AltaGas

L'entreprise

AltaGas runs two engines: regulated natural-gas utilities in the U.S. (rate-base earnings) and a Midstream segment centred on NGL processing, fractionation and West Coast LPG export terminals (RIPET/Ferndale) to Asia.

The utility side offers steady rate-base growth; the midstream/export side offers tolling and global-arbitrage upside on Canadian propane and butane.

Les avantages concurrentiels

West Coast LPG export terminals are scarce, high-barrier assets giving Canadian producers premium access to Asian markets — a genuine structural advantage.

Regulated utility franchises provide monopoly service territories and predictable, rate-base-driven cash flow.

Aperçu financier

Période déclarée la plus récente : Q2 2026 (ended Jun 30, 2026). Les chiffres reflètent la date de révision — confirmez les chiffres actuels avant d'agir.

Rendement du flux de trésorerie disponible et croissance durable

Rendement des bénéfices : ≈3.6%GAAP trailing P/E of ~27.9x at C$55.58 implies a ~3.6% earnings yield (1 ÷ 27.9). FCF is negative during the capital build-out, so an earnings yield is used rather than FCF; normalized EPS would imply a somewhat higher yield.

Growth comes from utility rate-base expansion plus midstream/export volume ramp; heavy capex means reported free cash flow is negative during the build-out, so FCF yield is not the right lens.

Q2 2026 was described as record second-quarter results on stronger Midstream and Utilities performance, supporting the normalized-EPS growth story.

Voir le classement complet du rendement des bénéfices →

Valorisation et points à surveiller

At ~C$55.58 and ~28x trailing GAAP earnings the stock isn't cheap on headline P/E, but normalized (adjusted) EPS — management's preferred metric — implies a materially lower multiple and a ~3.6%+ earnings yield.

The modest 2.4% dividend yield reflects a lower payout than peers, with capital retained to fund utility rate base and export-terminal growth.

Dividende

C$1.34 per share annually, ~2.4% yield — a deliberately lower payout that retains cash for regulated and export-infrastructure investment.

Risques et scénario baissier

• High debt load and heavy capital program make it sensitive to interest rates and financing conditions.
• Midstream/export earnings carry commodity-frame (frac spread, propane-to-Asia arbitrage) volatility that can swing results.
• A ~28x GAAP multiple leaves the stock exposed if utility regulation or export margins disappoint.

Faits récents

Delivered record Q2 2026 results — C$3.80B revenue, C$288M net income, C$490M operating cash flow — with strength across both the Utilities and Midstream segments and continued LPG-export momentum.

Verdict

AltaGas offers a rare blend of defensive regulated-utility cash flow and leveraged upside to Canadian LPG exports to Asia, making it more of a normalized-EPS growth story than a high-yield play. The trade-off is a stretched GAAP multiple, meaningful leverage and commodity-linked midstream volatility. Best judged on normalized EPS and rate-base growth. Informational only; CoinCompass is a publisher, not an adviser.