TC Energy Corp

TRP: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 22.00	Gzhzlqs	Mlcnmghy

TC Energy Earnings: Strong Results as Focus Turns to 2024 Asset Sales and Spinoff

Stephen Ellis

Feb 16, 2024

TC Energy’s fourth-quarter and full-year results were a bit better than our expectations, primarily due to a performance-related payment of CAD 200 million for the effective completion of the Coastal GasLink pipeline. The payment boosted 2023 EBITDA to CAD 11 billion, up 11% over 2022 levels, and above our CAD 10.7 billion forecast. 2024 EBITDA is guided toward a midpoint of CAD 11.35 billion, compared with our CAD 11.1 billion forecast, reflecting projects placed in service in 2023 and anticipated new projects in 2024. We expect to maintain our CAD 63 and USD 46 fair value estimates and narrow moat ratings.

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