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Pembina Pipeline Corp PPL

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Stock XTSE Rating as of
CAD 51.30 +0.33 (0.65%)
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Company Report

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Pembina Earnings: Alliance Pipeline, Aux Sable Transaction, Marketing Lead to 2024 Guidance Boost

Stephen Ellis

Pembina Pipeline's first-quarter results were good. The company raised 2024 EBITDA guidance to a midpoint of CAD 4.175 billion from CAD 3.875 billion, including the now-completed Alliance pipeline and Aux Sable transaction as well as higher marketing profits. We had already anticipated the majority of the increase, and our forecast only rose modestly to CAD 4.2 billion from CAD 4.1 billion. We have increased our fair value estimate to CAD 51/USD 38 per share from CAD 46/USD 34. Our no-moat rating is unchanged.

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Price vs Fair Value

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PPL is trading at a 715% premium.
Price
CAD 51.30
Fair Value
CAD 76.00
Uncertainty
Medium
1-Star Price
CAD 73.89
5-Star Price
CAD 17.20
Economic Moat
Tgxh
Capital Allocation
Hvmgr

Bulls Say, Bears Say

Bulls

Pembina has partnered with the Haisla Nation to pursue Cedar LNG, which could reach a final investment decision in mid-2024. This partnership offers Pembina a way to avoid stakeholder disputes.

Bears

Pembina’s acquisitions have generally been expensive and not worked out. The bid for Inter looked expensive, as does the likely bid for Trans Mountain.

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Trading Information

Previous Close Price
CAD 50.97
Day Range
CAD 50.85–51.35
52-Week Range
CAD 38.79–51.35
Bid/Ask
CAD 51.25 / CAD 51.34
Market Cap
CAD 29.73 Bil
Volume/Avg
2.6 Mil / 3.1 Mil

Key Statistics

Price/Earnings (Normalized)
16.95
Price/Sales
3.32
Dividend Yield (Trailing)
5.20%
Dividend Yield (Forward)
5.38%
Total Yield
5.41%

Company Profile

Pembina Pipeline is a midstream company serving the Canadian and North American (primarily Bakken) markets with an integrated product portfolio. Its assets include pipelines and gas gathering as well as assets across fractionation, storage, and propane exports.
Sector
Energy
Industry
Oil & Gas Midstream
Stock Style Box
Large Value
Total Number of Employees
2,837
Website
https://www.pembina.com

Competitors

Valuation

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Metric
PPL
ENB
KEY
Price/Earnings (Normalized)
 16.9516.8315.26
Price/Book Value
 2.051.783.07
Price/Sales
 3.322.351.24
Price/Cash Flow
 10.058.098.33
Price/Earnings
PPL
ENB
KEY

Financial Strength

Metric
PPL
ENB
KEY
Quick Ratio
 0.920.420.73
Current Ratio
 1.030.681.08
Interest Coverage
 5.562.933.08
Quick Ratio
PPL
ENB
KEY

Profitability

Metric
PPL
ENB
KEY
Return on Assets (Normalized)
 5.68%3.32%6.37%
Return on Equity (Normalized)
 13.34%10.71%19.91%
Return on Invested Capital (Normalized)
 8.03%6.08%10.36%
Return on Assets
PPL
ENB
KEY
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