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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Research reports on
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).
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Time to go over weight
24 Feb 17
We believe equity investors are taking an unnecessarily cautious stance on the construction sector. Forward looking indicators (e.g. consumer confidence, construction PMIs and housing starts) point to a stable market and recent sales LFL are particularly encouraging (e.g. Marshalls). Near term margins may suffer temporary distortions as inflationary pressures build. However, history has shown that modest input cost inflation is actually a positive for earnings growth in the sector. Therefore, as we move into 2018, margin trends are likely to surprise on the upside.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced