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Silver North Intersects 1.83 metres True Width of 1,088 g/t Silver, 3.90 g/t Gold (click to learn more)
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Tidewater Midstream and Infrastructure Ltd T.TWM

Alternate Symbol(s):  TWMIF | T.TWM.DB.A

Energy Oil & Gas Midstream
Tidewater Midstream and Infrastructure Ltd. is a diversified midstream and infrastructure company with an integrated value chain across North American natural gas, natural gas liquids (NGLs), crude oil, refined product, and renewable energy markets. The Company's operations include downstream facilities, natural gas processing facilities, NGLs infrastructure, pipelines, storage, and various renewable initiatives. It also markets crude, refined products, natural gas, NGLs and renewable products and services to customers across North America. Its key midstream assets include the Brazeau River Complex and Fractionation Facility (BRC), a full-service natural gas and NGL processing facility with natural gas storage pools, and the Ram River Gas Plant, a sour natural gas processing facility with sulfur handling solutions and rail connections. Its key downstream asset is the Prince George Refinery (PGR), the sole light oil refinery within the interior British Columbia market.


TSX:TWM - Post by User

Tidewater Midstream and Infrastructure Ltd > Could TWM be a takeover target?
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Comment by fauxtomatoon Jun 02, 2021 10:19pm
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Post# 33316710

RE:RE:RE:RE:RE:RE:Could TWM be a takeover target?

RE:RE:RE:RE:RE:RE:Could TWM be a takeover target?
Overall, to me at least, it doens't seem incredibly expensive either?


Yeah, on first glance I'd agree with your numbers: the adjusted EBITDA numbers are essentially worthless and DCF isn't representative due to the inflated debt. The true value is something in between: the entire EV of the company could be tucked into Keyera's credit line at a marginal interest rate and the dividend to shareholders would double. 

As a long hauler, I'm thinking of TWM both as G&P at $1.45/share and a 'WTF is this thing?' at $0.60/share.

I think sale of the Pioneer or FID on the renewable diesel project are what we're looking for, then we can reassess the numbers? Strategically I don't think TWM at current price is a good fit for anyone but in a year or so could be a completely different company.
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