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ERRAF - Emera: This Dividend Grower Has A Sunny Future
Emera Inc. Cum Pfd 5 Yr Rate Reset Ser C
Author's Note: All currency figures are listed in Canadian Dollars unless otherwise noted.
Investment Thesis
Emera Inc. (EMRAF) earns approximately 97% of its revenue from its regulated utility businesses. These regulated businesses allow for a predictable return on equity. Stable and predictable cash flow has allowed Emera to increase its dividend almost every year since 1992. The company's capital investments in its key Florida market should earn above average returns on invested capital. A favorable regulatory environment in Florida along with strong population growth are strong tailwinds for this utility.