Stock PPL PEMBINA PIPELINE CORPORATION
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Financials Pembina Pipeline Corporation

Equities

PPL

CA7063271034

Oil & Gas Transportation Services

Market Closed - Toronto S.E.
Other stock markets
 04:00:00 2024-05-31 pm EDT 		5-day change 1st Jan Change
50.63 CAD +2.12% Intraday chart for Pembina Pipeline Corporation +1.50% +10.98%
May. 17 Pembina Pipeline "Outperform" Rating, $58 Target Price Maintained by RBC Capital Markets MT
May. 17 Scotiabank Adjusts Price Target on Pembina Pipeline to $41.10 From $40.44, Keeps Sector Outperform Rating MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 24,639 16,553 21,117 25,253 25,062 29,341 - -
Enterprise Value (EV) 1 35,481 27,348 32,313 35,759 35,424 43,819 42,893 42,373
P/E ratio 18.2 x -35 x 19.3 x 8.98 x 15.3 x 16 x 15.2 x 14.3 x
Yield 4.9% 8.37% 6.57% 5.55% 5.83% 5.42% 5.6% 5.73%
Capitalization / Revenue 3.41 x 2.67 x 2.45 x 2.17 x 2.75 x 3.35 x 3.09 x 2.88 x
EV / Revenue 4.91 x 4.41 x 3.75 x 3.08 x 3.88 x 5 x 4.51 x 4.16 x
EV / EBITDA 11.6 x 8.34 x 9.41 x 9.55 x 9.26 x 10.4 x 9.76 x 9.39 x
EV / FCF 40 x 22.4 x 16.2 x 15.4 x 17.5 x 23 x 17 x 16.6 x
FCF Yield 2.5% 4.47% 6.16% 6.5% 5.73% 4.34% 5.87% 6.04%
Price to Book 1.58 x 1.11 x 1.48 x 1.62 x 1.59 x 2.12 x 2.16 x 2.16 x
Nbr of stocks (in thousands) 511,928 549,942 550,363 549,455 549,370 579,521 - -
Reference price 2 48.13 30.10 38.37 45.96 45.62 50.63 50.63 50.63
Announcement Date 2/27/20 2/25/21 2/24/22 2/23/23 2/22/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 7,230 6,202 8,627 11,611 9,125 8,764 9,507 10,181
EBITDA 1 3,061 3,281 3,433 3,746 3,824 4,215 4,397 4,513
EBIT 1 2,550 2,581 2,710 3,063 3,161 3,439 3,603 3,798
Operating Margin 35.27% 41.62% 31.41% 26.38% 34.64% 39.24% 37.9% 37.31%
Earnings before Tax (EBT) 1 1,528 -416 1,665 3,219 2,189 2,407 2,645 2,797
Net income 1 1,361 -476 1,098 2,842 1,648 1,720 1,851 1,904
Net margin 18.82% -7.67% 12.73% 24.48% 18.06% 19.63% 19.48% 18.7%
EPS 2 2.650 -0.8600 1.990 5.120 2.990 3.167 3.330 3.545
Free Cash Flow 1 887 1,223 1,992 2,324 2,029 1,902 2,519 2,559
FCF margin 12.27% 19.72% 23.09% 20.02% 22.24% 21.7% 26.49% 25.13%
FCF Conversion (EBITDA) 28.98% 37.28% 58.03% 62.04% 53.06% 45.12% 57.28% 56.7%
FCF Conversion (Net income) 65.17% - 181.42% 81.77% 123.12% 110.57% 136.03% 134.36%
Dividend per Share 2 2.360 2.520 2.520 2.550 2.660 2.744 2.834 2.900
Announcement Date 2/27/20 2/25/21 2/24/22 2/23/23 2/22/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 2,560 3,038 3,095 2,779 2,699 2,297 2,070 2,292 2,466 1,540 1,953 2,024 2,261 - -
EBITDA 1 970 1,006 849 967 925 947 823 1,021 1,033 1,044 998.8 1,065 1,116 1,102 1,087
EBIT 1 790 829 651 821 763 792 657 - 855 888 782.9 855.1 875.8 824.7 -
Operating Margin 30.86% 27.29% 21.03% 29.54% 28.27% 34.48% 31.74% - 34.67% 57.66% 40.09% 42.25% 38.73% - -
Earnings before Tax (EBT) 1 133 - - - - - - - - 529 557 664 680 - -
Net income 1 44 448 418 1,795 214 338 328 316 666 404 392 433 486 - -
Net margin 1.72% 14.75% 13.51% 64.59% 7.93% 14.71% 15.85% 13.79% 27.01% 26.23% 20.07% 21.39% 21.49% - -
EPS 2 0.0800 0.8100 0.6900 3.230 0.3900 0.6100 0.6000 0.5700 1.210 0.7300 0.7039 0.7424 0.8480 - 0.8300
Dividend per Share 2 0.6300 0.6300 0.6300 0.6400 0.6500 0.6500 0.6700 0.6700 0.6700 - 0.6897 0.6897 0.6897 0.6900 -
Announcement Date 2/24/22 5/5/22 8/4/22 11/3/22 2/23/23 5/4/23 8/3/23 11/2/23 2/22/24 5/9/24 - - - - -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 10,842 10,795 11,196 10,506 10,362 14,478 13,552 13,032
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 3.542 x 3.29 x 3.261 x 2.805 x 2.71 x 3.435 x 3.082 x 2.888 x
Free Cash Flow 1 887 1,223 1,992 2,324 2,029 1,902 2,519 2,559
ROE (net income / shareholders' equity) 10.6% 7.33% 8.28% 12.1% 10.4% 12.3% 12.1% 12.9%
ROA (Net income/ Total Assets) 5.52% 3.63% 3.85% 3.49% 5.14% 5.4% 5.73% 6.35%
Assets 1 24,670 -13,121 28,512 81,444 32,052 31,852 32,340 29,989
Book Value Per Share 2 30.50 27.20 26.00 28.40 28.80 23.90 23.40 23.40
Cash Flow per Share 2 4.940 4.100 4.820 5.300 4.790 5.070 5.360 5.300
Capex 1 1,645 1,029 658 605 606 910 766 918
Capex / Sales 22.75% 16.59% 7.63% 5.21% 6.64% 10.39% 8.05% 9.01%
Announcement Date 2/27/20 2/25/21 2/24/22 2/23/23 2/22/24 - - -
1CAD in Million2CAD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Pembina Pipeline Corporation

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
50.63 CAD
Average target price
54.56 CAD
Spread / Average Target
+7.77%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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