Intrinsic value of Pembina Pipeline Corporation - PPL

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$44.50

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$44.50

 
Intrinsic value

$5.26

 
Up/down potential

-88%

 
Rating

str. sell

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of PPL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 17.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -7.98
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  4,265
  4,350
  4,450
  4,565
  4,693
  4,835
  4,992
  5,162
  5,346
  5,544
  5,757
  5,984
  6,227
  6,486
  6,760
  7,052
  7,361
  7,688
  8,034
  8,400
  8,786
  9,193
  9,622
  10,075
  10,552
  11,054
  11,583
  12,140
  12,726
  13,342
  13,990
Variable operating expenses, $m
 
  3,706
  3,792
  3,889
  3,999
  4,120
  4,253
  4,398
  4,554
  4,723
  4,905
  5,098
  5,305
  5,526
  5,760
  6,008
  6,272
  6,550
  6,845
  7,157
  7,485
  7,832
  8,198
  8,584
  8,990
  9,418
  9,869
  10,343
  10,842
  11,368
  11,920
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  3,458
  3,706
  3,792
  3,889
  3,999
  4,120
  4,253
  4,398
  4,554
  4,723
  4,905
  5,098
  5,305
  5,526
  5,760
  6,008
  6,272
  6,550
  6,845
  7,157
  7,485
  7,832
  8,198
  8,584
  8,990
  9,418
  9,869
  10,343
  10,842
  11,368
  11,920
Operating income, $m
  807
  644
  659
  676
  695
  716
  739
  764
  791
  820
  852
  886
  922
  960
  1,001
  1,044
  1,089
  1,138
  1,189
  1,243
  1,300
  1,361
  1,424
  1,491
  1,562
  1,636
  1,714
  1,797
  1,883
  1,975
  2,071
EBITDA, $m
  1,100
  1,090
  1,115
  1,144
  1,176
  1,211
  1,251
  1,293
  1,339
  1,389
  1,442
  1,499
  1,560
  1,625
  1,694
  1,767
  1,844
  1,926
  2,013
  2,104
  2,201
  2,303
  2,411
  2,524
  2,644
  2,769
  2,902
  3,041
  3,188
  3,343
  3,505
Interest expense (income), $m
  163
  182
  188
  195
  203
  212
  221
  232
  244
  257
  270
  285
  301
  318
  335
  355
  375
  396
  419
  443
  468
  495
  523
  552
  584
  617
  651
  688
  727
  767
  810
Earnings before tax, $m
  655
  461
  471
  481
  492
  504
  517
  532
  547
  564
  582
  601
  621
  642
  665
  689
  715
  742
  770
  801
  832
  866
  901
  939
  978
  1,019
  1,063
  1,109
  1,157
  1,208
  1,261
Tax expense, $m
  189
  125
  127
  130
  133
  136
  140
  144
  148
  152
  157
  162
  168
  173
  180
  186
  193
  200
  208
  216
  225
  234
  243
  253
  264
  275
  287
  299
  312
  326
  340
Net income, $m
  466
  337
  344
  351
  359
  368
  378
  388
  399
  412
  425
  438
  453
  469
  485
  503
  522
  542
  562
  584
  608
  632
  658
  685
  714
  744
  776
  809
  844
  882
  920

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  35
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  15,017
  15,264
  15,615
  16,017
  16,467
  16,966
  17,514
  18,111
  18,756
  19,452
  20,198
  20,997
  21,849
  22,757
  23,721
  24,744
  25,828
  26,976
  28,190
  29,473
  30,827
  32,256
  33,763
  35,351
  37,025
  38,787
  40,643
  42,597
  44,652
  46,815
  49,089
Adjusted assets (=assets-cash), $m
  14,982
  15,264
  15,615
  16,017
  16,467
  16,966
  17,514
  18,111
  18,756
  19,452
  20,198
  20,997
  21,849
  22,757
  23,721
  24,744
  25,828
  26,976
  28,190
  29,473
  30,827
  32,256
  33,763
  35,351
  37,025
  38,787
  40,643
  42,597
  44,652
  46,815
  49,089
Revenue / Adjusted assets
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
Average production assets, $m
  13,121
  13,382
  13,689
  14,041
  14,436
  14,874
  15,354
  15,877
  16,443
  17,053
  17,707
  18,407
  19,154
  19,950
  20,795
  21,692
  22,643
  23,649
  24,713
  25,838
  27,025
  28,277
  29,598
  30,991
  32,458
  34,003
  35,630
  37,343
  39,145
  41,040
  43,034
Working capital, $m
  -109
  -139
  -142
  -146
  -150
  -155
  -160
  -165
  -171
  -177
  -184
  -191
  -199
  -208
  -216
  -226
  -236
  -246
  -257
  -269
  -281
  -294
  -308
  -322
  -338
  -354
  -371
  -388
  -407
  -427
  -448
Total debt, $m
  4,151
  4,268
  4,426
  4,605
  4,807
  5,031
  5,276
  5,544
  5,833
  6,144
  6,479
  6,837
  7,218
  7,625
  8,057
  8,515
  9,001
  9,515
  10,059
  10,634
  11,240
  11,881
  12,556
  13,267
  14,017
  14,807
  15,638
  16,513
  17,434
  18,403
  19,422
Total liabilities, $m
  6,721
  6,838
  6,996
  7,175
  7,377
  7,601
  7,846
  8,114
  8,403
  8,714
  9,049
  9,407
  9,788
  10,195
  10,627
  11,085
  11,571
  12,085
  12,629
  13,204
  13,810
  14,451
  15,126
  15,837
  16,587
  17,377
  18,208
  19,083
  20,004
  20,973
  21,992
Total equity, $m
  8,296
  8,426
  8,620
  8,841
  9,090
  9,365
  9,668
  9,997
  10,353
  10,737
  11,150
  11,590
  12,061
  12,562
  13,094
  13,659
  14,257
  14,891
  15,561
  16,269
  17,016
  17,805
  18,637
  19,514
  20,438
  21,411
  22,435
  23,513
  24,648
  25,842
  27,097
Total liabilities and equity, $m
  15,017
  15,264
  15,616
  16,016
  16,467
  16,966
  17,514
  18,111
  18,756
  19,451
  20,199
  20,997
  21,849
  22,757
  23,721
  24,744
  25,828
  26,976
  28,190
  29,473
  30,826
  32,256
  33,763
  35,351
  37,025
  38,788
  40,643
  42,596
  44,652
  46,815
  49,089
Debt-to-equity ratio
  0.500
  0.510
  0.510
  0.520
  0.530
  0.540
  0.550
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.620
  0.630
  0.640
  0.650
  0.650
  0.660
  0.670
  0.670
  0.680
  0.690
  0.690
  0.700
  0.700
  0.710
  0.710
  0.720
Adjusted equity ratio
  0.551
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  466
  337
  344
  351
  359
  368
  378
  388
  399
  412
  425
  438
  453
  469
  485
  503
  522
  542
  562
  584
  608
  632
  658
  685
  714
  744
  776
  809
  844
  882
  920
Depreciation, amort., depletion, $m
  293
  446
  456
  468
  481
  496
  512
  529
  548
  568
  590
  614
  638
  665
  693
  723
  755
  788
  824
  861
  901
  943
  987
  1,033
  1,082
  1,133
  1,188
  1,245
  1,305
  1,368
  1,434
Funds from operations, $m
  949
  783
  800
  819
  840
  864
  889
  917
  948
  980
  1,015
  1,052
  1,092
  1,134
  1,179
  1,226
  1,277
  1,330
  1,386
  1,446
  1,508
  1,575
  1,645
  1,718
  1,796
  1,878
  1,964
  2,054
  2,149
  2,250
  2,355
Change in working capital, $m
  -128
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
Cash from operations, $m
  1,077
  1,830
  803
  823
  844
  868
  894
  923
  953
  986
  1,022
  1,059
  1,099
  1,142
  1,187
  1,236
  1,286
  1,340
  1,397
  1,457
  1,521
  1,588
  1,658
  1,733
  1,811
  1,894
  1,980
  2,072
  2,168
  2,269
  2,376
Maintenance CAPEX, $m
  0
  -437
  -446
  -456
  -468
  -481
  -496
  -512
  -529
  -548
  -568
  -590
  -614
  -638
  -665
  -693
  -723
  -755
  -788
  -824
  -861
  -901
  -943
  -987
  -1,033
  -1,082
  -1,133
  -1,188
  -1,245
  -1,305
  -1,368
New CAPEX, $m
  -1,745
  -261
  -308
  -352
  -395
  -438
  -480
  -523
  -566
  -610
  -654
  -700
  -747
  -795
  -845
  -897
  -951
  -1,006
  -1,064
  -1,124
  -1,187
  -1,253
  -1,321
  -1,392
  -1,467
  -1,545
  -1,627
  -1,712
  -1,802
  -1,896
  -1,994
Cash from investing activities, $m
  -2,286
  -698
  -754
  -808
  -863
  -919
  -976
  -1,035
  -1,095
  -1,158
  -1,222
  -1,290
  -1,361
  -1,433
  -1,510
  -1,590
  -1,674
  -1,761
  -1,852
  -1,948
  -2,048
  -2,154
  -2,264
  -2,379
  -2,500
  -2,627
  -2,760
  -2,900
  -3,047
  -3,201
  -3,362
Free cash flow, $m
  -1,209
  1,132
  49
  15
  -19
  -51
  -82
  -112
  -142
  -172
  -201
  -231
  -261
  -292
  -323
  -355
  -387
  -421
  -455
  -491
  -528
  -566
  -605
  -646
  -689
  -734
  -780
  -828
  -879
  -931
  -986
Issuance/(repayment) of debt, $m
  817
  123
  157
  180
  202
  224
  245
  267
  289
  312
  334
  358
  382
  406
  432
  458
  486
  514
  544
  575
  607
  640
  675
  712
  750
  790
  831
  875
  921
  969
  1,019
Issuance/(repurchase) of shares, $m
  781
  0
  0
  27
  65
  102
  138
  174
  209
  244
  279
  314
  350
  386
  423
  461
  500
  540
  581
  624
  668
  714
  762
  812
  863
  917
  973
  1,031
  1,092
  1,156
  1,223
Cash from financing (excl. dividends), $m  
  1,567
  123
  157
  207
  267
  326
  383
  441
  498
  556
  613
  672
  732
  792
  855
  919
  986
  1,054
  1,125
  1,199
  1,275
  1,354
  1,437
  1,524
  1,613
  1,707
  1,804
  1,906
  2,013
  2,125
  2,242
Total cash flow (excl. dividends), $m
  358
  1,255
  207
  194
  183
  173
  164
  155
  147
  140
  133
  127
  121
  115
  109
  104
  99
  93
  89
  84
  79
  74
  70
  65
  61
  56
  52
  47
  42
  37
  33
Retained Cash Flow (-), $m
  -872
  -159
  -194
  -222
  -249
  -276
  -302
  -329
  -356
  -384
  -412
  -441
  -470
  -501
  -532
  -565
  -599
  -634
  -670
  -708
  -748
  -789
  -832
  -877
  -924
  -973
  -1,024
  -1,078
  -1,135
  -1,194
  -1,256
Prev. year cash balance distribution, $m
 
  29
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,125
  13
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Discount rate, %
 
  6.10
  6.41
  6.73
  7.06
  7.41
  7.79
  8.17
  8.58
  9.01
  9.46
  9.94
  10.43
  10.95
  11.50
  12.08
  12.68
  13.32
  13.98
  14.68
  15.41
  16.19
  16.99
  17.84
  18.74
  19.67
  20.66
  21.69
  22.77
  23.91
  25.11
PV of cash for distribution, $m
 
  1,061
  11
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  99.9
  99.5
  99.0
  98.3
  97.5
  96.5
  95.4
  94.3
  93.0
  91.7
  90.4
  88.9
  87.5
  86.0
  84.5
  83.0
  81.4
  79.9
  78.3
  76.8
  75.2
  73.7
  72.1
  70.6
  69.1
  67.6
  66.2
  64.7

Pembina Pipeline Corporation provides transportation and midstream services for the energy industry in North America. It operates through four segments: Conventional Pipelines, Oil Sands & Heavy Oil, Gas Services, and Midstream. The Conventional Pipelines segment operates 9,100 kilometers of pipeline network that transports hydrocarbon products and extends across Alberta and parts of British Columbia. It also transports ethane from gas plants in North Dakota and Saskatchewan to Empress, Alberta. The Oil Sands & Heavy Oil segment transports synthetic crude oil for the Syncrude Project and the Horizon Project to delivery points near Edmonton, Alberta; owns and operates the Nipisi and Mitsue pipelines, which provide transportation for producers operating in the Pelican Lake and Peace River heavy oil regions of Alberta; and the Cheecham Lateral, which transports synthetic crude to oil sands producers operating southeast of Fort McMurray, Alberta. This segment operates approximately 1,650 kilometers of pipeline and has 880 thousands of barrels per day of capacity. The Gas Services segment provides natural gas gathering, compression, and shallow and deep cut processing services primarily on a fee-for-service basis under long-term contracts. The Midstream segment offers midstream products and services, including storage, terminalling, and hub. It operates 17 truck terminals; 21 inbound and 13 outbound pipeline connections; 1.2 mmbpd of crude oil and condensate supply; and 310 mbbls of surface storage in and around the Edmonton and Fort Saskatchewan, Alberta areas, as well as operates 2 NGL operating systems. Pembina Pipeline Corporation was founded in 1997 and is headquartered in Calgary, Canada.

FINANCIAL RATIOS  of  Pembina Pipeline Corporation (PPL)

Valuation Ratios
P/E Ratio 37.9
Price to Sales 4.1
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 16.4
Price to Free Cash Flow -26.4
Growth Rates
Sales Growth Rate -8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -3.6%
Cap. Spend. - 3 Yr. Gr. Rate 14.7%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 50%
Total Debt to Equity 50%
Interest Coverage 5
Management Effectiveness
Return On Assets 4.2%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 4%
Ret/ On T. Cap. - 3 Yr. Avg. 4.2%
Return On Equity 5.9%
Return On Equity - 3 Yr. Avg. 6.2%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 23.5%
Gross Margin - 3 Yr. Avg. 18.9%
EBITDA Margin 26%
EBITDA Margin - 3 Yr. Avg. 20.9%
Operating Margin 18.9%
Oper. Margin - 3 Yr. Avg. 15.1%
Pre-Tax Margin 15.4%
Pre-Tax Margin - 3 Yr. Avg. 12.5%
Net Profit Margin 10.9%
Net Profit Margin - 3 Yr. Avg. 8.7%
Effective Tax Rate 28.9%
Eff/ Tax Rate - 3 Yr. Avg. 30.7%
Payout Ratio 75.3%

PPL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PPL stock intrinsic value calculation we used $4265 million for the last fiscal year's total revenue generated by Pembina Pipeline Corporation. The default revenue input number comes from 2016 income statement of Pembina Pipeline Corporation. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PPL stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.1%, whose default value for PPL is calculated based on our internal credit rating of Pembina Pipeline Corporation, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Pembina Pipeline Corporation.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PPL stock the variable cost ratio is equal to 85.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for PPL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.4% for Pembina Pipeline Corporation.

Corporate tax rate of 27% is the nominal tax rate for Pembina Pipeline Corporation. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PPL stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PPL are equal to 307.6%.

Life of production assets of 44.8 years is the average useful life of capital assets used in Pembina Pipeline Corporation operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PPL is equal to -3.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $8296 million for Pembina Pipeline Corporation - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 394.199 million for Pembina Pipeline Corporation is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Pembina Pipeline Corporation at the current share price and the inputted number of shares is $17.5 billion.


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Stock chart of PPL Financial statements of PPL
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The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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