RE:Q ResultsThat's interesting. RBC sure doesn;t see it that way. Here's part of their report.
Quick Take: EBITDA was below consensus; 2023 guidance range symmetrically narrowed TSX: PPL | CAD 40.79 | Outperform | Price Target CAD 58.00
Sentiment: Negative Our take Given what seems to be a "sell the news" trend this earnings season for stocks in our coverage, we expect relative weakness in Pembina's shares following the lower-than-expected results. Somewhat tempering our view is the stock's recent underperformance heading into results, Pembina symmetrically narrowing its EBITDA guidance range and management's positive commentary with respect to expected volumes in H2/23 and beyond.
Details Results came in below our estimate and consensus. In Q2/23, Pembina’s EBITDA was $823 million versus our forecast of $873 million and consensus of $868 million (11 estimates; range of $840–903 million), while AFFO/share in Q2/23 was $1.10, compared to our forecast of $1.14. From a segment perspective, Pipelines EBITDA was $501 million versus our forecast of $540 million, Facilities EBITDA was $272 million compared to our estimate of $291 million, Marketing & New Ventures EBITDA was $96 million versus our forecast of $92 million, and Corporate EBITDA was ($46) million compared to our estimate of ($50) million. Pembina noted that Q2/23 EBITDA was negatively impacted by $24 million related to the Western Canadian wildfires.
FairMount wrote: Slight beat of concensus, not bad consideing the wild fires ect. Guidance firmed. Div safe. Solid but also no surprises