Keyera Corp
TSX:KEY

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Keyera Corp Logo
Keyera Corp
TSX:KEY
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Price: 47.39 CAD -0.29% Market Closed
Market Cap: 10.9B CAD
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Intrinsic Value

The intrinsic value of one KEY stock under the Base Case scenario is 43.23 CAD. Compared to the current market price of 47.39 CAD, Keyera Corp is Overvalued by 9%.

The Intrinsic Value is calculated as the average of DCF and Relative values:

KEY Intrinsic Value
43.23 CAD
Overvaluation 9%
Intrinsic Value
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Base Case
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Keyera Corp

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Backtest Conclusion
Very Attractive
Current Valuation
+45%
Avg Valuation
-12%
Worst Valuation
-49%
Best Valuation
+45%

Stock is trading at its lowest valuation over the past 5 years.

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Fundamental Analysis

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Business Breakdown

Keyera Corp. is a prominent player in the Canadian midstream energy sector, primarily focused on natural gas processing and transportation. Established in 1998 and headquartered in Calgary, Alberta, Keyera operates a vast network of facilities that include gas plants, pipeline systems, and industrial services, all designed to support the thriving natural gas industry in Western Canada. The company’s strategic position in the Montney and Duvernay shale formations, two of North America’s most significant resource plays, allows it to serve a diverse range of customers. By leveraging its integrated asset base, Keyera not only enhances operational efficiency but also provides reliable services th...

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Financials
Annual
Quarterly
TTM
Annual
Quarterly
TTM

Balance Sheet Decomposition
Keyera Corp

Current Assets 986.4m
Cash & Short-Term Investments 31.4m
Receivables 598m
Other Current Assets 357m
Non-Current Assets 7.6B
PP&E 7.4B
Intangibles 77.6m
Other Non-Current Assets 148.6m
Current Liabilities 750.2m
Accounts Payable 663.4m
Other Current Liabilities 86.8m
Non-Current Liabilities 5B
Long-Term Debt 3.9B
Other Non-Current Liabilities 1.2B
Efficiency

Earnings Waterfall
Keyera Corp

Revenue
7.5B CAD
Cost of Revenue
-6B CAD
Gross Profit
1.5B CAD
Operating Expenses
-533.5m CAD
Operating Income
990.6m CAD
Other Expenses
-543.7m CAD
Net Income
446.9m CAD

Free Cash Flow Analysis
Keyera Corp

Last Value
3-Years Average
FCF Margin
Conversion Rate
Earnings Calls

Keyera delivered robust Q3 results with net earnings of $185 million, significantly up from $78 million last year. Adjusted EBITDA rose to $322 million, driven by all business segments. The company reaffirmed its 2024 guidance for Marketing segment margins at $450-$480 million, with growth capital expected at $80-$100 million. Additionally, Keyera plans to pursue strategic share buybacks to enhance shareholder value while maintaining a strong financial position. Continued investments in frac expansions signal a commitment to capitalize on growth opportunities in Western Canada’s burgeoning market, positioning the company for sustainable future gains.

What is Earnings Call?
Fundamental Scores

KEY Profitability Score
Profitability Due Diligence

Keyera Corp's profitability score is 55/100. The higher the profitability score, the more profitable the company is.

Exceptional 3-Years Revenue Growth
ROE is Increasing
Positive Free Cash Flow
Positive Gross Profit
55/100
Profitability
Score

Keyera Corp's profitability score is 55/100. The higher the profitability score, the more profitable the company is.

KEY Solvency Score
Solvency Due Diligence

Keyera Corp's solvency score is 36/100. The higher the solvency score, the more solvent the company is.

Long-Term Solvency
Short-Term Solvency
Average D/E
Average Altman Z-Score
36/100
Solvency
Score

Keyera Corp's solvency score is 36/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

KEY Price Targets Summary
Keyera Corp

Wall Street analysts forecast KEY stock price to drop over the next 12 months.

According to Wall Street analysts, the average 1-year price target for KEY is 45.56 CAD with a low forecast of 39.39 CAD and a high forecast of 52.5 CAD.

Lowest
Price Target
39.39 CAD
17% Downside
Average
Price Target
45.56 CAD
4% Downside
Highest
Price Target
52.5 CAD
11% Upside
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Dividends

Dividend Yield
Lowest
Average
Highest
Dividend Per Share
N/A
Growth 3Y
Growth 5Y
Growth 10Y
Dividend Safety Score
Very
Unsafe
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Safe
0
25
50
75
100
Previous Payment
-
Today
Next Payment
-
Today
Nov 23, 2024
Previous Payment
-
Next Payment
-
Ex-Dividend Date
-
Shareholder Yield

Current shareholder yield for KEY is .

Shareholder yield represents the total return a company provides to its shareholders, calculated as the sum of dividend yield, buyback yield, and debt paydown yield. What is shareholder yield?

Shareholder Yield
Dividend Yield
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Buyback Yield
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Debt Paydown Yield
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Highest

Profile

Keyera Corp Logo
Keyera Corp

Country

Canada

Industry

Energy

Market Cap

10.9B CAD

Dividend Yield

5.32%

Description

Keyera Corp. engages in the operation of assets in the oil and gas industry between the upstream sectors. The company is headquartered in Calgary, Alberta and currently employs 1,005 full-time employees. The company went IPO on 2003-05-30. The firm operates through three segments: Gathering and Processing, Liquids Infrastructure, and Marketing. The Gathering and Processing segment owns and operates raw gas gathering pipelines and processing plants, which collect and process raw natural gas, remove waste products and separate the economic components, primarily natural gas liquids (NGLs). The Liquids Infrastructure segment owns and operates a network of facilities for the gathering, processing, storage and transportation of the by-products of natural gas processing, including NGLs in mix form and specification NGLs such as ethane, propane, butane and condensate. Marketing segment includes marketing a range of products associated with its two infrastructure business lines, primarily propane, butane, condensate and iso-octane, and also engages in liquids blending.

Contact

ALBERTA
Calgary
Suite 200, Sun Life Plaza, West Tower, 144 - 4th Avenue SW
+14032057670.0
www.keyera.com

IPO

2003-05-30

Employees

1 005

Officers

President, CEO & Director
Mr. C. Dean Setoguchi
Senior VP & CFO
Ms. Eileen Marikar
Senior Vice President of Operations & Engineering
Mr. Jarrod Beztilny
SVP of Sustainability & External Affairs, General Counsel and Corporate Secretary
Ms. Christy Elliott
Senior VP & Chief Commercial Officer
Mr. K. James Urquhart MBA, P.Eng.
Senior Vice President of Safety, People & Technology
Ms. Desiree Crawford
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Director of Investor Relations
Dan Cuthbertson
Vice President of Marketing & US Operations
Mr. Darren Rousch
VP & Controller
Mr. Bryan Chan
Manager of Investor Relations
Calvin Locke
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See Also

Discover More
What is the Intrinsic Value of one KEY stock?

The intrinsic value of one KEY stock under the Base Case scenario is 43.23 CAD.

Is KEY stock undervalued or overvalued?

Compared to the current market price of 47.39 CAD, Keyera Corp is Overvalued by 9%.

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