Keyera Corp
TSX:KEY

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Keyera Corp Logo
Keyera Corp
TSX:KEY
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Price: 42.96 CAD 0.47% Market Closed
Market Cap: 9.8B CAD
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Intrinsic Value

The intrinsic value of one KEY stock under the Base Case scenario is 44.03 CAD. Compared to the current market price of 42.96 CAD, Keyera Corp is Undervalued by 2%.

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

KEY Intrinsic Value
44.03 CAD
Undervaluation 2%
Intrinsic Value
Price
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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 1.1B
Cash & Short-Term Investments 45.8m
Receivables 750.3m
Other Current Assets 343.4m
Non-Current Assets 7.6B
PP&E 7.4B
Intangibles 80.3m
Other Non-Current Assets 148m
Current Liabilities 876m
Accounts Payable 781.4m
Other Current Liabilities 94.6m
Non-Current Liabilities 5.1B
Long-Term Debt 3.9B
Other Non-Current Liabilities 1.2B
Efficiency

Earnings Waterfall
Keyera Corp

Revenue
7B CAD
Cost of Revenue
-5.6B CAD
Gross Profit
1.4B CAD
Operating Expenses
-516.8m CAD
Operating Income
865.6m CAD
Other Expenses
-525.2m CAD
Net Income
340.4m CAD

Free Cash Flow Analysis
Keyera Corp

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

In the latest quarter, the company reported $326 million in adjusted EBITDA, a 11% increase year-over-year, driven by strong performance across all segments. Net earnings were slightly down at $142 million due to higher depreciation and interest costs. They announced a 4% dividend increase to $2.08 per share annually, supported by a robust balance sheet. Looking ahead to 2024, they raised the marketing segment guidance to $450-480 million of realized margin. The firm remains committed to disciplined capital investments, including key projects in Western Canada, expected to enhance long-term growth and shareholder value.

What is Earnings Call?
Fundamental Scores

KEY Profitability Score
Profitability Due Diligence

Keyera Corp's profitability score is 53/100. The higher the profitability score, the more profitable the company is.

Exceptional 3-Years Revenue Growth
Positive Gross Profit
Positive Free Cash Flow
ROE is Increasing
53/100
Profitability
Score

Keyera Corp's profitability score is 53/100. The higher the profitability score, the more profitable the company is.

KEY Solvency Score
Solvency Due Diligence

Keyera Corp's solvency score is 34/100. The higher the solvency score, the more solvent the company is.

Long-Term Solvency
Short-Term Solvency
Average D/E
Average Altman Z-Score
34/100
Solvency
Score

Keyera Corp's solvency score is 34/100. 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 rise over the next 12 months.

According to Wall Street analysts, the average 1-year price target for KEY is 43.69 CAD with a low forecast of 38.38 CAD and a high forecast of 50.4 CAD.

Lowest
Price Target
38.38 CAD
11% Downside
Average
Price Target
43.69 CAD
2% Upside
Highest
Price Target
50.4 CAD
17% Upside
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Dividends

Dividend Yield
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Average
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Dividend Per Share
N/A
Growth 3Y
Growth 5Y
Growth 10Y
Dividend Safety Score
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Unsafe
Unsafe
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Safe
0
25
50
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100
Shareholder Yield

Current shareholder yield for KEY is .

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Dividend Yield
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Buyback Yield
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Profile

Keyera Corp Logo
Keyera Corp

Country

Canada

Industry

Energy

Market Cap

9.8B CAD

Dividend Yield

5.87%

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 44.03 CAD.

Is KEY stock undervalued or overvalued?

Compared to the current market price of 42.96 CAD, Keyera Corp is Undervalued by 2%.

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