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AQNB - Algonquin Power & Utilities: A Misunderstood Dividend Growth Powerhouse
Algonquin Power & Utilities Corp. 6.20% Fixed-to-Floating Subordinated Notes Series 2019-A due July 1 2079
If investors look at AQN's earnings per share, which is usually a good profit metric for utilities, AQN looks pricey and in danger of a dividend cut.
But AQN is not your average utility. It has substantial non-regulated business operations that make adjusted funds from operations the better profit metric.
When using AFFO, AQN looks relatively cheap, and the dividend is well-covered.
Growth this year has been stellar, with several acquisitions completed and renewable power generation projects coming online.
The market doesn't seem to like AQN's recent financing activity, but I don't mind it.