AltaGas Ltd T.ALA

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

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AltaGas Ltd

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Post by retiredcfon Jan 08, 2024 10:29am

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Post# 35815552

CIBC

AltaGas Ltd.

We are maintaining our price target at $36 using a DCF model with a WACC of 7.00% and a terminal multiple of 11x.

• Upside Scenario: $39.00 (Unchanged). Assumes market values at 20x 2025E EPS, a two-point premium to the Canadian utility peer group due to strong rate base and dividend growth.

• Downside Scenario: $23.00 (Unchanged). Assumes market-driven multiple compression to 9.0x 2025E EV/EBITDA.

• Key Risks To Our Price Target. Currency risk, market access, regulatory and policy risk, and access to capital

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