Raising Pembina’s FVE; Stock Still Looks Modestly Overvalued
We are raising our fair value estimate for Pembina Pipeline to $33 (CAD 41) from our previous estimate of $29 (CAD 36), driven by growth projects associated with the recent Veresen acquisition. Despite the increase in our fair value estimate, the stock continues to look overvalued, albeit modestly. The market has appropriately recognized the company’s growth potential, limiting the stock’s upside. Future growth projects could be limited by the decline in demand for condensate as oil sands produc...
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