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Overall, view on pipelines fairly bullish. Shipping energy off is to capture a higher price, a good idea. Does have favourites in the space, the order shifts over time based on fundamentals. He doesn't get attached. The business looks very positive going forward. Favourite right now is TRP, as it's the most contrarian of the TRP, ENB, and PPL. PPL is great, but trades at a higher multiple. ENB has considerably more debt, a concern especially with higher interest rates.
Tremendous network of pipelines, wonderful barrier to entry. Also 7 nuclear, gas, and power plants. Higher costs on Coastal GasLink created a buying opportunity. Spinning off lower-growth oil business to trim debt and focus on faster-growing nat gas unit. High returns, balance sheet stronger than some peers and improving, high yield of close to 8%. Attractive valuation. Likes it. For more information, see the goodreid.com blog for his Globe and Mail article.
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