RBCAlgonquin Power & Utilities Corp. Steady as she goes; reiterating Outperform Our view: After an in-line quarter, our thesis has not changed. We continue to believe the shares of Algonquin will outperform its peers due to its attractive historic and future growth profile, pursuing opportunities in regulated utility and contracted power divisions, and contracted international developments indirectly through Atlantica Yield. Key points: International investment opportunities ramping up. Management noted that an agreement had been reached for Atlantica Yield to participate in the Peru transmission development, with the transfer of the project to Atlantica Yield following completion (FID expected in Q4/18). Beyond that, management indicated that its AAGES development JV is pursuing water desalination in California and North Africa, and wind projects in Uruguay. We note that even if AAGES is very successful in international opportunities, it will remain a relatively small contributor to Algonquin's financial results. Management sees minimal risk from Gaia Power's claim. On October 30, a junior renewable developer (Gaia Power) commenced an action in the Ontario Superior Court of Justice against Algonquin, claiming damages of C$345 million and punitive damages of C$25 million. The action arises from Gaia Power's 2010 sale of certain proposed wind farms to Algonquin (namely Chaplin and Amherst wind), with Gaia Power entitled to ~1% royalty payments (subject to offsets) if the projects are developed and achieve certain agreed targets. According to management, they fully intend to pay the royalties (subject to offsets), which we estimate is less than C$0.5 million per year for the Amherst wind project. Upcoming Investor Day should provide additional details supporting its strong growth profile. Algonquin will be hosting its annual Investor Day in Toronto and New York on December 4 and 5, respectively. We expect management will provide an updated 5-year outlook that should support a 10%+ growth profile without relying on M&A. Management indicated that they would provide additional colour on the opportunities it is pursuing through its AAGES development JV. We believe management will also provide an update on its North American wind and solar development pipeline and also better visibility on HLBV income (related to tax equity). Keeping estimates unchanged. We have maintained our 2018/19/20 FFO/ share estimates at $1.16, $1.15, and $1.24, respectively. We have updated our forecast to reflect the in-line Q3/18 results, higher contribution from the Generation division, offset by higher interest expense