We maintain our 12-month target price of C$55, reflecting an 11.4x multiple of price to our 2020 operating cash flow estimate, a premium to peers. We narrow our 2020 EPS estimate to C$2.46 from C$2.56 and start our 2021 estimate at C$2.82. PPL reports Q4 EPS of C$0.84 vs. C$0.57, beating the S&P Capital IQ consensus estimate by C$0.28 driven by 5% higher volumes in the Pipelines segment compared to Q4 2018, new assets placed into service, the contribution from the Kinder Acquisition assets, and higher tolls on the Alberta Ethane Gathering System. We note FERC delayed a decision related to the Jordan Cove LNG project, though we expect a decision by the next FERC commission meeting on 3/20. We believe the recently acquired Cochin pipeline system will provide PPL near-term optionality by connecting PPL's existing assets with multiple markets, while $5.8 billion of secured organic projects (i.e. the propane dehydrogenation and polypropylene upgrading facility) will help drive future earnings growth.
|Incyte's 2021 Earnings Forecast Lowered|
|Earnings Forecast for MarineMax in 2021 Targeted Higher|
|Q2 Estimates for Healthcare Trust of America Slips, ...|
|2020 Estimate for Hancock Whitney Scaled Up but 2021...|
|HealthEquity's Consensus Projections for Q2, 2021, a...|