Keyera Corp

KEY: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Keyera Earnings: Broad-Based Improvements Drive Solid Quarter

Joshua Aguilar , Abby Weimer

Nov 15, 2024

Keyera reported solid third-quarter earnings, with adjusted EBITDA up 12% year over year to CAD 322 million. All segments—gathering and processing, liquids infrastructure, and marketing—reported year-on-year increases in realized margin. The firm is on track to meet its 2024 guidance. With the bulk of our financial projections unchanged, we maintain our CAD 39 fair value estimate and no-moat rating.

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Keyera Corp

Keyera Earnings: Broad-Based Improvements Drive Solid Quarter

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