Raising Keyera's FVE; Stock Modestly Overvalued
We are raising our fair value estimate for Keyera to CAD 31 per share from CAD 29 to reflect increased expectations from the company’s condensate infrastructure. After the recent sell-off in the Canadian midstream sector, the stock is trading near CAD 34, which represents a slight premium to our fair value estimate. 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. Most o...
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