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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  AltaGas Ltd.    ALA   CA0213611001

ALTAGAS LTD.

(ALA)
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JPMorgan, Goldman Sachs top Canadian M&A rankings as activity rises

04/06/2017 | 10:43am EST
JP Morgan Chase & Co. corporate headquarters in New York

TORONTO (Reuters) - Canadian mergers and acquisitions got off to their strongest start in 17 years in 2017 as cross-border deal activity picked up pace, with JPMorgan (>> JPMorgan Chase & Co.), Goldman Sachs (>> Goldman Sachs Group Inc) and RBC (>> Royal Bank of Canada) taking the top three spots in the advisory rankings.

TORONTO (Reuters) - Canadian mergers and acquisitions got off to their strongest start in 17 years in 2017 as cross-border deal activity picked up pace, with JPMorgan (>> JPMorgan Chase & Co.), Goldman Sachs (>> Goldman Sachs Group Inc) and RBC (>> Royal Bank of Canada) taking the top three spots in the advisory rankings.

Foreign banks further consolidated their position in Canadian deal-making as companies looked beyond borders for growth opportunities. Toronto Dominion (>> Toronto-Dominion Bank) and Lazard (>> Lazard Ltd) rounded out the top five positions in the league tables, according to Thomson Reuters data released on Thursday.

Deal value in the first quarter of 2017 jumped 12 percent to $75.4 billion (60 billion pounds), making it the best first quarter only behind the same period in 2000. Sizeable cross-border deals included AltaGas Ltd's (>> Altagas Ltd) planned acquisition of WGL Holdings (>> WGL Holdings Inc) for C$8.4 billion ($6.25 billion), and MacDonald Dettwiler and Associates Ltd's (>> Macdonald Dettwiler & Associates Ltd) C$3.1 billion deal buy U.S.-based satellite imagery provider DigitalGlobe Inc (>> DigitalGlobe Inc).

"The results are reflective of the strong market we have for cross-border deals," said David Rawlings, head of JPMorgan Canada.

Canadian companies "certainly want exposure to the United States. Our clients want to diversify outside of Canada," he added.

Energy sector deals dominated the league tables, with domestic oil companies scooping assets of foreign oil majors. ConocoPhillips (>> ConocoPhillips) agreed to sell its oil sands and natural gas assets to Cenovus Energy Inc (>> Cenovus Energy Inc) for C$17.2 billion, while Royal Dutch Shell <RDSa.L> offloaded most of its Canadian oil sands assets for $8.5 billion. Canadian Natural Resources Ltd (>> Canadian Natural Resources Limited) was the main buyer of those assets.

"The large energy deals are strategic, chessboard-type transactions," said Brian Hanson, chief executive of Lazard's Canadian investment banking division.

"We expect more energy activity and more energy consolidation, but it may not be in a straight line, particularly if energy prices are volatile," he added.

The robust first-quarter performance in Canadian M&A follows an impressive 2016, when deal volume hit a nine-year high.. Bankers are betting on more deals.

"We remain optimistic that 2017 will be a good year for Canadian M&A," said Peter Buzzi, co-head of M&A at RBC Capital Markets.

"Equity markets are close to their all-time highs and interest rates are still low by historical standards, notwithstanding the run-up since the U.S. election."

(Reporting by John Tilak; Editing by Leslie Adler)

By John Tilak


© Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
ALTAGAS LTD. -0.75% 18.48 Delayed Quote.-5.76%
AMP LIMITED -1.72% 1.71 End-of-day quote.-10.70%
BEST INC. -1.88% 2.87 Delayed Quote.-47.30%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.10% 0.7722 Delayed Quote.-0.03%
CANADIAN NATURAL RESOURCES LIMITED 0.76% 29.81 Delayed Quote.-29.45%
CENOVUS ENERGY INC. 0.39% 6.455 Delayed Quote.-51.21%
CONOCOPHILLIPS -0.35% 39.35 Delayed Quote.-39.17%
DEERE & COMPANY -2.32% 255.71 Delayed Quote.51.19%
DH CORP 0.00%End-of-day quote.14.41%
DIGITALGLOBE, INC. 0.00%End-of-day quote.0.00%
LAZARD LTD 2.57% 38.28 Delayed Quote.-6.61%
LETS HOLDINGS GROUP CO., LTD. -1.52% 9.08 End-of-day quote.50.33%
LINE CORPORATION 0.00% 5380 End-of-day quote.0.56%
ROYAL BANK OF CANADA 1.18% 107.27 Delayed Quote.3.22%
THE GOLDMAN SACHS GROUP, INC. 1.43% 232.47 Delayed Quote.2.38%
THE TORONTO-DOMINION BANK 2.32% 70.87 Delayed Quote.-4.87%
US DOLLAR / CANADIAN DOLLAR (USD/CAD) -0.39% 1.2934 Delayed Quote.-0.03%
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Financials
Sales 2020 5 214 M 4 025 M 4 025 M
Net income 2020 605 M 467 M 467 M
Net Debt 2020 7 738 M 5 973 M 5 973 M
P/E ratio 2020 8,96x
Yield 2020 5,15%
Capitalization 5 209 M 4 009 M 4 021 M
EV / Sales 2020 2,48x
EV / Sales 2021 2,24x
Nbr of Employees 2 801
Free-Float 94,4%
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Technical analysis trends ALTAGAS LTD.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
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Buy
Mean consensus BUY
Number of Analysts 14
Average target price 21,36 CAD
Last Close Price 18,64 CAD
Spread / Highest target 23,4%
Spread / Average Target 14,6%
Spread / Lowest Target 7,30%
EPS Revisions
Managers
NameTitle
Randall L. Crawford President, Chief Executive Officer & Director
Pentti O. Karkkainen Chairman
D. James Harbilas Chief Financial Officer & Executive Vice President
David Wallace Cornhill Independent Director
Allan L. Edgeworth Independent Director
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