Company Valuation: Pembina Pipeline Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 21,117 25,253 25,062 30,832 30,383 41,608 - -
Change - 19.58% -0.76% 23.02% -1.46% 36.94% - -
Enterprise Value (EV) 1 32,313 35,759 35,424 43,347 43,587 57,681 58,023 58,157
Change - 10.66% -0.94% 22.37% 0.55% 32.33% 0.59% 0.23%
P/E 19.3x 8.98x 15.3x 17.7x 19.7x 23.6x 22.5x 21.1x
PBR 1.48x 1.62x 1.59x 1.74x 1.81x 2.76x 2.79x 2.81x
PEG - 0x -0.4x 52.92x -1.7x 1.7x 4.77x 3.13x
Capitalization / Revenue 2.45x 2.17x 2.75x 4.18x 3.91x 4.75x 4.62x 4.52x
EV / Revenue 3.75x 3.08x 3.88x 5.87x 5.6x 6.59x 6.44x 6.31x
EV / EBITDA 9.41x 9.55x 9.26x 9.83x 10.2x 12.9x 12.6x 12x
EV / EBIT 11.9x 11.7x 11.2x 12.2x 13.2x 18x 17.5x 16.4x
EV / FCF 16.2x 15.4x 17.5x 19.2x 17.3x 33.8x 27.9x 22.8x
FCF Yield 6.16% 6.5% 5.73% 5.21% 5.77% 2.96% 3.59% 4.38%
Dividend per Share 2 2.52 2.55 2.66 2.738 2.84 2.925 3.028 3.131
Rate of return 6.57% 5.55% 5.83% 5.15% 5.43% 4.09% 4.23% 4.37%
EPS 2 1.99 5.12 2.99 3 2.66 3.036 3.179 3.394
Distribution rate 127% 49.8% 89% 91.3% 107% 96.4% 95.2% 92.2%
Net sales 1 8,627 11,611 9,125 7,384 7,778 8,756 9,003 9,209
EBITDA 1 3,433 3,746 3,824 4,408 4,289 4,467 4,587 4,829
EBIT 1 2,710 3,063 3,161 3,546 3,302 3,207 3,324 3,547
Net income 1 1,098 2,842 1,648 1,721 1,550 1,775 1,847 1,964
Net Debt 1 11,196 10,506 10,362 12,515 13,204 16,073 16,415 16,549
Reference price 2 38.37 45.96 45.62 53.11 52.29 71.56 71.56 71.56
Nbr of stocks (in thousands) 5,50,363 5,49,455 5,49,370 5,80,530 5,81,048 5,81,435 - -
Announcement Date 24/02/22 23/02/23 22/02/24 27/02/25 26/02/26 - - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.3x6.53x12.81x4.14% 2.93TCr
27.22x4.19x13.95x4.92% 12TCr
31.71x10.25x14.79x2.83% 9.1TCr
12.94x2.08x10.61x6.01% 8.12TCr
25.71x10.23x13.85x3.61% 7.2TCr
21.86x5.78x11.66x3.7% 7.16TCr
25.8x3.93x13.61x1.77% 5.97TCr
15.9x2.36x10.83x4.73% 5.74TCr
13.12x6.34x11.29x8.1% 5.72TCr
16.68x3.74x11.28x5.13% 3.01TCr
Average 21.42x 5.54x 12.47x 4.49% 6.72TCr
Weighted average by Cap. 22.43x 5.66x 12.71x 4.45%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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  4. Valuation Pembina Pipeline Corporation