Stock H HYDRO ONE LIMITED
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Financials Hydro One Limited

Equities

H

CA4488112083

Electric Utilities

Market Closed - Toronto S.E.
Other stock markets
 04:15:05 2024-04-26 pm EDT 		5-day change 1st Jan Change
38.21 CAD +0.98% Intraday chart for Hydro One Limited +1.08% -3.75%
Apr. 22 Sector Update: Consumer Stocks Edge Higher Pre-Bell Monday MT
Apr. 19 Toronto Stocks Advance; Algonquin Power Plans to Nominate Two to Board DJ

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 14,963 17,120 19,687 21,715 23,783 22,891 - -
Enterprise Value (EV) 1 27,551 30,695 33,812 36,322 39,393 39,567 40,975 42,124
P/E ratio 19.3 x 9.71 x 20.4 x 20.7 x 21.9 x 20.2 x 18.8 x 17.6 x
Yield 3.83% 3.49% 3.2% 3.06% 2.95% 3.27% 3.45% 3.66%
Capitalization / Revenue 2.31 x 2.35 x 2.72 x 2.79 x 3.03 x 2.81 x 2.69 x 2.58 x
EV / Revenue 4.25 x 4.21 x 4.68 x 4.67 x 5.02 x 4.86 x 4.82 x 4.75 x
EV / EBITDA 11.8 x 13 x 13.3 x 13 x 13.9 x 13.2 x 12.8 x 12.3 x
EV / FCF 273 x 98.4 x 153 x 124 x -125 x -103 x -121 x -270 x
FCF Yield 0.37% 1.02% 0.65% 0.81% -0.8% -0.97% -0.82% -0.37%
Price to Book 1.53 x 1.63 x 1.81 x 1.92 x 2.04 x - 1.84 x 1.78 x
Nbr of stocks (in thousands) 596,605 597,558 598,217 598,715 599,077 599,077 - -
Reference price 2 25.08 28.65 32.91 36.27 39.70 38.21 38.21 38.21
Announcement Date 2/12/20 2/24/21 2/25/22 2/14/23 2/13/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 6,480 7,290 7,225 7,780 7,844 8,134 8,495 8,874
EBITDA 1 2,328 2,366 2,534 2,798 2,838 2,994 3,191 3,436
EBIT 1 1,450 1,482 1,612 1,832 1,842 1,960 2,139 2,307
Operating Margin 22.38% 20.33% 22.31% 23.55% 23.48% 24.09% 25.18% 26%
Earnings before Tax (EBT) 1 796 1,011 1,151 1,346 1,272 1,322 1,436 1,536
Net income 1 778 1,770 965 1,050 1,085 1,133 1,224 1,305
Net margin 12.01% 24.28% 13.36% 13.5% 13.83% 13.93% 14.41% 14.71%
EPS 2 1.300 2.950 1.610 1.750 1.810 1.890 2.030 2.172
Free Cash Flow 1 101 312 221 294 -316 -383 -338 -156
FCF margin 1.56% 4.28% 3.06% 3.78% -4.03% -4.71% -3.98% -1.76%
FCF Conversion (EBITDA) 4.34% 13.19% 8.72% 10.51% - - - -
FCF Conversion (Net income) 12.98% 17.63% 22.9% 28% - - - -
Dividend per Share 2 0.9600 1.000 1.052 1.110 1.170 1.248 1.319 1.397
Announcement Date 2/12/20 2/24/21 2/25/22 2/14/23 2/13/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 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
Net sales 1 1,913 1,779 2,047 1,840 2,031 1,862 2,074 1,857 1,934 1,979 2,085 1,922 2,041 2,134
EBITDA 1 694 586 719 702 744 579 736 723 754 592 753.7 740.6 818.6 683.2
EBIT 1 491 339 508 444 532 348 484 476 539 343 492.3 485.3 550 405.3
Operating Margin 25.67% 19.06% 24.82% 24.13% 26.19% 18.69% 23.34% 25.63% 27.87% 17.33% 23.61% 25.25% 26.95% 19%
Earnings before Tax (EBT) 1 373 216 391 325 410 220 348 332 396 196 345 333.7 395.7 248.3
Net income 1 300 159 310 255 307 178 282 265 357 181 291.3 284.3 337.3 210.7
Net margin 15.68% 8.94% 15.14% 13.86% 15.12% 9.56% 13.6% 14.27% 18.46% 9.15% 13.97% 14.79% 16.53% 9.87%
EPS 2 0.5000 0.2600 0.5200 0.4200 0.5100 0.3000 0.4700 0.4400 0.5900 0.3000 0.4914 0.4733 0.5740 0.3450
Dividend per Share 2 0.2700 0.2663 0.2700 0.2800 0.2800 0.2800 0.2800 0.3000 0.3000 0.3000 0.2991 0.3110 0.3110 0.3110
Announcement Date 11/9/21 2/25/22 5/5/22 8/9/22 11/11/22 2/14/23 5/5/23 8/9/23 11/8/23 2/13/24 - - - -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 12,588 13,575 14,125 14,607 15,610 16,676 18,084 19,233
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 5.407 x 5.738 x 5.574 x 5.221 x 5.5 x 5.57 x 5.668 x 5.597 x
Free Cash Flow 1 101 312 221 294 -316 -383 -338 -156
ROE (net income / shareholders' equity) 8.22% 17.4% 9.01% 9.46% 9.44% 9.53% 9.92% 10.2%
ROA (Net income/ Total Assets) 3.02% 6.17% 3.18% 3.4% 3.37% 3.3% 3.4% 3.4%
Assets 1 25,763 28,677 30,338 30,920 32,155 34,338 36,005 38,382
Book Value Per Share 16.40 17.60 18.20 18.90 19.50 - 20.80 21.50
Cash Flow per Share 2 3.200 3.380 3.580 3.760 4.020 3.950 4.120 4.360
Capex 1 1,513 1,718 1,928 1,966 2,345 3,183 3,102 2,681
Capex / Sales 23.35% 23.57% 26.69% 25.27% 29.9% 39.13% 36.51% 30.22%
Announcement Date 2/12/20 2/24/21 2/25/22 2/14/23 2/13/24 - - -
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

Ratings for Hydro One Limited

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
12
Last Close Price
38.21 CAD
Average target price
39.92 CAD
Spread / Average Target
+4.47%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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