Raising Pembina Pipeline’s Fair Value Estimate, but Stock Remains in 3-Star Territory
After taking a fresh look at Pembina’s fourth-quarter earnings results, we are increasing our fair value estimate to $36 (CAD 47) from $33 (CAD 43). Our increased fair value estimate is driven by the company’s additional Peace Pipeline system expansions, PDH/PP facility joint venture, and our lowered cost of debt assumption as the company continues to improve its balance sheet.Despite the increase in our fair value estimate, the stock remains in 3-star territory. The market has appropriately r...
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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