Scotiabank On Gibson Energy's Q1
2022-05-03 03:09:21 PM ET (MT Newswires)
03:09 PM EDT, 05/03/2022 (MT Newswires) -- Scotiabank has a Sector Perform rating and C$26 per share target on Gibson, noting its shares were strong (last seen up 4.4%) following its better-than-expected quarter. But, Scotia added, its estimates and valuation do not materially change. Scotia noted management did speak "very favourably" about its growth outlook, and the bank believes there could be upside to its longer-term estimates if additional projects are sanctioned. Scotia noted Gibson was trading at 9.6x 2024E EV/EBITDA, a level it believes undervalues its high-quality infrastructure assets. Its $26 target price implies a 10.0x multiple, assuming some multiple expansion.
Price: 25.33, Change: +1.08, Percent Change: +4.45