The report in isolation is positive in terms of reinforcing some very solid aspects of the company, though there is not a lot of new information for the market. Fourth quarter financial and operating results were largely pre-released, with CFPS $1.44 vs. GMPFE $1.40 vs. consensus $1.41. Tourmaline achieved solid growth of +7% PPS DDA y/y, though 2019e is a pivotal year with +16% anticipated ahead.
