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AltaGas Ltd T.ALA

Alternate Symbol(s):  AGASF | ATGAF | T.ALA.PR.A | T.ALA.PR.B | ATGFF | T.ALA.PR.G | T.ALA.PR.H | ATGPF

AltaGas Ltd. is a Canada-based energy infrastructure company that connects natural gas and natural gas liquids (NGLs) to domestic and global markets. The Company’s segments include Utilities and Midstream. Its Utilities segment owns and operates franchised, rate-regulated natural gas distribution and storage utilities, which includes four utilities that operate across five United States jurisdictions. It Utilities segment also includes storage facilities and contracts for interstate natural gas transportation and storage services, as well as the affiliated retail energy marketing business. Its Midstream segment includes global exports, which includes its two LPG export terminals; natural gas gathering and extraction, and fractionation and liquids handling. Its Midstream segment also consists of natural gas and NGL marketing business, domestic logistics, trucking and rail terminals, and liquid storage capability. Its subsidiaries include Wrangler 1 LLC, WGL Holdings, Inc. and others.


TSX:ALA - Post by User

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Post by Johnwith30yearson Mar 01, 2021 9:18am
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Post# 32684160

TD holds to $22 target

TD holds to $22 targetAltaGas Ltd. (ALA) reported Q4/20 AFFO/share of $1.03, above our $0.82 estimate, but below the Q4/19 AFFO/share of $1.07. Impact: SLIGHTLY POSITIVE Q4/20 Results: Total normalized EBITDA was slightly above our estimate, with Corporate/Other results better than expected, which more than offset the Utilities result being lower than modelled for the quarter. Interest expense was lower than we had estimated for Q4/20, while the normalized effective tax rate was slightly higher than expected. RIPET and Petrogas contributed $38mm of normalized EBITDA in Q4/20. In December 2020 and January 2021, RIPET averaged 50,600 Bbls/d of export volumes. Financial Forecasts Updated; Target Price Rolled Forward: We have updated our model for the current quarter, along with making a number of small changes, including updating our foreign exchange assumptions. We have rolled forward our target-price valuation to be fully based on our 2022 estimates, and when combined with our updated outlook, results in no net change in our $22.00 target price. TD Investment Conclusion Exporting LPG is the cornerstone of a differentiated midstream offering to WCSB producers, in our view, facilitating potential expansion in the long term. The utility segment has a relatively unique opportunity to close the gap between achieved and allowed returns through a number of initiatives. We view the company as providing a diversified energy infrastructure investment opportunity for investors with a medium risk tolerance looking for above-utility-average potential returns.
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