Investment Thesis
Over the last year, utility companies have seen significant share price appreciation, with the S&P/TSX Capped Utilities Index up 34% over the last 12 months. These gains have pushed down the yields of most TSX listed utility firms. Canadian Utilities Ltd. (CDUAF) although rallying ~20% over the last 12 months, is still yielding below its 5-year historical average. This makes its current dividend yield of ~4.3% attractive on a relative basis. At the same time, Canadian Utilities has continued its strong record of dividend growth, outpacing many of its peers over