Keyera Corp

KEY: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 74.00	Vqmv	Hrxtlvg

Keyera’s Fourth Quarter Looks Solid; KAPS Pipeline Is 99% Complete

Stephen Ellis

Feb 15, 2023

Keyera’s fourth-quarter results were a bit better than expected, as full-year EBITDA topped CAD 1 billion compared to our CAD 965 million forecast, mainly due to strong gathering and processing, and marketing results. Marketing, in particular, well outperformed a typical year of CAD 250 million-CAD 280 million in contributions with realized margins of CAD 397 million. At first glance, we will maintain our CAD 30 fair value and no-moat rating.

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