Stock TRP.PR.B TC ENERGY CORPORATION
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Financials TC Energy Corporation Toronto S.E.

Equities

TRP.PR.B

CA87807B4047

Oil & Gas Transportation Services

Market Closed - Toronto S.E.
Other stock markets
 20:39:25 15/05/2024 BST 		5-day change 1st Jan Change
13.2 CAD +0.08% Intraday chart for TC Energy Corporation +1.46% +17.02%
05-15 TC Energy Brief: Says to appeal Delaware court rulings in lawsuit related to 2016 Columbia Pipeline acquisition MT
05-14 Canada's energy regulator orders TC Energy gas pipeline to cut pressure further RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 64,623 48,648 57,610 54,628 53,700 54,956 - -
Enterprise Value (EV) 1 113,179 96,677 109,703 112,308 113,223 116,878 119,447 121,205
P/E ratio 16.2 x 10.9 x 31.6 x 84.3 x 18.8 x 12.7 x 12 x 10.9 x
Yield 4.34% 6.26% 5.92% 6.67% 7.19% 7.25% 7.47% 7.67%
Capitalization / Revenue 4.88 x 3.74 x 4.3 x 3.65 x 3.37 x 3.36 x 3.23 x 3.03 x
EV / Revenue 8.54 x 7.44 x 8.19 x 7.5 x 7.11 x 7.14 x 7.02 x 6.68 x
EV / EBITDA 12.1 x 10.3 x 11.7 x 11.3 x 10.3 x 10.2 x 10.1 x 9.53 x
EV / FCF -103 x -101 x 114 x -371 x -153 x -191 x 60.8 x 40.9 x
FCF Yield -0.97% -0.99% 0.88% -0.27% -0.65% -0.52% 1.64% 2.45%
Price to Book 2.11 x 1.55 x 1.73 x 1.62 x 1.82 x 2 x 1.97 x 1.9 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 52.97 52.97 52.97
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 16,364 17,017 18,144
EBITDA 1 9,366 9,351 9,382 9,901 10,988 11,406 11,812 12,713
EBIT 1 6,902 6,761 6,860 7,317 8,210 8,599 8,921 9,735
Operating Margin 52.07% 52.01% 51.24% 48.85% 51.53% 52.55% 52.42% 53.66%
Earnings before Tax (EBT) 1 5,187 5,107 2,166 1,374 4,010 6,011 6,374 6,722
Net income 1 4,000 4,457 1,815 641 2,829 4,418 4,648 5,068
Net margin 30.18% 34.29% 13.56% 4.28% 17.75% 27% 27.32% 27.93%
EPS 2 4.280 4.740 1.860 0.6400 2.750 4.170 4.399 4.880
Free Cash Flow 1 -1,100 -955 966 -303 -739 -613.5 1,965 2,966
FCF margin -8.3% -7.35% 7.22% -2.02% -4.64% -3.75% 11.54% 16.35%
FCF Conversion (EBITDA) - - 10.3% - - - 16.63% 23.33%
FCF Conversion (Net income) - - 53.22% - - - 42.26% 58.52%
Dividend per Share 2 3.000 3.240 3.480 3.600 3.720 3.842 3.955 4.062
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 3,799 3,931 4,290 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 2,668 2,759 2,898 3,025 2,725
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% 51.15% 52.92% 50.53% 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 1,203 945.2 1,038 1,226 1,313 878
Net margin 31.19% 10.23% 24.44% 22.14% -35.81% 33.43% 6.53% -5% 34.54% 28.35% 24.88% 26.4% 28.59% 30.46% 22.26%
EPS 2 1.140 0.3600 - 0.8400 -1.420 1.290 0.2400 -0.1900 1.410 1.160 0.8540 0.9325 1.095 1.153 0.8367
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 61,922 64,491 66,249
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 5.184 x 5.136 x 5.552 x 5.826 x 5.417 x 5.429 x 5.46 x 5.211 x
Free Cash Flow 1 -1,100 -955 966 -303 -739 -614 1,965 2,966
ROE (net income / shareholders' equity) 13% 14.3% 5.61% 12.7% 14.6% 14.9% 15.4% 15.9%
ROA (Net income/ Total Assets) 3.94% 4.47% 1.77% 3.92% 3.89% 3.78% 3.85% 4.1%
Assets 1 101,642 99,790 102,259 16,369 72,787 117,041 120,738 123,618
Book Value Per Share 2 32.80 33.40 33.90 33.40 28.50 26.50 26.90 27.80
Cash Flow per Share 2 7.610 7.510 7.070 6.400 7.010 7.460 7.590 8.030
Capex 1 8,182 8,013 5,924 6,678 8,007 8,266 6,633 5,599
Capex / Sales 61.73% 61.64% 44.25% 44.59% 50.25% 50.51% 38.98% 30.86%
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
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
24
Last Close Price
52.97 CAD
Average target price
55.83 CAD
Spread / Average Target
+5.41%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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