Emera Inc (EMA-T)

Great Canadian company.
Hard assets, but current share price too high.
Waiting for share price to fall ~$10.
Very safe dividend. 

Electricity demand in North America continues to rise. Emera will sort out issues in Nova Scotia. Their New Meico and Tampa centres are growing, needing more electricity. It pays over a 5% dividend.

EMA will experience lower earnings this year, with a recovery in 2024. Growth is relatively low, but this is common for the industry. The Q1 was fine and exceeded expectations. We see nothing overly wrong with the company. Payout ratio is about 73%, so there is not huge room for dividend increases, but this may change next year. We think it is mostly a sector and higher-interest-rates rate problem. The stock is up 4% this year, more or les inline with the TSX's return. 
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The big question is: What will happen to interest rates? These stocks are sensitive to them. Rates have to rise above inflation in order to slow the latter. We are not there yet. If inflation takes off (50/50 chance), then Emera won't do well. This is worth $39. 

Weak finish last year due to regulatory problems in Nova Scotia, plus Florida storm damage. All utilities had a downdraft in Sept/Oct last year. Likes it here, buying at these levels. Electricity demand will continue, and distribution infrastructure will increase as a multi-decade story.