TSX:KEY - Post Discussion
Keyera Corp
> National Bank reveals its 2023 ‘Dividend All-Stars’
Post by
hawk35 on Feb 14, 2023 12:22pm
National Bank reveals its 2023 ‘Dividend All-Stars’
Keyera made the all-stars list. Below are National Bank comments.
Keyera Corp. (
KEY-T -0.54%
decrease) with an “outperform” rating and $35 target. Average: $34.47.
Mr. Kenny: “KEY remains focused on the completion of its $1.0-billion (net) Key Access Pipeline System (ISD: Q1/23) while ramping up contracted throughput through 2024, and when combined with the recent $365 mln acquisition of a 21-per-cent minority interest in the flagship KFS facility, we forecast 10-per-cent growth in AFFO [adjusted funds from operations] per share for 2024. Meanwhile, we highlight available whitespace at the G&P level (only 55 per cent of its Montney capacity under volume commitments), providing robust operating leverage to increasing drilling activity through the year. Normalizing for Marketing contributions, we forecast 6-per-cent growth across its fee-based cash flows through 2025. Combined with D/EBITDA of 2.9 times for 2024e, moving into KEY’s long-term targeted range of 2.5 times to 3.0 times, we expect a return to dividend growth in 2024, and forecast a 6-per-cent increase for Q1/24.”
Be the first to comment on this post