TRANSCANADA CORP. $33 (Toronto symbol TRP; Conservative Growth Portfolio, Utilities sector; Shares outstanding: 616 million; Market cap: $20.3 billion; Price-to-sales ratio: 2.2; SI Rating: Above Average) operates pipelines that pump natural gas from Alberta to eastern Canada and the United States. It also owns or invests in 19 electrical power plants.
Most of TransCanada’s businesses operate under some form of regulation by government agencies. That limits the prices it can charge, but it also provides steady revenue streams for new investments, debt repayments and dividends. TransCanada just raised its dividend for the ninth year in a row. The new annual rate of $1.52 yields 4.6%.
Meanwhile, TransCanada’s earnings before nonrecurring items in 2008 rose 16.3%, to $1.3 billion from $1.1 billion in 2007. Earnings per share rose just 8.2%, to $2.25 from $2.08. That’s because the company issued over $1 billion of new common shares during the year to pay for acquisitions and invest in new projects. Cash flow per share rose 7.2%, to $5.28 from $4.93. However, revenue fell 2.4%, to $8.6 billion from $8.8 billion.
TransCanada trades at 14.1 times its forecast 2009 earnings of $2.34 a share. Its total debt of $18.4 billion is equal to a high 89% of its market cap. That’s reasonable in light of its predictable cash flows.
TransCanada is a buy.
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