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.
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.