Financials TC Energy Corporation Toronto S.E.

Equities

TRP.PR.A

CA87807B2066

Oil & Gas Transportation Services

Market Closed - Toronto S.E. Other stock markets 20:37:07 14/06/2024 BST			5-day change	1st Jan Change
16.06 ^CAD	+0.31%		-2.55%	+15.46%

06-12	Canadian investors eye utilities, real estate stocks as BoC cuts rates	RE
06-10	Everest Infrastructure Partners, Inc. acquired Cns Microwave, LLC from TC Energy Corporation.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	64,623	48,648	57,610	54,628	53,700	55,246	-	-
Enterprise Value (EV) ¹	113,179	96,677	109,703	112,308	113,223	116,288	118,868	121,008
P/E ratio	16.2 x	10.9 x	31.6 x	84.3 x	18.8 x	12.7 x	12 x	10.6 x
Yield	4.34%	6.26%	5.92%	6.67%	7.19%	7.21%	7.43%	7.63%
Capitalization / Revenue	4.88 x	3.74 x	4.3 x	3.65 x	3.37 x	3.38 x	3.21 x	3.04 x
EV / Revenue	8.54 x	7.44 x	8.19 x	7.5 x	7.11 x	7.11 x	6.91 x	6.66 x
EV / EBITDA	12.1 x	10.3 x	11.7 x	11.3 x	10.3 x	10.2 x	9.99 x	9.5 x
EV / FCF	-103 x	-101 x	114 x	-371 x	-153 x	-202 x	59 x	40.6 x
FCF Yield	-0.97%	-0.99%	0.88%	-0.27%	-0.65%	-0.49%	1.7%	2.46%
Price to Book	2.11 x	1.55 x	1.73 x	1.62 x	1.82 x	1.98 x	1.94 x	1.89 x
Nbr of stocks (in thousands)	934,395	940,064	979,259	1,012,000	1,037,488	1,037,488	-	-
Reference price ²	69.16	51.75	58.83	53.98	51.76	53.25	53.25	53.25
Announcement Date	13/02/20	18/02/21	15/02/22	14/02/23	16/02/24	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,255	12,999	13,387	14,977	15,934	16,365	17,213	18,172
EBITDA ¹	9,366	9,351	9,382	9,901	10,988	11,434	11,904	12,742
EBIT ¹	6,902	6,761	6,860	7,317	8,210	8,552	9,129	9,770
Operating Margin	52.07%	52.01%	51.24%	48.85%	51.53%	52.26%	53.04%	53.76%
Earnings before Tax (EBT) ¹	5,187	5,107	2,166	1,374	4,010	5,984	6,339	6,652
Net income ¹	4,000	4,457	1,815	641	2,829	4,351	4,624	5,195
Net margin	30.18%	34.29%	13.56%	4.28%	17.75%	26.59%	26.87%	28.59%
EPS ²	4.280	4.740	1.860	0.6400	2.750	4.201	4.456	5.004
Free Cash Flow ¹	-1,100	-955	966	-303	-739	-575.2	2,015	2,982
FCF margin	-8.3%	-7.35%	7.22%	-2.02%	-4.64%	-3.51%	11.71%	16.41%
FCF Conversion (EBITDA)	-	-	10.3%	-	-	-	16.93%	23.4%
FCF Conversion (Net income)	-	-	53.22%	-	-	-	43.58%	57.4%
Dividend per Share ²	3.000	3.240	3.480	3.600	3.720	3.840	3.955	4.063
Announcement Date	13/02/20	18/02/21	15/02/22	14/02/23	16/02/24	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	3,584	3,500	3,637	3,799	4,041	3,928	3,830	3,940	4,236	4,243	3,787	3,966	4,366	4,311	3,944
EBITDA ¹	2,404	2,388	2,369	2,461	2,683	2,775	2,474	2,632	3,107	3,090	2,671	2,766	2,911	3,030	2,729
EBIT ¹	1,770	1,762	1,734	1,808	2,013	2,098	1,780	1,942	2,390	2,371	1,943	2,080	2,168	2,308	1,957
Operating Margin	49.39%	50.34%	47.68%	47.59%	49.81%	53.41%	46.48%	49.29%	56.42%	55.88%	51.3%	52.46%	49.65%	53.54%	49.62%
Earnings before Tax (EBT) ¹	1,436	-	1,079	992	-1,420	1,688	537	-39	1,824	1,690	1,212	1,332	1,746	1,725	1,243
Net income ¹	1,118	358	889	841	-1,447	1,313	250	-197	1,463	1,203	888	1,011	1,219	1,313	878
Net margin	31.19%	10.23%	24.44%	22.14%	-35.81%	33.43%	6.53%	-5%	34.54%	28.35%	23.45%	25.5%	27.92%	30.46%	22.26%
EPS ²	1.140	0.3600	-	0.8400	-1.420	1.290	0.2400	-0.1900	1.410	1.160	0.8300	0.9367	1.113	1.160	0.8100
Dividend per Share ²	0.8700	0.9000	0.9000	0.9000	0.9000	0.9300	0.9300	0.9300	0.9300	-	0.9600	0.9600	0.9638	0.9897	0.9897
Announcement Date	15/02/22	29/04/22	28/07/22	09/11/22	14/02/23	28/04/23	27/07/23	08/11/23	16/02/24	03/05/24	-	-	-	-	-

¹CAD in Million²CAD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	48,556	48,029	52,093	57,680	59,523	61,042	63,622	65,762
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.184 x	5.136 x	5.552 x	5.826 x	5.417 x	5.339 x	5.344 x	5.161 x
Free Cash Flow ¹	-1,100	-955	966	-303	-739	-575	2,015	2,982
ROE (net income / shareholders' equity)	13%	14.3%	5.61%	12.7%	14.6%	15.4%	15.7%	16.2%
ROA (Net income/ Total Assets)	3.94%	4.47%	1.77%	3.92%	3.89%	3.7%	3.8%	4.1%
Assets ¹	101,642	99,790	102,259	16,369	72,787	117,599	121,697	126,699
Book Value Per Share ²	32.80	33.40	33.90	33.40	28.50	26.80	27.40	28.20
Cash Flow per Share ²	7.610	7.510	7.070	6.400	7.010	6.880	7.210	7.670
Capex ¹	8,182	8,013	5,924	6,678	8,007	8,298	6,589	5,490
Capex / Sales	61.73%	61.64%	44.25%	44.59%	50.25%	50.7%	38.28%	30.21%
Announcement Date	13/02/20	18/02/21	15/02/22	14/02/23	16/02/24	-	-	-

¹CAD in Million²CAD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for TC Energy Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

53.25 CAD

Average target price

56.03 CAD

Spread / Average Target

+5.21%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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	1st Jan change	Capi.
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CHENIERE ENERGY PARTNERS, L.P.	-3.84%	23.18B
PEMBINA PIPELINE CORPORATION	+11.62%	21.48B

Other Oil & Gas Transportation Services