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).
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
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N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.