BMO comment Inter Pipeline
Ben Pham - Energy Infrastructure
Q3 - Results and Heartland Tracking to Expectations; Maintain Market Perform
Target $15.00
• Q3/20 results highlighted another quarter of improved EBITDA, cash flow, and volumes as oil prices
recover.
• While we are still neutral on the shares (Market Perform rating and $15 target unchanged) given
continued Heartland uncertainty, we note that IPL is one of the best positioned to benefit from a
potential increase in frac spreads and the shares are the most inexpensive we have seen in years
(EV/EBITDA of 9x vs. historical average of 13x and peers of 10x).
• Conference call: November 13, 11:00 a.m. ET; Tel: 1-888-231-8191.