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Superior Plus Corp T.SPB

Alternate Symbol(s):  SUUIF

Superior Plus Corp. is a Canada-based distributor of propane, compressed natural gas, renewable energy and related products and services. Through its primary businesses, propane distribution and CNG, RNG and hydrogen distribution, it delivers clean burning fuels to residential, commercial, utility, agricultural and industrial customers. Its segments include U.S. Retail Propane Distribution (U.S. Propane), Canadian Retail Propane Distribution (Canadian Propane), North American Wholesale Propane Distribution (Wholesale Propane) and Certarus Ltd. (Certarus). The U.S. Propane segment distributes propane gas and liquid fuels primarily in the Eastern United States and California, as well as the Midwest to residential and commercial customers. The Canadian Propane segment distributes propane gas and liquid fuels across Canada to residential and commercial customers. The Wholesale Propane segment distributes propane gas and other natural gas liquids across Canada and the United States.


TSX:SPB - Post by User

Post by Schussing56on Nov 09, 2023 8:06am
283 Views
Post# 35725540

TD Securities Take

TD Securities TakeRecently, we reduced our 2023 EBITDA estimate to the low end of its guidance range to reflect a strong El Nio weather pattern, and our relatively unchanged estimates remain at the bottom end of the range.

NCIB: Superior renewed its NCIB, allowing it to purchase up to 12.4 million shares between now and November 9, 2024.

Board Succession: Michael Horowitz replaces Angelo Rufino as Brookfield's nominee to the Board of Directors, following Angelo Rufino's departure from Brookfield.

Conclusion: We believe Superior's core propane distribution business offers investors a resilient base of recurring free-cash-flow generation that will allow the company to continue to grow the Certarus business, deleverage, repurchase shares, and maintain the dividend. Certarus reduces the seasonality of Superior's operations, as shown in Q3/23 results, and provides Superior access to an early-stage, high-growth endmarket that offers fuel consumers an economic and environmental win-win. With our estimates largely unchanged, we are maintaining our BUY rating and $13.50/share target price.
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