ALTAGAS LTD. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 30.2 CAD | -0.53% |
|
-0.59% | +8.55% |
| May. 02 | Transcript : AltaGas Ltd. - Shareholder/Analyst Call | |
| May. 02 | AltaGas Maintained at Outperform at National Bank Following Q1 Results; Price Target Kept at C$33.00 | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 5,512 | 5,231 | 7,651 | 6,582 | 8,195 | 8,983 | - | - |
| Enterprise Value (EV) 1 | 12,765 | 13,421 | 15,944 | 16,386 | 8,195 | 18,205 | 18,360 | 18,101 |
| P/E ratio | 7.14 x | 10.8 x | 33.3 x | 16.6 x | - | 13.1 x | 12.7 x | 11.8 x |
| Yield | 4.85% | 5.13% | 3.66% | 4.53% | 4.03% | 3.92% | 4.13% | 4.31% |
| Capitalization / Revenue | 1 x | 0.94 x | 0.72 x | 0.47 x | 0.63 x | 0.67 x | 0.63 x | 0.6 x |
| EV / Revenue | 2.32 x | 2.4 x | 1.51 x | 1.16 x | 0.63 x | 1.37 x | 1.29 x | 1.21 x |
| EV / EBITDA | 10 x | 10.2 x | 10.7 x | 10.7 x | 5.2 x | 10.4 x | 10 x | 9.45 x |
| EV / FCF | -28.4 x | 17.3 x | 15.7 x | 33.5 x | - | 38.8 x | 25.1 x | 21.2 x |
| FCF Yield | -3.52% | 5.78% | 6.37% | 2.98% | - | 2.58% | 3.98% | 4.72% |
| Price to Book | 0.77 x | 0.74 x | 1.1 x | 0.88 x | - | 1.13 x | 1.11 x | 1.07 x |
| Nbr of stocks (in thousands) | 278,660 | 279,453 | 280,167 | 281,519 | 294,571 | 295,895 | - | - |
| Reference price 2 | 19.78 | 18.72 | 27.31 | 23.38 | 27.82 | 30.36 | 30.36 | 30.36 |
| Announcement Date | 2/28/20 | 2/26/21 | 3/4/22 | 3/2/23 | 3/8/24 | - | - | - |
1CAD in Million2CAD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 5,495 | 5,587 | 10,573 | 14,087 | 12,997 | 13,326 | 14,237 | 14,958 |
| EBITDA 1 | 1,271 | 1,310 | 1,490 | 1,537 | 1,575 | 1,744 | 1,828 | 1,915 |
| EBIT 1 | 833 | 896 | 1,068 | 1,098 | 1,134 | 1,514 | 1,600 | 1,651 |
| Operating Margin | 15.16% | 16.04% | 10.1% | 7.79% | 8.73% | 11.36% | 11.24% | 11.04% |
| Earnings before Tax (EBT) 1 | 812.7 | 699 | 446 | 716 | 912 | 922.5 | 978 | 1,028 |
| Net income 1 | 833.5 | 486 | 230 | 399 | 641 | 708.4 | 725.8 | 775.3 |
| Net margin | 15.17% | 8.7% | 2.18% | 2.83% | 4.93% | 5.32% | 5.1% | 5.18% |
| EPS 2 | 2.770 | 1.740 | 0.8200 | 1.410 | - | 2.310 | 2.383 | 2.570 |
| Free Cash Flow 1 | -449.8 | 776 | 1,015 | 489 | - | 468.8 | 731.4 | 854.5 |
| FCF margin | -8.19% | 13.89% | 9.6% | 3.47% | - | 3.52% | 5.14% | 5.71% |
| FCF Conversion (EBITDA) | - | 59.24% | 68.12% | 31.82% | - | 26.87% | 40% | 44.61% |
| FCF Conversion (Net income) | - | 159.67% | 441.3% | 122.56% | - | 66.18% | 100.77% | 110.21% |
| Dividend per Share 2 | 0.9600 | 0.9600 | 0.9996 | 1.060 | 1.120 | 1.190 | 1.253 | 1.310 |
| Announcement Date | 2/28/20 | 2/26/21 | 3/4/22 | 3/2/23 | 3/8/24 | - | - | - |
1CAD in Million2CAD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 3,140 | 3,892 | 3,241 | 3,056 | 3,898 | 4,048 | 2,631 | 3,030 | 3,288 | 3,655 | 2,533 | 3,166 | 3,463 | - | - |
| EBITDA 1 | 341 | 574 | 246 | 233 | 454 | 582 | 239 | 252 | 502 | 660 | 279.5 | 263.8 | 553.4 | 690.5 | 331 |
| EBIT 1 | 236 | 462 | 138 | 127 | 342 | 471 | 127 | 143 | 392 | 544 | 171.5 | 132.5 | 436.5 | - | - |
| Operating Margin | 7.52% | 11.87% | 4.26% | 4.16% | 8.77% | 11.64% | 4.83% | 4.72% | 11.92% | 14.88% | 6.77% | 4.19% | 12.6% | - | - |
| Earnings before Tax (EBT) 1 | - | 504 | 85 | 48 | 78 | 619 | 182 | - | 161 | - | 69 | 14 | 327 | - | - |
| Net income 1 | -156 | 357 | 35 | -48 | 54 | 445 | - | -50 | 113 | 408 | 34.5 | 14 | 251 | - | - |
| Net margin | -4.97% | 9.17% | 1.08% | -1.57% | 1.39% | 10.99% | - | -1.65% | 3.44% | 11.16% | 1.36% | 0.44% | 7.25% | - | - |
| EPS 2 | -0.5600 | 1.260 | 0.1200 | -0.1700 | 0.1900 | 1.570 | 0.4700 | - | 0.4000 | 1.370 | 0.1150 | 0.0500 | 0.8450 | - | - |
| Dividend per Share 2 | 0.2499 | 0.2650 | 0.2650 | 0.2650 | 0.2650 | 0.2800 | 0.2800 | 0.2800 | 0.2800 | - | 0.3000 | 0.3000 | 0.3067 | - | - |
| Announcement Date | 3/4/22 | 4/28/22 | 7/28/22 | 10/28/22 | 3/2/23 | 4/26/23 | 7/28/23 | 11/3/23 | 3/8/24 | 5/2/24 | - | - | - | - | - |
1CAD in Million2CAD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 7,254 | 8,190 | 8,293 | 9,804 | - | 9,221 | 9,377 | 9,118 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 5.707 x | 6.252 x | 5.566 x | 6.379 x | - | 5.286 x | 5.128 x | 4.76 x |
| Free Cash Flow 1 | -450 | 776 | 1,015 | 489 | - | 469 | 731 | 855 |
| ROE (net income / shareholders' equity) | 4.55% | 5.56% | 7.11% | 7.36% | - | 8.66% | 9.08% | 9.11% |
| ROA (Net income/ Total Assets) | 1.5% | 1.92% | 2.3% | 2.33% | - | 2.79% | 2.97% | 3.04% |
| Assets 1 | 55,671 | 25,365 | 9,979 | 17,147 | - | 25,400 | 24,479 | 25,467 |
| Book Value Per Share 2 | 25.90 | 25.20 | 24.80 | 26.50 | - | 26.80 | 27.30 | 28.50 |
| Cash Flow per Share 2 | 2.220 | 2.770 | 2.640 | 1.920 | 3.980 | 3.930 | 4.190 | 4.410 |
| Capex 1 | 1,297 | 825 | 805 | 945 | - | 1,196 | 1,046 | 909 |
| Capex / Sales | 23.6% | 14.77% | 7.61% | 6.71% | - | 8.97% | 7.35% | 6.07% |
| Announcement Date | 2/28/20 | 2/26/21 | 3/4/22 | 3/2/23 | 3/8/24 | - | - | - |
1CAD in Million2CAD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
BUY
Number of Analysts
12
Last Close Price
30.36
CAD
Average target price
34.17
CAD
Spread / Average Target
+12.54%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +8.55% | 6.57B | |
| -11.11% | 24.9B | |
| +3.06% | 18B | |
| +22.02% | 16.07B | |
| -7.17% | 12.27B | |
| +9.14% | 9.33B | |
| +18.40% | 9.31B | |
| +0.12% | 7.11B | |
| -2.46% | 5.18B | |
| +10.76% | 5.04B |
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