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Emera Inc T.EMA

Alternate Symbol(s):  EMRAF | EMRPF | T.EMA.PR.A | T.EMA.PR.B | ERRAF | T.EMA.PR.C | T.EMA.PR.E | EMICF | T.EMA.PR.F | T.EMA.PR.H | EMRJF | T.EMA.PR.J | T.EMA.PR.L

Emera Incorporated is a geographically diverse energy and services company. It invests in regulated electricity generation and electricity and gas transmission and distribution, with a strategic focus on transformation from high carbon to low carbon energy sources. Its segments include Florida Electric Utility, Canadian Electric Utilities, Gas Utilities and Infrastructure, Other Electric Utilities, and Other. Florida Electric Utility consists of Tampa Electric, a vertically integrated regulated electric utility in West Central Florida. Canadian Electric Utilities includes Nova Scotia Power Inc., a vertically integrated regulated electric utility and the electricity supplier in Nova Scotia, and a 100 % equity interest in NSP Maritime Link Inc. Gas Utilities and Infrastructure includes Peoples Gas System, Inc., New Mexico Gas Company, Inc., Emera Brunswick Pipeline Company Limited, SeaCoast Gas Transmission, LLC and a 12.9 % equity interest in Maritimes & Northeast Pipeline.


TSX:EMA - Post by User

Bullboard Posts
Post by scissors14on May 20, 2006 1:01pm
153 Views
Post# 10880384

Market Perform Rating Unchanged

Market Perform Rating Unchanged EMERA INC. (EMA-TSX) KAREN TAYLOR, CFA Rating: Market Perform Price: $18.51 Target: $19.25 2005A EPS: $1.04 2006E EPS: $1.12 2007E EPS: $1.17 Title: Proposed Brunswick Pipeline; Market Perform Rating Unchanged Event: On May 16, Emera announced that it plans to invest approximately $350 million in the Brunswick Pipeline (100% - Emera), a proposed pipeline that would deliver natural gas from the planned Canaport Liquefied Natural Gas import terminal near Saint John, New Brunswick, to an interconnection with the existing U.S. portion of the Maritimes & Northeast Pipeline (12.92% - Emera) at the international border near Baileyville, Maine. The 30”, 850 mmcf/d pipeline is supported by a 25-year send-or-pay agreement with Repsol YPF, S.A. (BBB+ - S&P) for approximately 750 mmcf/d of capacity. Impact: Potentially positive. Forecasts: Our 2006 and 2007 diluted EPS estimates are unchanged. We have updated our financial model to reflect the assumptions set out herein. The potential contribution is approximately $0.08 per share (basic) on a full-year basis in 2009. Valuation: Our target price of $19.25 reflects a weighted average valuation approach: 15x 2007E diluted EPS of $1.17 (12.5%), 1.4x 2007E BV of $13.03 (12.5%), and a target yield of 4.5% (75%), assuming 2007 dividends per share of $0.89. Recommendation: We believe that the shares are reasonably valued. Our rating is Market Perform.
Bullboard Posts