The Williams Companies, Inc.


SKU: WMB Category:


This is our first report on midstream player, Williams which has a vast asset base in terms of pipelines. The company got off to a good start in 2022 on the financial front. Strong fundamentals support the company’s natural gas-focused strategy and create opportunities for incremental growth, with increasing demand in the U.S. In the current climate, their G&P business is still thriving, enabling them to benefit from pricing and inflation adjusters in their rates that have been sitting on their floors for many years. The management have agreed to significant expansions in both the rich Utica and the rich Marcellus with their producing customers in the Northeast U.S. The company is also working on four sizable expansion projects that will fuel growth through the rest of this year and into 2023. In short, they have built a steady and predictable business with ongoing growth, improving returns, and free cash, as a result of their intense focus on their natural gas-focused strategy. Lastly, by design, Williams’s impressive collection of assets is located in low-cost basins that will be used to satisfy the rising demand for gas. We initiate coverage on their stock with a ‘Hold’ rating.

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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