Analyst Note| Stephen Ellis |
After refreshing our USD/CAD exchange rates given the recent volatility, our Canadian midstream valuations have declined in U.S. dollar terms while our Canadian dollar fair value estimates remain unchanged. Our new fair value estimate for Pembina stands at $27, down from $29 per share. Our TC Energy fair value estimate declines to $50 from $53 per share. Finally, our Enbridge fair value estimate decreases to $39 from $41 per share.