TC Energy Corp
TRP: XTSE (CAN)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
CAD 29.00 | Dspwmh | Vwzkyqrc |
TC Energy Earnings: Execution Is Everything; Checking Off a Long To-Do List
TC Energy's second-quarter results were strong in all areas. We expect to increase our $47 and CAD 63 fair value estimates while maintaining our narrow moat rating. Our biggest concern entering the quarter was execution across TC Energy's multiple high-profile and challenging goals, and the firm delivered on all fronts. TC Energy achieved an overall EBITDA growth of 10% year over year, reaching CAD 2.7 billion, and reaffirmed the 2024 guidance at a midpoint of CAD 11.35 billion, prior to considering the impact of asset sales and the South Bow spinoff.