Only one of our models could value this stock with confidence, so use it as a guide.
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Valued as a utility: P/E comparison and EV/EBITDA comparison.
ACCE opinionFortis Inc. Common Shares (FTS)
Fair value (2 models)
Not available
ACCE price target
$54.00
Rating
Not rated
Horizon
12 months
ACCE price target published on 24 Sept 2026, 00:00 CEST.
Price used: $57.95 at the close on 23 Oct 2026, 22:00 CEST.
Models: EV/EBITDA comparison and P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
56
out of 100
Analysts
40% buy
15 covering
P/E
23.6x
forward 21.0x
1-year return
+12.2%
Dividend yield
3.20%
Fortis Inc. Common Shares in four questions
Plain answers, details below
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Overview
ACCE thesis
Fortis is a Canadian regulated utility holding company whose core business is electric and gas distribution across Canada, the United States and the Caribbean, with its largest operations in its Arizona, Tampa-area and Canadian utility subsidiaries. Its moat is structural: returns are set by regulators on rate base, so earnings track capital spending on grid and gas infrastructure rather than commodity prices or competition. Revenue grew 4.1% and the forward P/E of 19.5 sits below the trailing 21.8, which suggests the market expects earnings to expand as that capital program comes into rates. The returns are the weak point, with ROE at 7.5%, so the question is whether allowed returns and rate base growth can lift that spread over its cost of equity. Score of 52/100 and no index membership mean this is not a screen favourite, which makes it worth a deeper look on the regulatory and capex detail rather than the headline multiples.