TSX:VSN.DB.B - Post by User
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hawk35on Mar 02, 2017 7:06am
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RBC Comments on Veresen earnings report
RBC Comments on Veresen earnings report Veresen Inc. (VSN) – $13.52 – First Glance: In-line quarter; new midstream projects announced
RBC CM: Outperform (PT $16)
Q4/16 ACFFO/share was $0.25, in line with RBC CM’s forecast of $0.25 but below Q4/15 of $0.31. Of note, Veresen reiterated its 2017 distributable cash guidance of $1.00–1.14/share. Concurrent with the release of its Q4/16 results,
Veresen announced $95 million of incremental projects at Veresen Midstream backed by the existing contract with the Cutbank Ridge Partnership and Encana. Veresen noted that it expects $200–400 million per year of additional capital
projects annually over the next several years through its joint venture with KKR.