Kinder Morgan

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SKU: KMI Category:

Description

Kinder Morgan delivered a disappointing set of results and failed to meet the revenue and earnings expectations of Wall Street. While the company had a below-par quarter, it continues to find opportunities to add to its backlog, the overall performance was largely flat due to increased interest expense and sustaining CapEx. However, Kinder Morgan maintains a solid balance sheet and seeks to invest in high-return projects while returning capital to shareholders through dividend payments and share repurchases. The company is well-positioned to benefit from the expected growth in natural gas demand, particularly in the LNG sector, as many exporters are interested in securing competitively priced and diverse supply further upstream. Additionally, power demand and exports to Mexico present opportunities for Kinder Morgan. Despite some headwinds in the regulatory environment, the company is optimistic about future prospects and has a strong project pipeline. While the current backlog multiple may vary, the focus remains on project returns, which are expected to be attractive with a mid-teens average unlevered IRR.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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