TC Energy Corp

TRP: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 68.00	Pqngg	Mtcrhqyn

TC Energy: Portland Transmission Sale Is Excellent Progress Toward CAD 3 Billion Asset Sale Target

Stephen Ellis

Mar 4, 2024

TC Energy’s sale of the Portland Natural Gas Transmission system for CAD 740 million in net proceeds is great progress toward the company's target of CAD 3 billion in asset sales. Reaching this target will help TC Energy achieve its goal of 4.75 times leverage in 2024. We see the valuation as reasonable for the asset. Given the size, the deal is immaterial to our CAD 63/USD 46 fair value estimate. Our narrow moat rating is also unchanged.

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