Pembina Pipeline Corp T.PPL.PR.G

From todays Globe and Mail

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In a separate note, Raymond James analyst Michael Shaw raised his target for shares of Pembina Pipeline Corp. (PPL-T) to $47 from $46 with a “market perform” rating, while CIBC World Markets’ Robert Catellier bumped his target to $50 from $49, keeping a “neutral” rating. The average is $50.63.

“Pembina’s 2023 EBITDA guidance and capital spending outlook were in-line with both our and consensus estimates,” he said. “Pembina expects 2023 EBITDA 2023 to fall between $3.5 and $3.8-billion. The midpoint of the guidance would imply effectively flat EBITDA year-over-year from the mid-point of 2022 guidance and a decline of 2 per cent from the 2022 consensus estimate.

“The flat-to-lower EBITDA year-over-year is a product of Pembina coming off an exceptionally strong marketing year in 2023. The headline EBITDA hides impressive underlying growth in its core fee-based segments despite fairly modest growth capex. PPL expects fee-based EBITDA – the Pipeline and Facilities segments – to grow by 5 per cent in 2023, which itself implies Marketing EBITDA is forecast to be down 27 per cent year-over-year.”