Morningstar - Keyera Corp. (KEY.) Keyera Misses Our Expectations; Stock Looks Fairly Valued

Report

Morningstar

Joe Gemino

EUR 100.00 For Business Accounts Only

Keyera Misses Our Expectations; Stock Looks Fairly Valued

No-moat Keyera reported disappointing first-quarter results that missed our expectations. The company reported adjusted EBITDA of CAD 164 million, or CAD 0.78 per share, down from CAD 189 million, or CAD 0.92 per share, in the year-ago quarter. Distributable cash flow was also below our expectations at CAD 108 million, or CAD 0.51 per share and down from the first quarter of 2018, which was CAD 155 million or CAD 0.75 per share. The worse-than-expected performance was driven by a sharp decline i...

15/05/2019 13 EN

Underlying

Keyera Corp.

Keyera is engaged in the business of operating natural gas midstream businesses in Canada. Midstream entities operate in the oil and gas sector between the upstream sector, which includes oil and gas exploration and production businesses, and the downstream sector, which includes the refining, distribution and retail marketing of finished products. Co. is organized into two integrated businesses, (i) The Gathering and Processing Business Unit which Co. is engaged in owning and operating raw gas gathering pipelines and processing plants and (ii) The Liquids Business Unit consisting of natural gas liquids infrastructure and marketing.

See profile

CA4932711001 Toronto Stock Exchange Canada

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

See profile

Analysts

Joe Gemino

Other Reports on these Companies

SmartInsider

Keyera Corp: 1 director

A director at Keyera Corp sold 44,400 shares at 32.960CAD and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board me...

Free Trial

August 25, 2023 August 25, 2023 1 EN

TheScreener

For KEYERA, the environment deterioration entails a downgrade to Neutral

KEYERA (CA), a company active in the Integrated Oil & Gas industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 3 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date March 15, 2022, the closing price was CAD 28.96 and its expected value was estimated at CAD 29.44.

Free Trial

March 16, 2022 March 16, 2022 1 EN

Morningstar

Morningstar | Raising Our Fair Value Estimate for Keyera Corp, but Stock Looks Fairly Valued

After taking a second look at no-moat Keyeraâ€™s first-quarter results, we are increasing our fair value estimate to CAD 34 from CAD 33 driven by the addition of the Key Access Pipeline System to the growth portfolio. Despite the increase, the stock is still trading in 3-star territory. Keyeraâ€™s operations donâ€™t enjoy many of the regulatory protections afforded to pipeline operators, highlighted by the absence of strict approval requirements for new projects. Most of the companyâ€™s operations are not underpinned by long-term contracts and can be terminated on short notice. Keyeraâ€™s gath...

EUR 850.00

May 17, 2019 May 17, 2019 3 EN

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Contract manufacturer Lonza reported solid half-year results, with over CHF 2.9 billion in total sales year to date, up about 6.4% from last year and boosted by foreign exchange tailwinds. Core EBITDA margin expanded 30 basis points from last year to about 27.8%, helped slightly by new accounting standards. Management indicated that it continues to expect mid- to high-single-digit sales growth in 2019. We are maintaining our fair value estimate of CHF 210 per share and our no-moat rating. The ph...

EUR 100.00

July 25, 2019 July 25, 2019 13 EN

Damien Conover

Damien Conover

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

We don't expect any major changes to our AstraZeneca fair value estimate following second-quarter results that largely fell in line with our expectations and slightly ahead of consensus expectations. Overall, the company is posting leading Big Pharma sales growth with total sales up 18% operationally year over year, led by impressive cancer drug sales growth of 57%. Astra's ability to continue to bring next generation drugs to the market that address unmet medical need (especially in oncology) s...

EUR 100.00

July 25, 2019 July 25, 2019 14 EN

Damien Conover

Damien Conover

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

EUR 100.00

July 25, 2019 July 25, 2019 14 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Keyera Misses Our Expectations; Stock Looks Fairly Valued

Keyera Corp: 1 director

For KEYERA, the environment deterioration entails a downgrade to Neutral

Morningstar | Raising Our Fair Value Estimate for Keyera Corp, but Stock Looks Fairly Valued

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe