Bruce Campbell (2)Altagas LtdALA.TOCOMMENTSep 23, 2015

Because the market is slowly acknowledging how green we can get, this will benefit long into the future. With its natural gas focus, will have one of the biggest tailwinds in the space. Great dividend of 4.3%.

Good growth. Trucking right along. Wouldn't buy at these levels. Yield is 4.2%, growing at 6% per year.

Need to consider anticipated EPS growth rate. In the utility space, ALA is the clear winner on PE and price to growth.

Strong commodity tailwinds and utility growth. Balance sheet improving. Still cheap around 12x 2025, growth rate around 11%. Nice annual dividend growth. Very boring, but it works.

Would hold if already own. Quality business for the long term. Would not recommend buying at current prices (higher than historic prices). Would wait to buy on weakness. 

Very safe dividend. Expecting 10% growth rate. Very low valuation. Expecting lots of share price appreciation. Would recommend buying. Very safe dividend (~4.2%). 

Balance sheet very strong. Seeing growth in utilities. Lots of low capital/high return mid stream opportunities. Recent acquisition of Pipestone from Tidewater. Currently trading at historically good valuation. Growing dividend that is reliable. Has commodity tailwinds. Interest rates leveling out. 

Be cautious. Biggest issue is high debt level. With each acquisition, debt goes up. Transition from fossil fuels to renewables will take longer than people think, so don't sell for that reason alone. Lower debt means more free cashflow, so wait for that.

Continues to de-risk balance sheet. Growing global export margins. Low cost of capital, high returns. Acquisition looks high quality, synergistic. Low 11x valuation, growing at 11%. Sees dividend growing at 5%. Commodity tailwinds of more robust global exports plus nat gas price. Yield is 4.34%.

M&A acquisitions performing 3-4 years later.
4 years of dividend increases. 
One of largest positions.
Debt falling down to better levels.
Midstream assets performing well.
New CEO also bringing credibility.

Derisking balance sheet. Very strong utility growth. Lots of low-capital, high-return, midstream growth opportunities. Low valuation of 11x, with a 10.7% growth rate. Risk profile of a utility with the upside of LNG. Building out global exports is a key theme. Nice yield of 4.33%, growing around 5%.

Has owned this for a long time. He added in the past year when shares were in the dumps, and has seen a nice upside in the past year as it pays a nice 4.5% dividend. Recent earnings were decent and they're paying down debt. They had a favourable ruling in the U.S. over a pipeline. Selling an asset will accelerate debt repayments. Buy a half position and do the DRIP. You don't have to be bullish in natural gas to buy this, not as much. The technicals show nat gas is basing nicely. ALA collects a toll of whatever flows through their pipeline, but of course the more volume the better

Recent earnings report was strong.
Dividend is safe - very good at coverage.
Defensive name with utilities style business.
Current share price good time to buy.
Forest fires tough on business, but overall a good business. 
Higher interest rates weigh on cost of capital - but not overwhelming concern. 

AQN trades at a reasonable 14x but has no growth now. They're looking at spinning out their renewable business then reaccelerate growth. Too uncertain. Altagas has 14% growth and trades around 11x and pays a similar dividend. Safer than AQN.

Had a strong Q1 and showing progress in de-risking global exports. LNG growth and strong utility growth. Low capital yet high return midstream. He expects 9.5% growth and trades at a reasonable 10.2x PE. Pays a nearly 5% dividend. Unfairly ignored by dividends. Higher interest rates have chased money away while money has poured into the FAANGs.