Pembina Reports Third-Quarter Results; Fair Value Estimate Unchanged
We are maintaining our $26 (CAD 34) fair value estimate and narrow moat rating for Pembina Pipeline. During the third quarter, the company generated adjusted EBITDA of CAD 287 million, up 17% from the year-ago quarter. Cash flow from operating activities increased to CAD 247 million from CAD 187 million in the third quarter of 2015. The increases were driven by higher operating margins from stronger performance across all businesses coupled with new assets being placed in service.During the qua...
Pembina Pipeline has four operating segments: conventional pipelines business, which is a tariff-based operation consisting of pipelines and related facilities that deliver crude oil and natural gas liquids; oil sands and heavy oil business, which consists of the Syncrude Pipeline, the Cheecham Lateral and the Horizon Pipeline; midstream and marketing business, which consists of Co.'s direct and indirect interest in a storage operation, its direct interest in terminals, storage and hub services under a mixture of short, medium and long-term contractual arrangements; and gas services business which consists of natural gas gathering and processing facilities.
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