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.