Q: I am overweight in FTS and wish to reduce it and diversify into H or another utility. Do you think that H would be impacted if Ontario decides to retaliate to US tariffs by cutting off US electricity? Is there another utility company that you prefer? I already own some EMA.
5i Research Answer:
The tariff threats did not hurt the stock much earlier this year, and it is now up 14% YTD. We would not see it as a hugely material risk to the company, and investors have likely priced it in, at least somewhat. We think it is a good complement to FTS.