Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on TRANSCANADA CORP. We currently have 64 research reports from 1 professional analysts.
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FEDERAL GOVERNMENT APPROVES PACIFIC NORTHWEST LNG
27 Sep 16
Impact: Modestly Positive, as TransCanada has $6.7 bn in projects depending on Petronas (Progress Energy) and its partners making a positive FID of the Pacific NorthWest LNG project and this ruling from the Federal Government brings these projects closer to materializing. However, it remains unclear as to whether a positive FID will occur.
ANNOUNCES BID TO ACQUIRE COLUMBIA PIPELINE PARTNERS, LP
26 Sep 16
Impact: Positive, as the Company was seeking strategic alternatives for the MLP and has made the decision that it would be best owned solely by TransCanada. The acquisition simplifies TransCanada's corporate structure with CPG and will provide optionality down the road for potential drop downs into a limited partnership entity. TransCanada is taking an opportunistic approach to this transaction as the price per unit of CPPL has dropped 43% since June 2015, when it traded at ~US$27 per unit. Based on an annualized EBITDA estimate from CPPL's 2Q16 EBITDA of $25 mm and the public's 53.5% ownership, we expect the transaction to have an acquisition multiple of 16.0x, compared to the FY2015 EV/EBITDA of 13.9x.
PROPOSES JV FOR US$800 MM REFINED PRODUCTS STORAGE AND INFRASTRUCTURE IN MEXICO
02 Aug 16
On August 2, 2016, TransCanada announced a joint venture to develop storage and infrastructure for refined products in Mexico and surrounding markets. TransCanada will have a 50% WI in the project, with Sierra Oil & Gas and Grupo TMM respectively holding a 40% and 10% WI. The planned in service date is unknown at this time and will be based on discussions with contract shippers.
Reports 2Q16 Results In Line with Expectations
29 Jul 16
TransCanada reported a comparable EPS of $0.52/share, in line with our estimate of $0.53/share and consensus of $0.52/share and EBITDA of $1.4 billion, in line with FCC/Street estimates of $1.4 billion. On July 1, 2016, TransCanada closed the $13 billion acquisition of the Columbia Pipeline Group and is working on $250 mm of annual benefits from the combination. In the quarter, TransCanada also reinstated a dividend reinvestment plan (DRIP), offering common shares from treasury at a 2% discount to plan participants. We have kept our 12-month target price at $53.00/share and maintain our Market Perform ranking.
REPORTS 2Q16 RESULTS IN LINE WITH EXPECTATIONS
28 Jul 16
TransCanada released its 2Q16 results showing a comparable EPS of $0.52, compared to our estimate of $0.53 and consensus of $0.52. The Company marginally missed our funds from operations (FFO) estimate of $887 million with actual FFO of $831 million. With a reported EBITDA of $1.4 billion, TransCanada was in line with FCC/Street estimates of $1.4 billion. Pipelines comparable EBITDA of $1.16 billion exceeded our $1.11 billion estimate; Energy (power and gas storage) EBITDA of $236 mm exceeded our $220 mm estimate. During the quarter, the Company made a one-time dividend equivalent payment to the subscription receipts issued for the acquisition of Columbia Pipeline Group and a once-a-decade maintenance outage at the Bruce Power facility; subsequent quarters should see better performance.
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)
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.
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.
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
N+1 Singer - Morning Song 21-02-2017
21 Feb 17
Abzena (ABZA LN) Contract bookings strong; US costs higher than expected | City of London Investment Group (CLIG LN) Earnings and interim dividend in line, some modest growth in FuM | dotdigital Group (DOTD LN) Good H1; broadening avenues of growth | Grafenia (GRA LN) Weak print volumes | Vernalis (VER LN) Interims highlight increasing Tuzistra™ scrip volume