TSX-listed regulated utility, with regulated electric and gas operations in Canada and the U.S. All figures below are in Canadian dollars.
| Fair value / share | C$62.82 |
| Current price | C$70.48 |
| Implied downside | -11% |
| Discount rate (WACC) | 6.6% |
| Terminal growth | 2.5% |
| Implied terminal multiple | 12.6x |
| Enterprise value | ~C$43B |
| Market cap | ~C$21B |
Emera trades in a developed market, so the discount rate carries no country risk premium and the valuation uses a single lens.
| Revenue (FY25) | ~C$8.8B |
| EBITDA margin (FY25) | ~37% |
| Equity beta | 0.47 |
| Cost of equity | 6.5% |
| Risk-free rate (CA/US 10Y blend) | 4.5% |
| Equity risk premium | 4.4% |
| Shares outstanding | ~299M |
Valued with a full three-statement model and a discounted cash flow. Every assumption, forecast, and the complete build are in the model.
Published for informational and educational purposes only. Not investment advice, nor an offer or solicitation to buy or sell any security. Figures reflect the author's own model as of the date shown and may change without notice. The author may hold positions in securities discussed. Do your own research.