Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PEMBINA PIPELINE CORP. We currently have 30 research reports from 1 professional analysts.
|17Mar16 20:37||MKW||Pembina Pipeline Corporation Announces $300 Million Bought Deal Financing|
|06Jan16 19:15||MKW||Pembina Pipeline Corporation Launches $150 Million Bought Deal Preferred Share Offering|
|10Nov15 21:34||MKW||Pembina Pipeline Corporation Announces $400 Million Bought Deal Financing|
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PEMBINA PIPELINE CORP
PEMBINA PIPELINE CORP
ANNOUNCES $500 MM PUBLIC NOTE OFFERING
09 Aug 16
On August 8, 2016, Pembina announced it has agreed to issue $500 mm of 10-year senior unsecured mediumterm notes, which have a fixed coupon of 3.71% per annum, paid semi-annually, and mature on August 11, 2026. Pembina had previously stated that it planned to raise ~$950 mm in term debt in 2016/17, and this is its first major note issue of 2016. Management expects the offering to close on August 11, 2016
2Q16 EPS $0.25 (FCCe: $0.31, consensus: $0.29)
08 Aug 16
Pembina’s 2Q16 performance was marginally below estimates as low commodity prices continue to be the area of weakness for Pembina, though the Company is committed to employing long-term, fee-for-service contracts on its current and future assets to limit exposure. Year-to-date, Pembina has placed over $1 bn of new assets into service, including the RFS II fractionator, the Musreau III gas plant, and the Resthaven gas plant expansion. We have elected to maintain our Market Perform ranking and 12-MTP of $40.00/ share.
2Q16 EPS $0.25 (FCCE: $0.31, CONSENSUS: $0.29)
05 Aug 16
Impact: Neutral to slightly negative. Pembina's 2Q16 performance was marginally below most estimates but down y/y, despite improved volumes. The low commodity prices continue to be the area of weakness for Pembina, though the Company is committed to employing long-term, fee-for-service contracts on its current and future assets to limit exposure. Year to date, the company has placed over $1 bn of new assets into service, including the RFS II fractionator, the Musreau III gas plant and the Resthaven gas plant expansion.
Downgrading Pembina On Price Appreciation, Financial Outlook, Positive View of Strategy Unchanged
31 May 16
We are downgrading Pembina Pipeline after the most recent price appreciation (+28% YTD) as our estimated 12-month total return is now under 10%. Our outlook for Pembina’s financials and capex is unchanged, and we still expect its Montney/Duvernay region focus will prove to be the correct strategy in the next decade. The Company is moving to a fee-for-service business model that should see >100% of all distributions coming from fee-for-service businesses, leaving no dividend risk attached to commodity-exposed cash flows. Valuation: we use a dividend discount model (DDM, r=7%, no terminal growth rate post 2021) for our $40/share valuation.
DOUBLES DOWN ON THE DUVERNAY WITH NEW $130 MM INVESTMENT
31 May 16
On May 31, 2016, Pembina announced that it had contracted with an investment grade multinational company to build pipeline and field condensate handling systems for its previously-announced Duvernay I gas plant, which is still under construction. In addition, Pembina also signed a gas processing agreement that will fill the Duvernay I plant's gas handling capacity. In order to attract future potential gas processing customers in the region, Pembina has begun preliminary engineering on a possible Duvernay II gas plant.
N+1 Singer - T. Clarke - Strong conclusion to FY16, record order book
28 Mar 17
After significant upgrades at the time of the full year update (PBT forecast +43% FY16; +14% FY17), today’s results are c.4% ahead of our expectations at the PBT level and show strong growth on the prior year (PBT +48%). All regions achieved positive growth in revenue. The outlook statement refers to a still growing order book (£350m at the end of February vs. £330m at the year end) and the strength of recent trading, with London & the South East and Scotland said to be particularly positive. The Group has reiterated its ambitions to improve margins, but we have not incorporated this into our forecasts at this stage. We have nudged up our FY’17 forecasts (PBT +5%) and introduced FY’18 forecasts that imply 2% PBT growth. Despite the well justified bounce in the share price, the shares still trade at a significant discount to the peer group (7.6x FY17 PE, 4% yield).
Panmure Morning Note 29-03-2017
29 Mar 17
We are cutting our recommendation to HOLD as we see little upside from current levels given the lack of positive surprises in today’s trading update. Multiples of 4.4x 2017 sales and 17x 2017 EBITDA imply an expectation of at least slightly exceeding expectations. We had assumed that acquisitions will provide the momentum until organic investments deliver. However, acquisitions are proving elusive and excess cash is diluting returns. Moreover, our forecast relies on at least one order in vehicle simulator market, which has yet to be announced. The management has shown that it can use the financial markets to raise equity but it now needs to show that it can deploy excess equity productively.
N+1 Singer - Severfield - Strong H2 drives upgrades; CEO temporarily steps down due to ill health
28 Mar 17
Severfield’s trading update highlights that trading during H2 was strong and the Group now expects results to be ahead of expectations. Cash flow performance has been similarly strong with net funds at the year end also expected to be ahead of expectations. The strong performance was driven by both a better than expected revenue performance and better than expected growth in the operating margin. We expect to increase our FY16 PBT forecasts by c.9% to around £19.5m. In addition, we are disappointed to see that Ian Lawson (CEO) has taken a temporary leave of absence due to physical ill health. John Dodds (non-executive Chairman) will step up to Executive Chairman on an interim basis and Alan Dunsmore (FD) has agreed to assume the role of CEO on a similar basis. This should ensure the continuity of the business whilst Ian is recovering. The outlook for Sevefield remains positive and the Group has reiterated its medium term target to double PBT from £13.2m in FY16 by FY20. We remain positive on Severfield (one of our best ideas for 2017) and continue to see clear potential for it to outperform its medium term targets.
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)