Pembina Pipeline Corporation


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Pembina Pipeline Corporation: Initiation Of Coverage


This is our first report on midstream major, Pembina Pipeline Corporation. The company’s Q4 2023 earnings signaled a robust financial position, with quarterly earnings reaching $698 million and a record adjusted EBITDA of over $1 billion. This result was bolstered by growing volumes across numerous systems and a strong year from the firm’s marketing business. Pembina also exceeded the high end of the original 2023 guidance range, reflecting its business’s strength, predictability, and resilience. However, the forward-looking statements provided are subject to certain risks and uncertainties, which could potentially alter the actual results.

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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