Keyera slightly missed estimates in 2Q16, reporting an adjusted EBITDA of $157 mm, flat y/y, and 11% below our estimate of $176 mm but in line with consensus of $161 mm. The announced 6% dividend increase was also in line with consensus. Management has attributed the performance in the quarter to weak margins, especially involving iso-octane, which reduced the impact of incremental cash flows coming from new assets in service. We have increased our 12-MTP to $42.50/share and maintain our Market ....
11 Aug 2016
2Q16 Adj. EPS of $0.34 (FCCe: $0.45; Consensus: $0.40); 6% Dividend Increase
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2Q16 Adj. EPS of $0.34 (FCCe: $0.45; Consensus: $0.40); 6% Dividend Increase
Keyera Corp. (KEY:TSE) | 0 0 0.6% | Mkt Cap: 6,717m
- Published:
11 Aug 2016 -
Author:
Steven I. Paget -
Pages:
6
Keyera slightly missed estimates in 2Q16, reporting an adjusted EBITDA of $157 mm, flat y/y, and 11% below our estimate of $176 mm but in line with consensus of $161 mm. The announced 6% dividend increase was also in line with consensus. Management has attributed the performance in the quarter to weak margins, especially involving iso-octane, which reduced the impact of incremental cash flows coming from new assets in service. We have increased our 12-MTP to $42.50/share and maintain our Market ....