Financials AltaGas Ltd.

Equities

ALA

CA0213611001

Natural Gas Utilities

Market Closed - Toronto S.E. Other stock markets 04:00:00 2024-09-06 pm EDT			5-day change	1st Jan Change
34.37 ^CAD	+0.20%		-0.43%	+23.54%

Sep. 04	AltaGas Provided Final Pricing and Dividend Reset Rates On Series G and Series H Preferred Shares	MT
Sep. 03	TSX Closer: The Market Closes with a Sharp Drop as Commodities Weaken on China Data Ahead of Expected Rate Cut	MT

Projected Income Statement: AltaGas Ltd.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,495	5,587	10,573	14,087	12,997	13,020	14,028	14,763
Change	-	1.67%	89.24%	33.24%	-7.74%	0.18%	7.74%	5.24%
EBITDA ¹	1,271	1,310	1,490	1,537	1,575	1,746	1,843	1,928
Change	-	3.07%	13.74%	3.15%	2.47%	10.84%	5.57%	4.59%
EBIT ¹	833	896	1,068	1,098	1,134	1,273	1,369	1,420
Change	-	7.56%	19.2%	2.81%	3.28%	12.25%	7.57%	3.73%
Interest Paid ¹	-345.8	-274	-275	-330	-394	-435.5	-424.3	-419.6
Earnings before Tax (EBT) ¹	812.7	699	446	716	912	822	983	1,024
Change	-	-13.99%	-36.19%	60.54%	27.37%	-9.87%	19.59%	4.22%
Net income ¹	833.5	486	230	399	641	625.8	716.6	759.3
Change	-	-41.69%	-52.67%	73.48%	60.65%	-2.37%	14.51%	5.96%
Announcement Date	2/28/20	2/26/21	3/4/22	3/2/23	3/8/24	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales ¹	888	1,533	1,869	1,059	969	1,689	3,085	2,009	2,339	3,140	3,892	3,241	3,056	3,898	4,048	2,631	3,030	3,288	3,655	2,775	3,187	3,462	-	-	-	-	-	-
Change	-	72.64%	21.92%	-43.34%	-8.5%	74.3%	82.65%	-34.88%	16.43%	34.25%	23.95%	-16.73%	-5.71%	27.55%	3.85%	-35%	15.17%	8.51%	11.16%	-24.08%	14.85%	8.63%	-100%	-	-	-	-	-
EBITDA ¹	178	425	499	206	213	392	674	230	244	341	574	246	233	454	582	239	252	502	660	295	265.6	528.7	693.5	332.5	279.3	542.5	710	346
Change	-	138.76%	17.41%	-58.72%	3.4%	84.04%	71.94%	-65.88%	6.09%	39.75%	68.33%	-57.14%	-5.28%	94.85%	28.19%	-58.93%	5.44%	99.21%	31.47%	-55.3%	-9.96%	99.04%	31.18%	-52.05%	-15.99%	94.21%	30.88%	-51.27%
EBIT ¹	74.4	316.4	394	113	105	288	575	127	133	236	462	138	127	342	471	127	143	392	544	178	153.3	403.3	-	-	-	-	-	-
Change	-	325.27%	24.53%	-71.32%	-7.08%	174.29%	99.65%	-77.91%	4.72%	77.44%	95.76%	-70.13%	-7.97%	169.29%	37.72%	-73.04%	12.6%	174.13%	38.78%	-67.28%	-13.86%	163.04%	-100%	-	-	-	-	-
Charge d'intérêts ¹	-92.5	-77	-70	-71	-65	-68	-70	-69	-69	-67	-71	-76	-85	-99	-105	-93	-95	-101	-107	-111	-109.8	-109.2	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	9.2	-171.6	618	46	-	76	-	-	-	-	504	85	48	78	619	182	-	161	-	-46	48	280	-	-	-	-	-	-
Change	-	-	-	-92.56%	-100%	-	-100%	-	-	-	-	-83.13%	-43.53%	62.5%	693.59%	-70.6%	-100%	-	-100%	-	-	483.33%	-100%	-	-	-	-	-
Net income ¹	22	-89.9	464	21	-47	48	337	24	25	-156	357	35	-48	54	445	-	-50	113	408	-42	27	225	-	-	-	-	-	-
Change	-	-	-	-95.47%	-	-	602.08%	-92.88%	4.17%	-	-	-90.2%	-	-	724.07%	-100%	-	-	261.06%	-	-	733.33%	-100%	-	-	-	-	-
Announcement Date	10/30/19	2/28/20	4/30/20	7/30/20	10/29/20	2/26/21	4/29/21	7/29/21	10/28/21	3/4/22	4/28/22	7/28/22	10/28/22	3/2/23	4/26/23	7/28/23	11/3/23	3/8/24	5/2/24	8/1/24	-	-	-	-	-	-	-	-

¹CAD in Million

Estimates

Forecast Balance Sheet: AltaGas Ltd.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,254	8,190	8,293	9,804	9,434	9,382	9,668	9,611
Change	-	12.9%	1.26%	18.22%	-3.77%	-0.55%	3.05%	-0.59%
Announcement Date	2/28/20	2/26/21	3/4/22	3/2/23	3/8/24	-	-	-

¹CAD in Million

Estimates

Cash Flow Forecast: AltaGas Ltd.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	1,297	825	805	945	934	1,275	1,178	1,036
Change	-	-36.38%	-2.42%	17.39%	-1.16%	36.49%	-7.62%	-12.03%
Free Cash Flow (FCF) ¹	-449.8	776	1,015	489	1,161	181.5	288.4	436.8
Change	-	-272.52%	30.8%	-51.82%	137.42%	-84.37%	58.89%	51.45%
Announcement Date	2/28/20	2/26/21	3/4/22	3/2/23	3/8/24	-	-	-

¹CAD in Million

Estimates

Forecast Financial Ratios: AltaGas Ltd.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	23.13%	23.45%	14.09%	10.91%	12.12%	13.41%	13.14%	13.06%
EBIT Margin (%)	15.16%	16.04%	10.1%	7.79%	8.73%	9.78%	9.76%	9.62%
EBT Margin (%)	14.79%	12.51%	4.22%	5.08%	7.02%	6.31%	7.01%	6.94%
Net margin (%)	15.17%	8.7%	2.18%	2.83%	4.93%	4.81%	5.11%	5.14%
FCF margin (%)	-8.19%	13.89%	9.6%	3.47%	8.93%	1.39%	2.06%	2.96%
FCF / Net Income (%)	-53.97%	159.67%	441.3%	122.56%	181.12%	29%	40.24%	57.52%
Profitability
ROA	1.5%	1.92%	2.3%	2.33%	2.26%	2.8%	2.91%	2.97%
ROE	4.55%	5.56%	7.11%	7.36%	7.07%	8.1%	8.74%	8.84%
Financial Health
Leverage (Debt/EBITDA)	5.71x	6.25x	5.57x	6.38x	5.99x	5.37x	5.25x	4.99x
Debt / Free cash flow	-16.13x	10.55x	8.17x	20.05x	8.13x	51.69x	33.53x	22.01x
Capital Intensity
CAPEX / Current Assets (%)	23.6%	14.77%	7.61%	6.71%	7.19%	9.79%	8.4%	7.02%
CAPEX / EBITDA (%)	102.03%	62.98%	54.03%	61.48%	59.3%	73.02%	63.9%	53.75%
CAPEX / FCF (%)	-288.31%	106.31%	79.31%	193.25%	80.45%	702.37%	408.37%	237.21%
Items per share
Cash flow per share ¹	2.219	2.77	2.64	1.92	3.98	3.87	4.09	4.315
Change	-	24.84%	-4.69%	-27.27%	107.29%	-2.76%	5.68%	5.5%
Dividend per Share ¹	0.96	0.96	0.9996	1.06	1.12	1.193	1.255	1.315
Change	-	0%	4.13%	6.04%	5.66%	6.53%	5.16%	4.79%
Book Value Per Share ¹	25.85	25.19	24.79	26.49	26.15	26.83	28	29.09
Change	-	-2.56%	-1.59%	6.84%	-1.25%	2.58%	4.35%	3.89%
EPS ¹	2.77	1.74	0.82	1.41	-	2.105	2.368	2.517
Change	-	-37.18%	-52.87%	71.95%	-	-	12.47%	6.3%
Nbr of stocks (in thousands)	278,660	279,453	280,167	281,519	294,571	297,414	297,414	297,414
Announcement Date	2/28/20	2/26/21	3/4/22	3/2/23	3/8/24	-	-	-