JRAP Submission by October 1; No Change to Near-Term Outlook Post Q1/26 Print

研报英文原文证据摘录

JRAP Submission by October 1; No Change to Near-Term Outlook Post Q1/26 Print

Power & Utilities

Hydro One Ltd.

TD SECURITIES INC. - CANADA EARNINGS UPDATE

May 13, 2026

Price: C$58.57 (05/12/2026) JRAP Submission by October 1; No Change to

Price Target: C$58.00 (Prior C$57.00) Near-Term Outlook Post Q1/26 Print

HOLD (2)

ESG SCORE: 55/100

John Mould, CFA^ THE TD COWEN INSIGHT

416 944 6832

Hydro One's Q1/26 EPS of $0.65 was ahead of our estimate ($0.63) and matched consensus.

john.mould@tdsecurities.com

JRAP filing is expected by Oct 1. We have increased our target price to $58 from $57 (valuation

Ben Fullarton^ roll-forward); reiterate HOLD. At 25.4x FWD consensus P/E, Hydro One trades 5.8x above its

416 308 8209 10-year average valuation. We believe this justifies caution regarding the potential for further

ben.fullarton@tdsecurities.com

multiple expansion.

Key Data

Symbol TSX: H-T Hydro One reported Q1/26 results this morning before market open. EPS of $0.65 was ahead

12-Month Div (Est.): C$1.41 of our forecast of $0.63 and matched consensus.

Beta: 0.41

Impact: Neutral

12-Month Total

1.4%

Return:

We have increased our target price to $58 (prev. $57); we reiterate our HOLD rating. We

52-Week Range: C$60.17-C$47.89

have rolled our valuation forward to be based 75-25% 2027/2028 (prev. 100% on 2027). We

Market Cap: C$35.5B

believe Hydro One's pure-play characteristics and transparent growth outlook justify its

Net Debt (MM): C$19,080.0

premium valuation.

Cash/Share: C$0.06

Dil. Shares Out (MM): 599.8 LDC Consolidation. Ontario's municipal election calendar (fall 2026) likely puts a pause on

Float Shares (mm): 317.4 any LDC consolidation activity; management suggested it was unlikely within the next ~18-24

Float Cap ($mm): C$18,590 months.