We See 30% Upside and a 5.2% Dividend Yield in Narrow Moat TransCanada
We are slightly lowering our fair value estimate for narrow-moat TransCanada to $54 (CAD 70) from our previous estimate of $57 (CAD 72). The decline was driven by a modest negative impact resulting from the FERC’s proposed regulation that would disallow income tax recovery on U.S. pipelines that operate under a cost of service model. The U.S. fair value was further impacted by changes in foreign exchange rates.TransCanada’s stock has been down 14% over the past six months. Despite the negative ...
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