Intermédiaire et pipelines
Les sociétés intermédiaires et de pipelines exploitent des actifs à péage, largement sous contrat, qui génèrent des flux stables. La lentille est le rendement du flux de trésorerie distribuable (DCF), la couverture du dividende, le levier et le risque réglementaire des grands projets.
Analyses dans Intermédiaire et pipelines
TC Energy
A continent-spanning natural-gas pipeline and power operator delivering low-risk, take-or-pay cash flows and a ~3.7% dividend, now riding rising gas demand from LNG and data centres.
Pembina Pipeline
A Western Canadian midstream operator moving and processing oil, gas and NGLs on fee-based contracts, backing a ~4% dividend from stable cash flow.
South Bow
The spun-off Keystone crude-pipeline pure-play, built to be a high-payout, low-growth toll collector on Canada-to-U.S. heavy oil.
Keyera
An Alberta NGL and gas-gathering integrator whose fee-for-service backbone is masked by volatile marketing and non-cash mark-to-market swings.
Gibson Energy
A crude-oil terminals and infrastructure operator anchored at Hardisty, with a large but low-margin marketing business inflating the revenue line.
AltaGas
A hybrid of regulated U.S. gas utilities and Western Canadian midstream/LPG-export infrastructure, straddling two very different business models.