Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on INTER PIPELINE LTD. We currently have 20 research reports from 1 professional analysts.
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INTER PIPELINE LTD
INTER PIPELINE LTD
ANNOUNCES $350 MM MEDIUM-TERM NOTE OFFERING
08 Sep 16
Impact: Positive. To supplement the recent $250 mm increase in IPL's revolving credit facility, the newly announced $350 mm debt issuance will provide flexibility ahead of the closing of the Williams Canada asset acquisition. These two aforementioned capital raises were previously noted with the acquisition as the primary funding methods, so the announcements do not come by surprise. Upon closing the acquisition, IPL intends to reinstate the dividend reinvestment program which should generate ~$25 mm per year to further fund the newly acquired assets. The interest expense from the $350 mm issuance is largely immaterial to our 2017 and 2018 cash flow estimates. The estimated impact being $0.03/share or 1% of our current 2018e CFPS estimate of $2.56.
Agrees to Acquire Williams Canada NGL Midstream Business; 2Q16 FFO $197 mm (FCCe: $194 mm; consensus $185 mm)
18 Aug 16
The Company has entered into an agreement to buy Williams Companies Inc.’s and Williams Partners L.P.’s Canadian NGL midstream businesses for $1.35 bn. IPL expects the transaction to close in 3Q16. Inter Pipeline’s second quarter results were above expectations as IPL improved FFO contributions from all four business segments y/y. IPL reported an adjusted EBITDA of $252 mm (FCCe: $250 mm; consensus: $243 mm) and EPS of $0.34 (FCCe: $0.39; consensus: $0.33). We have increased our 12-month target price to $29.00/share and maintain our Market Perform ranking.
2Q16 FFO $197 MM (FCCE: $194 MM; CONSENSUS $185 MM)
04 Aug 16
Impact: Positive. Results were above expectations as IPL improved FFO contributions from all four business segments y/y. IPL reported an adjusted EBITDA of $252 mm (FCCe: $250 mm; consensus: $243 mm) and EPS of $0.34 (FCCe: $0.39; consensus: $0.33).
Downgrading Inter Pipeline On Price Appreciation, Financial Outlook Unchanged
02 Jun 16
We are downgrading Inter Pipeline after the most recent price appreciation (+20% YTD) as our estimated 12-month total return is now only 9%. Our outlook for Inter Pipeline’s financials and capex is unchanged. In 2015, IPL could have paid its dividend with the FFO from its oil sands transportation plus about 40% of the FFO from its conventional oil pipelines business. FFO from bulk liquids storage and NGL extraction remains available for reinvestment back into the business. Valuation: we use a dividend discount model (DDM, r=7%, no terminal growth rate post 2021) for our $28/share valuation.
1Q16 FFO $186 MM (FCCE: $193 MM; CONSENSUS $188 MM)
09 May 16
Neutral to slightly negative. Results were marginally below expectations; however, the Company is executing its capital program as anticipated. IPL reported an adjusted EBITDA of $239 mm (FCCe: $249 mm; consensus: $248 mm) and EPS of $0.28 (FCCe: $0.41; consensus: $0.35).
The tide is turning
20 Apr 17
Any investor worth their salt knows it is impossible to precisely call a bottom in a particular stock. For Gattaca, though, we believe this moment has now passed given the compelling valuation (6.9x EV/EBIT vs 9.8x sector average), attractive 9.8% unlevered cashflow yield and constructive secular trends supporting its specialist markets. Sure, Net Fee Income (NFI) like-for-likes (LFL) have fallen of late, yet equally there are now early indications that organic growth may soon turn positive.
Panmure Morning Note 26-04-2017
26 Apr 17
The interims highlighted the dilutive impact of equity raise in November 2016 with profit before tax growing by 9% yoy but EPS growing by just 5% yoy. At end-February, the cash balance had reached £15m, of which £5.5m is earmarked for the completion of the new factory. As the company remains cash generative, we expect the company to end fiscal 2017 with just under £13m of cash. We eagerly wait to see how this cash will be invested and drive returns.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
N+1 Singer - Trifast - FY17 results ahead of expectations
20 Apr 17
Trifast has provided a positive year end trading update, with good performances across all geographies. Results for FY17 are guided to be ahead of expectations, with year end net debt also lower than previously expected. FY18 has also started well, although management has reiterated slight caution regarding margins due to rising input costs. We anticipate increasing our PBT forecasts by a mid-single digit percentage, and also reducing our net debt estimates. We remain positive on prospects for Trifast and expect the share price to respond positively today.
N+1 Singer - Morning Song 25-04-2017
25 Apr 17
Carpetright (CPR LN) Tougher conditions leaves forecasts towards lower end of range | Centaur Media (CAU LN) Bigger steps | Elementis (ELM LN) Positive update confirms strengthening of demand | Rathbone Brothers (RAT LN) Facing the challenge to deliver growth | Vp (VP/ LN) Another niche Hire Station deal prompts 3% EPS upgrades