Keyera offers an attractive set of assets with growth prospects and a decent yield.
We are relaunching coverage of Keyera Corp, and raising our fair value estimate slightly from CAD 31 to CAD 33. Trading at CAD 41, which represents a 25% premium to our fair value estimate, the stock continues to look overvalued. Keyera’s operations don’t enjoy many of the regulatory protections afforded to pipeline operators, highlighted by the absence of strict approval requirements for new projects. The majority of the company’s operations are not underpinned by long-term contracts and can be...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.
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