Analyst Note| Stephen Ellis |
Pembina Pipeline's second-quarter results were healthy, and the company boosted its 2022 EBITDA guidance modestly thanks to continued marketing strength. That guidance now stands at a midpoint of CAD 3.625 billion, matching our forecast. With no material changes to our outlook after refreshing our model, we are leaving our Canadian fair value estimate unchanged at CAD 37 per share. Our U.S. dollar fair value estimate declines by $0.50 per share to $29 after updating exchange rates. Our no-moat rating remains the same.