December 29 marks the 30th year anniversary of Fortis Inc. trading on the Toronto Stock Exchange (TSX).
In 1987, under the name Newfoundland Light & Power Co. Limited, each common share in the Corporation was worth $4.69. As of Dec. 27, 2017, each share had a value of $46.000, representing a shareholder return of over 3,850 per cent.
“In the early days of Fortis, the vision was to identify and execute on new and emerging growth opportunities,” president and CEO Barry Perry stated in a news release to mark the anniversary.
“We believed we had the fortitude and diligence to expand our business beyond Newfoundland and Labrador. Since that time we’ve grown significantly, becoming a leader in the North American regulated electric and gas utility industry with nearly $20 billion in market capitalization.”
Early expansion efforts resulted in acquisitions in Prince Edward Island, Ontario, Alberta and British Columbia and were followed by expansion into the Cayman Islands, Turks and Caicos, and Belize.
Over the last five years, Fortis has expanded into nine U.S. states and now counts itself among the top 15 investor-owned North American utilities based on enterprise value.
Total corporate assets that were worth $390 billion Canadian dollars in 1987 are worth $47 billion today.