TC Energy Corp

TRP: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 24.00	Tttjrm	Sgwsnhftm

TC Energy Earnings: Execution Is Everything; Checking Off a Long To-Do List

Stephen Ellis

Aug 1, 2024

TC Energy's second-quarter results were strong in all areas. We expect to increase our $47 and CAD 63 fair value estimates while maintaining our narrow moat rating. Our biggest concern entering the quarter was execution across TC Energy's multiple high-profile and challenging goals, and the firm delivered on all fronts. TC Energy achieved an overall EBITDA growth of 10% year over year, reaching CAD 2.7 billion, and reaffirmed the 2024 guidance at a midpoint of CAD 11.35 billion, prior to considering the impact of asset sales and the South Bow spinoff.

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