An overlooked piece of National Bank's re-rating noteLong-Term Value Intact
Complementing its financial sensitivity, the strength of its assets and operations should offer efficiencies and optimization potential, with underutilized infrastructure (80% utilized plant & transport capacity), option-value of inventory (multi-decade runway + upside of 150 sections at Elmworth), or interests in LNG (Ksi Lisims/Rockies), could each be leveraged or monetized in support of its liquidity, capitalization & value over the long-term (again, not a one-dimensional story).
Overall, we remain confident in the company’s long-term value profile, and believe that as it provides visibility for its payout (both through commodity & its operating profile), the street will better appreciate this upside.