AltaGas Ltd

Kalkine's Global Tariff Report offers independent, data-driven analysis of key global sectors impacted by tariff adjustments. It evaluates the potential implications these changes may have for equity valuations within those industries. The report prioritizes trade-sensitive sectors, which typically face increased investor scrutiny during periods of tariff uncertainty, while also identifying defensive and countercyclical segments that demonstrate resilience or potential for outperformance amidst global trade disruptions.

As illustrated in the table below, several key sectors in different countries are directly impacted by the recent tariff announcement from President Trump. 

Key Developments (as of December 15^th, 2025) 

Canada 

• S. ~35% tariff on non-USMCA-compliant Canadian imports, effective 1 August 2025, remains in force, following the increase from ~25%.
• USMCA-compliant goods continue to be exempt, limiting the impact on integrated supply chains such as autos, energy, and selected manufacturing segments.
• The U.S. - Canada trade environment remains elevated, with tariffs firmly in place and no confirmed rollback, while Canada’s retaliatory response remains measured and largely targeted. 

India

• The ~50% U.S. tariff on certain Indian exports remains unchanged as of mid-December 2025.
• Bilateral negotiations are ongoing, with market expectations of a potential reduction, but no formal agreement or implementation timeline has been announced.
• As a result, tariff uncertainty continues to weigh on export-oriented Indian sectors, particularly those exposed to the U.S. market. 

China 

• The reduced “fentanyl” tariff of ~10%, effective 10 November 2025, remains in place, and the ~10% reciprocal tariff extension continues through November 2026.
• However, stacked tariffs (Section 301, Section 232, and others) remain active, keeping the effective U.S. tariff on many Chinese goods near ~29 - 30%.
• The tariff truce is holding, but headline reductions have not translated into materially low overall tariff exposure due to cumulative duties. 

European Union 

• The U.S.–EU trade framework remains intact, capping most EU-origin goods at a ~15% maximum total tariff (MFN + reciprocal + applicable Section 232).
• Autos and auto parts continue to face ~15% tariffs, reduced from ~27.5%, effective 1 August 2025, under the agreed quota-based structure.
• Most EU exports now operate under the ~15% ceiling, while steel, aluminium, semiconductors, and select strategic sectors remain subject to ongoing negotiations and potential adjustments.

In September 2025, Canada’s trade position improved notably. Total exports rose to about CAD ~84.2 bn, supported by a sharp rebound in goods exports (up 6.3% to CAD ~64.2 bn) and a steady increase in service exports (up 0.7% to CAD ~20.0 bn). Total imports declined to roughly CAD ~83.9 bn, as a 4.1% drop in goods imports more than offset a 0.8% rise in service imports. As a result, Canada shifted from a deficit in August to a combined goods and services trade surplus of around CAD ~0.3 bn for the month.

Image source: © 2025 Krish Capital Pty. Ltd., Analysis: Kalkine Group

Image source: © 2025 Krish Capital Pty. Ltd., Analysis: Kalkine Group

Amid elevated Market Volatility and Tariff pressures, AltaGas Ltd (TSX: ALA) stands out as our defensive pick within the Energy sector, supported by rigorous fundamental and technical research.

Section1: Company Overview and Fundamental Insights:

AltaGas Ltd (TSX: ALA) owns and operates a diversified basket of energy infrastructure businesses. Business is conducted through four segments: Midstream, power, utilities and corporate. Utility business owns and operates rate-regulated natural gas distribution assets across North America. Midstream business subsequent to the sale of non-core midstream assets in Canada and also engaged in the natural gas liquid processing and extraction, transportation, and storage. Natural gas is sold and purchased for both commercial and industrial users. The Power business includes power generation assets such as natural gas-fired, wind, biomass, and hydro power assets.

Kalkine’s Global Tariff Report covers the Investment Highlights, Key Financial Metrics, Risks, Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.

The top 10 shareholders together form ~20.31% of the total shareholding. RBC Global Asset Management Inc. and The Vanguard Group, Inc. hold a maximum stake in the company at ~3.94% and ~3.21%, respectively.

The company reported rising financials in Q3 2025, where it clocked healthy growth under its Gross Margin, which is a key positive. Furthermore, it witnessed elevated Operating Margin and EBITDA Margin, displaying its operational efficiency.

Section 2: Business Updates and Financial Highlights

The picture below gives an overview of the company’s recent activities, such as an announcement regarding decent Utilization and Expansion Upside.

Section 3: Key Risks and Company Outlook

Section 4: Stock Recommendation Summary

The stock has witnessed a downside of ~1.04% and an upside of ~0.07% over the last 1 week and 3 months respectively. Moreover, it is trading above the average 52-week high price of CAD 44.37 and 52-week low price of CAD 32.02, providing an opportunity to ride the trend.

Valuation Methodology: EV to Sales Based Relative Valuation (Illustrative):

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is December 12, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement. 

Note 5: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice. 

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock. 

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock. 

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.