11:18 AM EST, 02/12/2024 (MT Newswires) -- National Bank said over the weekend that Fortis (FTS.TO) reported "solid" fourth-quarter results, with the adjusted EPS of $0.72 in line with the NBF forecast.
"Overall, our 2025e AFFO/sh remains largely unchanged at $5.46 (was $5.47) along with EPS at $3.30 (was $3.32), while 2025e D/EBITDA and FFO/D hold steady at 6.0x and 12%," the analysts said.
"With limited changes to our estimates, our target remains intact at $55, which is based on a risk-adjusted DDM yield of 4.5% (unchanged), a 13.5x FreeEBITDA multiple (unchanged) and our DCF valuation of $55.50 (unchanged). Based on a 12-month total return opportunity of 9.2%, we maintain our Sector Perform rating," the analysts said.
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