 31, 2018, it served approximately 392,000 customers in Florida; 530,000 customers in New Mexico; 519,000 customers in Nova Scotia; 159,000 customers in the state of Maine; and 130,000 customers in the Island of Barbados. Emera Incorporated was founded in 1919 and is headquartered in Halifax, Canada.
Details
| Name: | Emera Incorporated |
| EMA | |
| Exchange: | TSX |
| Founded: | 1919 |
| CA$12,951,872,115 | |
| 238,612,235 | |
| Website: | http://www.emera.com |
| Address: |
Emera Incorporated 5151 Terminal Road, Halifax, Nova Scotia, B3J 1A1, Canada |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| TSX | EMA | Common Stock | The Toronto Stock Exchange | CA | CAD | 12. Aug 1992 | |
| OTCPK | EMRA.F | Common Stock | Pink Sheets LLC | US | USD | 12. Aug 1992 | |
| DB | C61 | Common Stock | Deutsche Boerse AG | DE | EUR | 12. Aug 1992 | |
| TSX | EMA.PRC | CU PF 5Y SER C | The Toronto Stock Exchange | CA | CAD | 07. Jun 2012 | |
| TSX | EMA.PRA | CUM PFD 5 YR | The Toronto Stock Exchange | CA | CAD | 02. Jun 2010 | |
| TSX | EMA.PRF | 1ST PFD SER F | The Toronto Stock Exchange | CA | CAD | 09. Jun 2014 | |
| TSX | EMA.PRH | 4.9% PFD SER H | The Toronto Stock Exchange | CA | CAD | 31. May 2018 | |
| OTCPK | ERRA.F | CU PF 5Y SER C | Pink Sheets LLC | US | USD | 07. Jun 2012 |
Number of employees
Current staff
Industry
| Electric Utilities | |
| Utilities |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/07/15 23:36 |
| End of day share price update: | 2019/07/15 00:00 |
| Last estimates confirmation: | 2019/06/27 |
| Last earnings filing: | 2019/05/10 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2018/12/31 |
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.
