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ZYBERNO

Stock Report

Updated Aug 25, 2026

EMERA INCORPORATED (EMICF)

Utilities • OTC

$15.04

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

13.0/100

POOR BUSINESS

EMERA INCORPORATED (EMICF) scores 13/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full EMICF quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

+2.5%

Fairly Priced

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full EMICF valuation analysis · → View full EMICF Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (0.0%)

Debt-to-Equity (Solvency Risk):POOR (1.54x)

Operating Margin (Operational Efficiency):CRITICAL (0.0%)

Return on Capital (Capital Efficiency):POOR (5.2%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

EMERA INCORPORATED (EMICF) stock report — Zyberno Score 13/100 (POOR BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, EMERA INCORPORATED (EMICF) shows a Brina Gap of +2.5%, which strengthens the case: based on the company's ROIC (5.2%) and reinvestment rate (121.5%), the business can fundamentally grow at 6.3% — but the current enterprise value implies the market expects 3.8%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:15.04

Market Cap:$4.50B

Valuation Multiples (2)

P/B Ratio:0.47x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$20.11B

Ev Ebitda Ratio:8.63x

Price Action & Momentum (1)

% of 52-Week High:100.0%

B. Profitability Assessment

Return Metrics (5)

Roic:

5.2%

📊 Click to view full EMICF ROIC analysis →

Reinvestment Rate:121.5%

Fundamental Growth Rate (g):6.3%

Market-Implied Growth Rate:3.8%

Brina Gap:

2.5%

☷ Click to view full EMICF Brina Gap analysis →

Margin Analysis (1)

Ebitda Margin:37.3%

Yield Metrics (2)

Earnings Yield:-$999.00

Dividend Yield:9.1%

C. Log-Linear Regression Growth Trends

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.66x

Quick Ratio:0.54x

Cash Ratio:0.05x

Leverage Analysis (3)

Debt To Equity Ttm:1.54x

Debt-to-Equity Ratio:1.54x

Debt To Ebitda:6.80x

Coverage Ratios (2)

Interest Coverage Ratio:1.88x

Times Interest Earned:1.88

Capital Structure (4)

Working Capital:-1,593,214,296.00

Cash And Cash Equivalents:244,890,848.00

Long Term Debt:$14.57B

Net Debt:$15.61B

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

$6.25B

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00$1.41B

Bottom Line Performance (3)

$775.96M

Income Before Tax:$833.63M

Ebitda Ttm:2,330,022,516.00

Operating Expenses (5)

Operating Expenses:4,841,577,492.00

R And D Expense:0.00

Sga Expense:0.00

Income Tax Expense:$57.66M

Interest Expense:746,062,816.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:0.0%

Ebitda Margin:37.3%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$31.90B

Current Assets:$3.12B

Ppe Net:19,511,535,936.00

Goodwill:3,972,357,360.00

Intangible Assets:$71.69M

Liability Structure (4)

Total Liabilities:22,368,358,532.00

Current Liabilities:4,717,708,284.00

Long Term Debt:$14.57B

Short Term Debt:$1.29B

Equity & Capital (3)

Equity:$9.54B

Retained Earnings:$1.15B

Common Stock:6,682,530,204.00

Working Capital Items (3)

Accounts Receivable:691,959,024.00

Inventory:584,463,332.00

Accounts Payable:1,386,765,616.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:0.00

C. Cash Flow Analysis

Operating Activities (2)

$1.28B-$1.23B

Investment Activities (1)

Investing Cash Flow:-$2.48B

Financing Activities (3)

Financing Cash Flow:$1.31B

Dividends Paid Ttm:410,049,792.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:33,458,924.00

Long Term Debt Issuance:$1.44B

Long Term Debt Repayments:$143.09M

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (1)

Earnings Per Share Ttm:$2.59

Revenue & Cash Per Share (2)

Sales Per Share Ttm:20.88

Operating Cash Flow Per Share:$4.29

Book Value & Capital (2)

Book Value Per Share:$31.87

Cash Per Share:0.82

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.20x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:9.03x

Days Sales Outstanding Ttm:40.43

Inventory Management (2)

Inventory Turnover Ttm:10.69x

Days Inventory Outstanding Ttm:34.15

Payables & Cash Cycle (2)

Days Payable Outstanding:81.02

Cash Conversion Cycle:-6.45

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:0.00

Quality Score:75.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (4)

Reinvestment Rate:121.5%

Fundamental Growth Rate (g):6.3%

Market-Implied Growth Rate:3.8%

Brina Gap:

2.5%

☷ Click to view full EMICF Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

C. Company Profile & Context

Corporate Information (6)

Symbol:EMICF

Company Name:EMERA INCORPORATED

Sector:Utilities

Industry:Electric Utilities

Exchange:OTC

Country:Canada

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:299.20M

Shares Outstanding Basic:299.20M

Shares Outstanding Diluted:299.70M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-25 10:49:10 UTC

Data Timestamp:2026-08-25T10:49:10.822292