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Emera Incorporated

EMA-PC.TO

Regulated Electric · Utilities

Price

C$25.83

+0.00 (+0.00%)

Market Cap

C$18.09B

Exchange

Toronto Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Winston Score between 40 and 70. The stock passes some quality checks but not all.

Emera Incorporated is a Canadian energy company that delivers electricity and natural gas to homes and businesses. Its main subsidiaries include Tampa Electric in Florida, Nova Scotia Power in Canada, and several Caribbean utilities. Emera operates in the regulated utilities industry, meaning governments set the rates it can charge customers.

Emera earns most of its revenue by selling electricity and gas through long-term regulated contracts, which provide steady and predictable cash flow. The company operates primarily in Canada, the United States, and the Caribbean, and serves roughly 2.5 million customers across those regions. Its regulated business model acts as a moat because competitors cannot simply enter its service territories. However, Emera carries a significant debt load from years of infrastructure investment, and rising interest rates increase its borrowing costs, which is the main financial risk the business faces going forward.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-7.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-5.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

56.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

~4 years

$2.5B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$2.5B cash & investments at current burn rate

Revenue declining

Emera Incorporated's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

30.5%

Modest — 30.5% gross margin

Operating Margin

25.3%

Excellent — 25.3% operating margin

ROCE

1.6%

Weak — 1.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+3.1%

Slow sales growth (3.1% YoY)

EPS YoY

+11.5%

Earnings growing (11.5% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

172%

Turns 172% of profit into real cash

FCF Margin

-22.8%

Burning cash (-22.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.69

Elevated debt (1.69)

Interest Cover

1.20x

Dangerous — barely covers interest (1.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio

20.1x

Growth-priced — P/E 20.1

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+13.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (20.1 → 7.2)

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Dividends

Dividend Yield

4.05%

Healthy income — 4.05% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+0.0%

Dividend flat

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