After second quarter reporting, we have maintained our 12-month target price of $47.00/share and Outperform ranking on Pembina Pipeline. Our target price is based on our dividend discount model (DDM) and a required return of 6%. We expect that Pembina will next raise its dividend by 4.5% with the July 2016 dividend, and note our DPS estimates for FY2017 and FY2018 are both within 2% of consensus.
12 Aug 2015
2Q15 FFO $186 mm (FCCe $179 mm, Consensus $170 mm)
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2Q15 FFO $186 mm (FCCe $179 mm, Consensus $170 mm)
Pembina Pipeline Corporation (PPL:TSE) | 0 0 0.8% | Mkt Cap: 20,478m
- Published:
12 Aug 2015 -
Author:
Steven I. Paget -
Pages:
8
After second quarter reporting, we have maintained our 12-month target price of $47.00/share and Outperform ranking on Pembina Pipeline. Our target price is based on our dividend discount model (DDM) and a required return of 6%. We expect that Pembina will next raise its dividend by 4.5% with the July 2016 dividend, and note our DPS estimates for FY2017 and FY2018 are both within 2% of consensus.