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|
Frequency of research reports
Research reports on
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.
The tide is turning
20 Apr 17
Any investor worth their salt knows it is impossible to precisely call a bottom in a particular stock. For Gattaca, though, we believe this moment has now passed given the compelling valuation (6.9x EV/EBIT vs 9.8x sector average), attractive 9.8% unlevered cashflow yield and constructive secular trends supporting its specialist markets. Sure, Net Fee Income (NFI) like-for-likes (LFL) have fallen of late, yet equally there are now early indications that organic growth may soon turn positive.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
19 Apr 17
Lombard Risk Management* (LRM): Beats demanding growth and profit forecasts (CORP) | Frontier Developments* (FDEV): Steaming ahead (CORP) | Tax Systems* (TAX): Right place, right time (CORP) | Acal (ACL): Stronger H2 and brighter outlook (BUY) | Fenner (FENR): Interim results signal upgrades (BUY) | Minds + Machines* (MMX): US and Europe domain sales (CORP)
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.