When it comes to investing in Canada, there's no question that one of the most popular stocks you can buy, especially if you're looking for a safe and reliable business, is Fortis (TSX:FTS), the massive $30 billion utility stock.

Fortis's significant size, essential services, considerable diversification, and lengthy track record together make it one of the best stocks in Canada that you can buy now and have confidence owning for years or even decades to come.

Therefore, although interest rates are starting to decline, with so much uncertainty persisting in the stock market, there's no question Fortis is one of the best stocks to buy now.

It has been rallying as of late, which is no surprise considering interest rates are now on the decline, and Fortis is a top dividend stock, which typically moves in the opposite direction of interest rates.

So, let's look at how much value Fortis offers today and where the stock will be in five years to determine if it's the right stock for your portfolio.

Where will Fortis stock be in five years?

Although there are several benefits to buying a high-quality and reliable dividend-growth stock like Fortis, one of the most important reasons investors want to buy Fortis is its predictability.

Fortis's future revenue and earnings are typically highly predictable as a utility stock that offers essential services and is regulated by the government.

Regardless of the state of the economy, demand for the services will remain consistent, giving Fortis and its investors a strong idea of how much growth the company will see.

This not only makes its future dividend payments highly predictable, but it also keeps Fortis from experiencing much volatility because there aren't many surprises for investors.

For example, right now, Fortis is already predicting that its dividend will continue to grow between 4% and 6% annually, through 2029. So investors know that not only can you lock in a compelling 4% dividend yield today, but over the next five years, that dividend should continue to grow by at least 4% every single year.

Furthermore, considering that Fortis has the second-longest dividend-growth streak in Canada, at more than half a century, you can be confident that Fortis will not only achieve this dividend growth but also continue to protect your capital over the next five years.

It's worth noting, though, that as reliable as Fortis is as a defensive stock, it will never offer that much growth potential. So, while it may be ideal for investors looking to shore up their portfolios and generate more passive income, it's not the ideal stock for younger investors looking for higher-growth companies.

Nevertheless, if you're looking for a safe and reliable business to earn you growing passive income, there's no question that Fortis is one of the best stocks to buy now.

How cheap is this top Canadian dividend stock?

With Fortis trading at roughly $62 per share at the time of writing, the stock is now trading just below its 52-week high, which is not surprising considering that interest rates are declining.

However, even with the stock at its 52-week high, it may not be undervalued, but it's not too expensive either.

Fortis still trades below its all-time high of more than $65, reached in mid-2022. Furthermore, with Fortis continuing to grow its earnings each year, the stock is now trading at a forward price-to-earnings (P/E) ratio of just 19.1 times, which is right in line with its five-year average forward P/E ratio of 19 times.

For comparison, in mid-2022, when it hit its all-time high, Fortis stock was trading at a forward P/E ratio of more than 23 times.

It's also worth noting that its current forward dividend yield of roughly 4% is actually higher than both its five and 10-year averages of 3.93% and 3.85%, respectively.

Therefore, while Fortis is still priced reasonably and offers an attractive yield of 4%, there's no question it's one of the best dividend-growth stocks to buy today.