Announcement • May 02
AltaGas Ltd. announces Quarterly dividend, payable on June 30, 2026 AltaGas Ltd. announced Quarterly dividend of CAD 0.3340 per share payable on June 30, 2026, ex-date on June 16, 2026 and record date on June 16, 2026. Announcement • Apr 02
AltaGas Ltd. to Report Q1, 2026 Results on Apr 30, 2026 AltaGas Ltd. announced that they will report Q1, 2026 results Pre-Market on Apr 30, 2026 Announcement • Mar 07
Altagas Ltd. Reiterates Earnings Guidance for the Full Year 2026 Altagas Ltd. reiterated Earnings Guidance for the full year 2026. For the period, the company reiterated its guidance normalized net income per share of $2.20 to $2.45. Announcement • Mar 06
Altagas Ltd. Announces Board Changes, Effective May 1, 2026 AltaGas Ltd. announced that its Board of Directors has approved a planned transition of the Board Chair role, effective May 1, 2026, following the Company's 2026 Annual Meeting of Shareholders. Derek Evans has been appointed as the next Board Chair. Pentti Karkkainen will continue to serve as Chair until May 1, 2026, and will remain on the Board as an active Director thereafter to support continuity and ongoing Board leadership. Derek Evans is a distinguished energy industry leader with more than four decades of experience. Most recently, he served as President and Chief Executive Officer of MEG Energy, where he led a successful turnaround and delivered significant shareholder value over his six-year tenure, prior to his retirement in 2024. Previously, Mr. Evans served as President and Chief Executive Officer of Pengrowth Energy and Focus Energy Trust, and earlier in his career held senior operational and leadership roles at Renaissance Energy. Mr. Evans also serves as a Director of Franco-Nevada Corporation, where he is Chair of the Compensation and ESG Committee. He is actively involved with several not-for-profit organizations. Announcement • Feb 09
AltaGas Ltd., Annual General Meeting, Apr 30, 2026 AltaGas Ltd., Annual General Meeting, Apr 30, 2026. Announcement • Feb 06
AltaGas Ltd. to Report Q4, 2025 Results on Mar 06, 2026 AltaGas Ltd. announced that they will report Q4, 2025 results at 9:30 AM, US Eastern Standard Time on Mar 06, 2026 Announcement • Dec 02
AltaGas Ltd. Proposes Dividend for the First Quarter of 2026, Payable on March 31, 2026 The Board of Directors of AltaGas Ltd. approved a 6% increase to the annual common share dividend to $1.34 per share for the 2026 calendar year, which equates to a rate of $0.334 per common share on a quarterly basis. Subject To Approve the Board of Directors, the first quarterly dividend of $0.334 per common share is expected to be effective for the March 2026 dividend and will be paid on March 31, 2026, to common shareholders of record on March 16, 2026. These dividends are eligible dividends for Canadian income tax purposes. Announcement • Nov 07
AltaGas Ltd. has completed a Follow-on Equity Offering in the amount of CAD 400.465 million. AltaGas Ltd. has completed a Follow-on Equity Offering in the amount of CAD 400.465 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 10,100,000
Price\Range: CAD 39.65
Discount Per Security: CAD 1.586
Transaction Features: Regulation S; Rule 144A Announcement • Nov 04
AltaGas Ltd. has filed a Follow-on Equity Offering in the amount of CAD 400.465 million. AltaGas Ltd. has filed a Follow-on Equity Offering in the amount of CAD 400.465 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 10,100,000
Price\Range: CAD 39.65 Announcement • Oct 30
Altagas Ltd. Declares Quarterly Dividend, Payable on December 31, 2025 AltaGas Ltd. declared a quarterly dividend of $0.315 per common share, payable on December 31, 2025, to shareholders of record on December 16, 2025. Announcement • Oct 10
AltaGas Ltd. to Report Q3, 2025 Results on Oct 30, 2025 AltaGas Ltd. announced that they will report Q3, 2025 results Pre-Market on Oct 30, 2025 Announcement • Sep 30
AltaGas Ltd. Appoints Bill Bullock to Its Board of Directors, Effective October 1, 2025 AltaGas Ltd. announced the appointment of William ("Bill") Bullock as a new Independent Director, effective October 1, 2025. Mr. Bullock will serve as a member of AltaGas' Audit Committee. Including Mr. Bullock's appointment, AltaGas' Board of Directors ("Board") will be comprised of 11 members. Mr. Bullock is an industry veteran and distinguished leader in the energy sector with nearly four decades of experience. Most recently, he served as Executive Vice President and Chief Financial Officer of ConocoPhillips until his retirement in May 2025. Prior thereto Bill had an extensive career working throughout ConocoPhillips, including as President of Asia Pacific & Middle East operations, Vice President of Corporate Planning & Development, and in a variety of senior roles spanning engineering, operations, commercial and business development. Mr. Bullock brings extensive experience working across complex global operations, throughout different regulatory jurisdictions, and across the upstream, midstream and downstream energy markets. Mr. Bullock currently serves on the Board of Kodiak Gas Services, a leading natural gas contract compression service provider in the U.S. He also serves as chair of the Engineering Advisory Council at Texas A&M University, the Joint Advisory Council for Texas A&M University at Qatar, and is an active member in his community, including serving as a Director of the Boy Scouts of America - Sam Houston Area Council. Announcement • Aug 01
AltaGas Ltd. Declares Quarterly Dividend, Payable on September 29, 2025 AltaGas Ltd. declared a quarterly dividend of $0.315 per common share, payable on September 29, 2025, to shareholders of record on September 16, 2025. Announcement • Jul 06
AltaGas Ltd. to Report Q2, 2025 Results on Aug 01, 2025 AltaGas Ltd. announced that they will report Q2, 2025 results Pre-Market on Aug 01, 2025 Announcement • Apr 04
AltaGas Ltd. to Report Q1, 2025 Results on May 01, 2025 AltaGas Ltd. announced that they will report Q1, 2025 results Pre-Market on May 01, 2025 Announcement • Feb 10
AltaGas Ltd., Annual General Meeting, May 01, 2025 AltaGas Ltd., Annual General Meeting, May 01, 2025. Announcement • Feb 07
AltaGas Ltd. to Report Q4, 2024 Results on Mar 07, 2025 AltaGas Ltd. announced that they will report Q4, 2024 results Pre-Market on Mar 07, 2025 Announcement • Jan 07
AltaGas Ltd. Appoints Derek Evans as Independent Director and Committee's AltaGas Ltd. announced the appointment of Derek Evans as a new Independent Director, effective January 7, 2025. Mr. Evans will serve as a member of AltaGas' Audit Committee and its Environment, Health and Safety Committee. With Mr. Evans' appointment, AltaGas increased the size of the Board of Directors (‘Board’) to 11 members. Mr. Evans is an industry veteran and distinguished leader in the energy sector with more than four decades of experience. Most recently, Mr. Evans served as President and CEO of MEG Energy, where he played a critical role in turning around the company and driving substantial shareholder value over his six-year tenure, until his retirement in 2024. Previously Mr. Evans was President and CEO of Pengrowth Energy and Focus Energy Trust, and he spent his formative years in senior operational and leadership roles at Renaissance Energy. Mr. Evans is a strong advocate for the energy industry and the important role it plays in keeping society moving. This includes currently serving as Executive Chair of the Pathways Alliance, a partnership between Canada's largest energy producers, which is focused on advancing environmental innovation and project development, including carbon capture and storage. Mr. Evans is also a Director of Franco-Nevada, a leading gold-focused royalty and streaming company, where he serves as Chair of the Compensation and ESG Committee. He also volunteers and has been active with several not-for-profit organizations. Announcement • Dec 03
Altagas Ltd. Increases Annual Dividend for the Calendar Year 2025 and Proposes First Quarterly Dividend, Payable on March 31, 2025 AltaGas Ltd.’s board of directors approved a 6% increase to the annual common share dividend to CAD 1.26 per share for the 2025 calendar year, which equates to a rate of CAD 0.315 per common share on a quarterly basis. Subject To Approve the board of directors, the first quarterly dividend of CAD 0.315 per common share is expected to be effective for the March 2025 dividend and will be paid on March 31, 2025, to common shareholders of record on March 17, 2025. These dividends are eligible dividends for Canadian income tax purposes. Declared Dividend • Nov 04
Third quarter dividend of CA$0.30 announced Shareholders will receive a dividend of CA$0.30. Ex-date: 16th December 2024 Payment date: 31st December 2024 Dividend yield will be 4.2%, which is about the same as the industry average. 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 decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 51% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: CA$0.03 (vs CA$0.18 loss in 3Q 2023) Third quarter 2024 results: EPS: CA$0.03 (up from CA$0.18 loss in 3Q 2023). Revenue: CA$2.76b (down 8.9% from 3Q 2023). Net income: CA$9.00m (up CA$59.0m from 3Q 2023). Profit margin: 0.3% (up from net loss in 3Q 2023). Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Oct 05
AltaGas Ltd. to Report Q3, 2024 Results on Oct 31, 2024 AltaGas Ltd. announced that they will report Q3, 2024 results Pre-Market on Oct 31, 2024 Upcoming Dividend • Sep 09
Upcoming dividend of CA$0.30 per share Eligible shareholders must have bought the stock before 16 September 2024. Payment date: 27 September 2024. Payout ratio is on the higher end at 78%, and the cash payout ratio is above 100%. Trailing yield: 3.5%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (6.7%). New Risk • Aug 30
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €554k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risks Dividend is not well covered by cash flows (485% cash payout ratio). Shareholders have been diluted in the past year (5.6% increase in shares outstanding). Significant insider selling over the past 3 months (€554k sold). Declared Dividend • Aug 05
Second quarter dividend of CA$0.30 announced Shareholders will receive a dividend of CA$0.30. Ex-date: 16th September 2024 Payment date: 27th September 2024 Dividend yield will be 4.1%, which is lower than the industry average of 4.4%. Sustainability & Growth Dividend is covered by earnings (76% earnings payout ratio) but not covered by cash flows (485% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 69% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Aug 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 106% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Dividend is not well covered by cash flows (485% cash payout ratio). Large one-off items impacting financial results. Shareholders have been diluted in the past year (5.5% increase in shares outstanding). Reported Earnings • Aug 02
Second quarter 2024 earnings released: CA$0.14 loss per share (vs CA$0.47 profit in 2Q 2023) Second quarter 2024 results: CA$0.14 loss per share (down from CA$0.47 profit in 2Q 2023). Revenue: CA$2.78b (up 5.5% from 2Q 2023). Net loss: CA$42.0m (down 132% from profit in 2Q 2023). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Aug 01
AltaGas Ltd. Maintains Earnings Guidance for the Year 2024 AltaGas Ltd. maintains earnings guidance for the year 2024. For the period, the company normalized EPS guidance of CAD 2.05 - CAD 2.25, compared to normalized EPS of CAD 1.90 and GAAP EPS of CAD 2.27 in 2023. Announcement • Jul 12
AltaGas Ltd. to Report Q2, 2024 Results on Aug 01, 2024 AltaGas Ltd. announced that they will report Q2, 2024 results at 9:30 AM, US Eastern Standard Time on Aug 01, 2024 Recent Insider Transactions • Jun 27
Executive VP & President of Midstream recently sold €407k worth of stock On the 21st of June, Randy Toone sold around 20k shares on-market at roughly €20.37 per share. This transaction amounted to 6.0% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €796k. Insiders have been net sellers, collectively disposing of €1.7m more than they bought in the last 12 months. Upcoming Dividend • Jun 07
Upcoming dividend of CA$0.30 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 54% but the company is paying out more than the cash it is generating. Trailing yield: 3.9%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (6.4%). Declared Dividend • May 06
First quarter dividend of CA$0.30 announced Shareholders will receive a dividend of CA$0.30. Ex-date: 14th June 2024 Payment date: 28th June 2024 Dividend yield will be 4.4%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (54% earnings payout ratio) but not covered by cash flows (dividend approximately 5x free cash flows). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 21% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 03
First quarter 2024 earnings released: EPS: CA$1.38 (vs CA$1.58 in 1Q 2023) First quarter 2024 results: EPS: CA$1.38 (down from CA$1.58 in 1Q 2023). Revenue: CA$3.66b (down 9.7% from 1Q 2023). Net income: CA$408.0m (down 8.3% from 1Q 2023). Profit margin: 11% (in line with 1Q 2023). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Apr 12
AltaGas Ltd. to Report Q1, 2024 Results on May 02, 2024 AltaGas Ltd. announced that they will report Q1, 2024 results Pre-Market on May 02, 2024 New Risk • Apr 08
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €893k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risks Dividend is not well covered by cash flows (197% cash payout ratio). Large one-off items impacting financial results. Shareholders have been diluted in the past year (4.9% increase in shares outstanding). Significant insider selling over the past 3 months (€893k sold). Recent Insider Transactions • Apr 08
Executive VP & President of Midstream recently sold €796k worth of stock On the 4th of April, Randy Toone sold around 40k shares on-market at roughly €19.91 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.7m more than they bought in the last 12 months. Reported Earnings • Mar 10
Full year 2023 earnings released: EPS: CA$2.27 (vs CA$1.42 in FY 2022) Full year 2023 results: EPS: CA$2.27 (up from CA$1.42 in FY 2022). Revenue: CA$13.0b (down 7.7% from FY 2022). Net income: CA$641.0m (up 61% from FY 2022). Profit margin: 4.9% (up from 2.8% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 13% per year. Announcement • Mar 08
Altagas Ltd. Reaffirms Earnings Guidance for the Year of 2024 AltaGas Ltd. reaffirmed earnings guidance for the year of 2024. For the year, company expected normalized EPS guidance of $2.05 - $2.25, compared to normalized EPS of $1.90 and GAAP EPS of $2.27 in 2023. Upcoming Dividend • Mar 07
Upcoming dividend of CA$0.30 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 29 March 2024. Payout ratio is a comfortable 53% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (6.9%). Announcement • Feb 09
AltaGas Ltd., Annual General Meeting, May 02, 2024 AltaGas Ltd., Annual General Meeting, May 02, 2024. Announcement • Feb 06
AltaGas Ltd. to Report Q4, 2023 Results on Mar 08, 2024 AltaGas Ltd. announced that they will report Q4, 2023 results Pre-Market on Mar 08, 2024 New Risk • Jan 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Shareholders have been diluted in the past year (4.6% increase in shares outstanding). Significant insider selling over the past 3 months (€1.8m sold). Upcoming Dividend • Dec 07
Upcoming dividend of CA$0.28 per share at 4.0% yield Eligible shareholders must have bought the stock before 14 December 2023. Payment date: 29 December 2023. Payout ratio is a comfortable 53% but the company is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of German dividend payers (5.2%). Lower than average of industry peers (5.2%). New Risk • Nov 18
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €1.9m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Significant insider selling over the past 3 months (€1.9m sold). Recent Insider Transactions • Nov 12
President recently bought €900k worth of stock On the 8th of November, Vern Yu bought around 50k shares on-market at roughly €17.99 per share. This transaction increased Vern's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Vern has been a buyer over the last 12 months, purchasing a net total of €1.2m worth in shares. New Risk • Nov 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 63% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Nov 04
Third quarter 2023 earnings released: CA$0.18 loss per share (vs CA$0.17 loss in 3Q 2022) Third quarter 2023 results: CA$0.18 loss per share (further deteriorated from CA$0.17 loss in 3Q 2022). Revenue: CA$3.03b (flat on 3Q 2022). Net loss: CA$50.0m (loss widened 4.2% from 3Q 2022). Revenue is expected to fall by 14% p.a. on average during the next 3 years compared to a 2.0% decline forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.6x net interest cover). Earnings are forecast to decline by an average of 1.4% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Announcement • Oct 14
AltaGas Ltd. to Report Q3, 2023 Results on Nov 03, 2023 AltaGas Ltd. announced that they will report Q3, 2023 results Pre-Market on Nov 03, 2023 Upcoming Dividend • Sep 07
Upcoming dividend of CA$0.28 per share at 4.2% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 29 September 2023. Payout ratio is a comfortable 53% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (5.2%). Announcement • Sep 01
AltaGas Ltd. (TSX:ALA) entered into a definitive agreement to acquire Pipestone Natural Gas Processing Plant, Natural Gas Storage Facility and assets from Tidewater Midstream and Infrastructure Ltd. (TSX:TWM) for CAD 650 million. AltaGas Ltd. (TSX:ALA) entered into a definitive agreement to acquire Pipestone Natural Gas Processing Plant, Natural Gas Storage Facility and assets from Tidewater Midstream and Infrastructure Ltd. (TSX:TWM) for CAD 650 million on August 30, 2023. Total consideration of CAD 650 million is comprised of CAD 325 million in cash and the issuance of 12.5 million AltaGas common shares to Tidewater, priced at $26.07, based on AltaGas’ The transaction is expected to be five percent EPS accretive in 2025 forward while being 0.1x net debt to normalized EBITDA credit accretive in 2025 forward. The transaction is subject to regulatory approvals and customary closing conditions and is expected to close prior to 2023 year-end. RBC Capital Markets are acting as financial advisors and Burnet Duckworth & Palmer LLP are acting as legal advisors to AltaGas on the transaction. Announcement • Aug 17
Altagas Ltd. Announces Appointment of A New Independent Director, Angela Lekatsas AltaGas Ltd. announced the appointment of a new Independent Director, Angela Lekatsas, effective September 1, 2023, which will increase the board of directors (the "Board") size to 11 directors. Ms. Lekatsas will also serve as a member of AltaGas' Audit Committee. Ms. Lekatsas is a recently retired executive with over two decades of broad industry and corporate finance experience. Most recently, she served as President and CEO of Cervus Equipment Corporation ("Cervus") until its acquisition in late 2021, providing agriculture, transportation and industrial equipment solutions across Canada, Australia and New Zealand. Prior to her appointment as President and CEO, Ms. Lekatsas served as an Independent Director of Cervus, including Chair of its Audit Committee. Previously, Angela was a senior executive with Nutrien Ltd. ("Nutrien"), and its predecessor company Agrium Inc., for 15 years, where she held various roles spanning Corporate Development, Operations, Finance and Risk. Prior to Nutrien, Ms. Lekatsas worked in public practice accounting with a focus on financial institutions, large transactions and cross border listed companies. Ms. Lekatsas currently serves on the Board of Directors of Baytex Energy Corp., where she is a member of its Audit Committee and Nominating and Governance Committee. Ms. Lekatsas has a Bachelor of Commerce Degree from the University of Saskatchewan, is a Chartered Professional Accountant, and holds the ICD.D designation from the Institute of Corporate Directors. New Risk • Aug 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.6x net interest cover). Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. New Risk • Jul 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.6x net interest cover). Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Jul 29
Second quarter 2023 earnings released: EPS: CA$0.47 (vs CA$0.13 in 2Q 2022) Second quarter 2023 results: EPS: CA$0.47 (up from CA$0.13 in 2Q 2022). Revenue: CA$2.63b (down 19% from 2Q 2022). Net income: CA$133.0m (up 280% from 2Q 2022). Profit margin: 5.1% (up from 1.1% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 1.3% decline forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 12
AltaGas Ltd. to Report Q2, 2023 Results on Jul 28, 2023 AltaGas Ltd. announced that they will report Q2, 2023 results Pre-Market on Jul 28, 2023 Upcoming Dividend • Jun 09
Upcoming dividend of CA$0.28 per share at 4.5% yield Eligible shareholders must have bought the stock before 15 June 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 62% but the company is not cash flow positive. Trailing yield: 4.5%. Lower than top quartile of German dividend payers (4.6%). In line with average of industry peers (4.6%). Reported Earnings • Apr 27
First quarter 2023 earnings released: EPS: CA$1.58 (vs CA$1.27 in 1Q 2022) First quarter 2023 results: EPS: CA$1.58 (up from CA$1.27 in 1Q 2022). Revenue: CA$4.05b (up 4.0% from 1Q 2022). Net income: CA$445.0m (up 25% from 1Q 2022). Profit margin: 11% (up from 9.2% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to decline by 6.5% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 08
Upcoming dividend of CA$0.28 per share at 4.7% yield Eligible shareholders must have bought the stock before 15 March 2023. Payment date: 31 March 2023. Payout ratio is a comfortable 75% but the company is not cash flow positive. Trailing yield: 4.7%. Within top quartile of German dividend payers (4.7%). In line with average of industry peers (4.7%). Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: CA$1.42 (vs CA$0.82 in FY 2021) Full year 2022 results: EPS: CA$1.42 (up from CA$0.82 in FY 2021). Revenue: CA$14.1b (up 33% from FY 2021). Net income: CA$399.0m (up 74% from FY 2021). Profit margin: 2.8% (up from 2.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to decline by 13% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Feb 15
AltaGas Ltd. to Report Q4, 2022 Results on Mar 02, 2023 AltaGas Ltd. announced that they will report Q4, 2022 results Pre-Market on Mar 02, 2023 Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 2 highly experienced directors. Independent Director Jon-Al Duplantier was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Dec 21
Independent Director recently bought €322k worth of stock On the 16th of December, David Cornhill bought around 20k shares on-market at roughly €16.09 per share. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €650k more in shares than they bought in the last 12 months. Upcoming Dividend • Dec 08
Upcoming dividend of CA$0.27 per share Eligible shareholders must have bought the stock before 15 December 2022. Payment date: 30 December 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.7%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (5.5%). Recent Insider Transactions • Nov 30
Executive VP & President of Midstream recently sold €875k worth of stock On the 23rd of November, Randy Toone sold around 54k shares on-market at roughly €16.20 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €972k more than they bought in the last 12 months. Reported Earnings • Oct 29
Third quarter 2022 earnings released: EPS: CA$0.13 (vs CA$0.089 in 3Q 2021) Third quarter 2022 results: EPS: CA$0.13 (up from CA$0.089 in 3Q 2021). Revenue: CA$3.06b (up 31% from 3Q 2021). Net income: CA$36.0m (up 44% from 3Q 2021). Profit margin: 1.2% (up from 1.1% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to decline by 10% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 08
Upcoming dividend of CA$0.27 per share Eligible shareholders must have bought the stock before 15 September 2022. Payment date: 29 September 2022. The company is paying out more than 100% of its profits and is paying out 93% of its cash flow. Trailing yield: 3.7%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (4.7%). Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: CA$0.13 (vs CA$0.086 in 2Q 2021) Second quarter 2022 results: EPS: CA$0.13 (up from CA$0.086 in 2Q 2021). Revenue: CA$3.24b (up 61% from 2Q 2021). Net income: CA$35.0m (up 46% from 2Q 2021). Profit margin: 1.1% (down from 1.2% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 25% compared to a 12% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 08
Upcoming dividend of CA$0.27 per share Eligible shareholders must have bought the stock before 15 June 2022. Payment date: 30 June 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.5%. Lower than top quartile of German dividend payers (4.2%). Lower than average of industry peers (4.9%). Reported Earnings • Apr 29
First quarter 2022 earnings released: EPS: CA$1.27 (vs CA$1.21 in 1Q 2021) First quarter 2022 results: EPS: CA$1.27 (up from CA$1.21 in 1Q 2021). Revenue: CA$3.89b (up 26% from 1Q 2021). Net income: CA$357.0m (up 5.9% from 1Q 2021). Profit margin: 9.2% (down from 11% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 24% compared to a 6.4% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Recent Insider Transactions • Apr 10
Insider recently sold €97k worth of stock On the 7th of April, Deborah Stein sold around 5k shares on-market at roughly €21.15 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €156k more than they bought in the last 12 months. Upcoming Dividend • Mar 08
Upcoming dividend of CA$0.27 per share Eligible shareholders must have bought the stock before 15 March 2022. Payment date: 31 March 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.7%. Within top quartile of German dividend payers (3.6%). Lower than average of industry peers (5.6%). Reported Earnings • Mar 06
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: CA$0.82 (down from CA$1.74 in FY 2020). Revenue: CA$10.6b (up 89% from FY 2020). Net income: CA$230.0m (down 53% from FY 2020). Profit margin: 2.2% (down from 8.7% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 23%. Over the next year, revenue is expected to shrink by 28% compared to a 6.2% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. 
