Gibson Energy Inc growth capex up 16% y/y Business as usual calling all bargain hunters! HIGHLIGHTS. The NBF Daily Bulletin.
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1 Title: Gibson Energy Inc. - GE I (T) Cdn$30.11 Price: Cdn$30.11 StockRating: Outperform TargetPrice: Cdn$34.00 Headline: Propane tuck-ins + steady storage capacity growth; reiterate GEI (T) Stock Rating: Target: Risk Rating: Cdn$24.85 Outperform Cdn$38.00 Average Est. Total Return 58.0% Stock Data: 52-week High-Low (Canada) $ $24.16 Bloomberg/Reuters: Canada GEI CT / GEI TO (Year-End December 31) 2013a 2014e 2015e AFFO/sh - basic $1.97 $2.05 $2.37 AFFO/sh - f.d. $1.95 $2.05 $2.37 P/AFFO 12.8x 12.1x 10.5x D/EBITDA 1.2x 1.8x 2.2x EV/Free-EBITDA 11.2x 10.1x 9.0x Dividends (1) $1.09 $1.18 $1.28 Dividend Yield (2) 4.4% 4.7% 5.2% AFFO Payout Ratio 55% 57% 54% Financial Data: Shares Outstanding (mln) Book Value per Unit $11.06 Market Capitalization ($mln) $3,085 Price/Book Ratio 2.2x Net Debt ($mln) $850 Net Debt/Enterprise Value 22% Debt/15 AFFO 3.7x Total Return 58.0% Industry Rating: Market Weight - Energy Equipment & Services; Oil, Gas & Consumable Fuels (NBF Economics & Strategy Group) December 10, 2014 The NBF Daily Bulletin Pipelines, Utilities & Energy Infrastructure Gibson Energy Inc growth capex up 16% y/y Business as usual calling all bargain hunters! HIGHLIGHTS 2015 growth capex guidance up 16% over 2014 levels GEI announced a 2015 growth capital budget of $435 mln (NBF: $375 mln), 16% above 2014 levels of $375 mln, with ~75% targeting long-life, fee-based infrastructure projects. Beyond 2015, GEI expects growth capex of $450 mln for 2016, and has identified in total ~$2.0 bln of growth opportunities over the next five years. calling all bargain hunters! Following the steep pullback in crude prices, GEI dropped ~30%. Revisiting our Oct. 13 th thematic, Bargain hunting compass, relative to its cash flow risk profile, GEI continues to screen as the most attractive buying opportunity for bargain hunters with a more constructive long-term view of oil & gas activity levels. Inside, we outline ~900 mbpd of oil sands projects currently under construction, representing ~8% annual volume growth for Western Canada through Estimates largely unchanged Our 2015e AFFO/sh (FD) remains largely unchanged at $2.37 (was $2.41; payout: 54%), while our 2015e D/EBITDA nudges up to 2.2x (was 2.0x). Overall, we continue to forecast a 9% dividend increase commencing Q Reiterate $38 target and Outperform With our long-term estimates and outlook intact, we maintain our $38 target. GEI trades at a 2015e EV/Free-EBITDA of 9.0x (group: 12.7x) an overly wide discount, in our view, given its attractive volume-based growth profile, relatively modest direct commodity price exposure, and a sub-60% payout ratio supporting further dividend upside. Combined with a 12-month total return opportunity of 58.0% (group: 23.2%), we reiterate our Outperform rating and recommend taking advantage of the recent sell-off to accumulate a core position. Company Profile: Gibson Energy Inc. is an integrated North American midstream company with assets focused on crude oil and refined products. The company s asset base includes: crude oil terminals, pipelines & storage infrastructure; petroleum and refined product transportation, propane distribution & NGL (Natural Gas Liquids) marketing; downstream refineries & processing and crude oil marketing. Patrick Kenny, CFA - (403) patrick.kenny@nbc.ca Stock Performance $40 $35 $30 $25 Gibson Energy Vol. (mln) $ Associate: Michael Nguyen - (403) michael.nguyen@nbc.ca $15 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec Source: Bloomberg
2 Page capex guidance up 16% over 2014 levels Gibson announced its 2015 growth capital budget of $435 million, 16% above 2014 levels and our previous assumption for 2015 of $375 million with ~75% targeted towards fee-generating energy infrastructure (i.e., stable cash flows) and ~70% of projects secured to-date. On the maintenance front, GEI expects to capitalize $75 million, largely in line with our previous assumption of $70 million. Looking into 2016, GEI expects growth capex of $450 million, of which ~25% of projects are underway or approved by the Board of Directors. Furthermore, planned spending for 2016 will continue to target fixed-fee opportunities within the Terminals & Pipelines business. Overall, Gibson identified ~$2 billion of growth opportunities over the next five years. GEI - CAPITAL EXPENDITURES BUDGET Growth ($mln) Sustaining ($mln) Total ($mln) Segments 2015e 2014e % Chg. 2015e 2014e % Chg. 2015e 2014e % Chg. Terminals & Pipelines % % % Environmental Services % % % Processing & Distribution % % % Truck Transportation % % % Other Corporate % 5 5 0% % Total % % % Source: Company Reports Terminals & Pipelines growth capex of $280 million largely relates to terminal expansions at Hardisty and Edmonton, including new storage capacity and pipeline connectivity. Environmental Services the majority of the $70 million of growth capex is targeting expansion of processing, recovery and disposal facility capacity in Canada and growth in the environmental and fluid handling business in the United States. Processing & Distribution the $45 million of growth capex primarily relates to a 15% expansion of processing capacity at the Moose Jaw Facility and the acquisition of additional tankage and rental equipment for Canwest Propane. Truck Transportation a large portion of the $30 million of capex will relate to the construction of a new repair and logistics facility in the Edmonton Area. Calling all bargain hunters! Following the steep pullback in WTI crude oil prices, GEI has now retreated ~30% since the end of August. Revisiting our Oct. 13 th thematic, Bargain hunting compass, we refresh our stock price performance vs. cash flow risk profile chart, highlighting GEI as being the most attractive buying opportunity for bargain hunters with a more constructive long-term view of oil & gas activity levels. As shown in the chart on the following page, ~900 mbpd of oil sands projects are currently under construction, representing ~8% annual volume growth for Western Canada from current levels through 2017 (see Appendix for project details). Capital Return CAPITAL RETURN VS. RISK PROFILE 20% FTS EMA 10% ENF ENB CU 0% VNR ACO BEP.un TRP CPX -10% NPI VSN IPL -20% TA PPL SPB -30% ALA KEY -40% GEI -50% Relatively Oversold CUS Risk Profile Note: Captial return from Aug. 29, 2014 and "Risk Profile" based on a weighted average calculation of margins multiplied by risk profile; i.e., cost-of-service = 1, fee-for-service = 2, margin-based = 3 and commodity-based = 4; Commodity-based excludes hedging.
3 Page 3 mbpd 4,200 4,000 3,800 3,600 3,400 3,200 3, a 2014 WCSB - OIL SANDS GROWTH UNDER CONSTRUCTION Narrows Lake Phase A Fort Hills Phase 1 Horizon Phase 3 Carmon Creek Phase 1 Christina Lake Phase H Horizon Phase 2B Hangingstone BlackGold Phase 1 Surmont Phase 2 Christina Lake Phase G Christina Lake Opt. Horizon Phase 2A Kearl Phase 2 Lindbergh Christina Lake Phase 2B Cold Lake Phase MacKay Debottleneck Sunrise Phase 1 Horizon Reliability Total Western Canada Note: Total Western Canada includes conventional production; Forward production growth includes only oil sands projects currently under construction. Source: CAPP, Alberta Government, NBF Estimates Estimates largely unchanged Overall, our 2015e adjusted funds from operations (AFFO) per share (FD) remains largely unchanged at $2.37 (was $2.41) an AFFO payout ratio of 54% (was 53%; group avg.: 68%). On the leverage front, our 2015e D/EBITDA nudges up to 2.2x (was 2.0x; group avg.: 4.3x). Meanwhile, we continue to forecast a 9% dividend increase commencing in Q ESTIMATE CHANGES Previous Revised Change Comments (000's) (000's) (000's) % Segment Profit Terminals & Pipelines 166, , % Environmental Services 106, , % Truck Transportation 90,076 90, % Propane & NGL Marketing & Distribution 68,994 68, % Processing & Wellsite Fluids 57,991 57, % Marketing 56,982 56, % 546, , % G&A -36,000-36, % EBITDA 510, , % Net interest expense -71,650-72, % Cash taxes -65,493-64, % FFO 372, , % Maintenance capex -70,000-75,000-5,000 7% 2015 capex guidance AFFO 302, ,922-4,990-2% per share (FD) $0.04-2% AFFO Payout 53% 54% 0% 2% Leverage Net Debt 1,037,424 1,102,414 64,990 6% 2015 capex guidance D/EBITDA 2.0x 2.2x 0.2x 6% Reiterate $38 target and Outperform rating With our long-term estimates and outlook intact, we maintain our target of $38.00 which is based on a risk-adjusted dividend yield of 3.5% (unchanged) applied to our 2015e dividend of $1.28/sh, a 12.5x (unchanged) multiple of our 2015e Free-EBITDA of $435 million, and our discounted cash flow valuation of $38.25 (was $38.00). VALUATION SUMMARY Methodology Metric Valuation DDM 3.50% $36.75 EV/Free-EBITDA 12.5x $37.25 DCF Model 7.75% $38.25 Equally Weighted Avg. $37.50 Updating our EBITDA growth profile to include 2016 capex guidance, our annual EBITDA growth rate through 2018 increases to 11% (was 8%). GEI currently trades at a 2015e EV/Free-EBITDA multiple of 9.0x versus the high-payout group average of 12.7x an overly wide discount, in our view, given the company s attractive volume-based growth profile, relatively modest direct commodity price exposure, and a sub-60% payout ratio supporting further dividend upside. Combined with a 12-month total return opportunity of 58.0% (group
4 Page 4 avg.: 23.2%), we reiterate our Outperform rating and recommend investors take advantage of the recent sell-off to accumulate a core position. $mlns GEI - LONG-TERM EBITDA WATERFALL ~$700 11% CAGR $ a Hardisty Crude-byrail Hardisty Crude Tanks Edmonton Terminal Exp. Other 2016 growth capex 2018 EBITDA Source: Company Reports NBF PIPELINES, UTILITIES & ENERGY INFRASTRUCTURE COMPARABLES Market Net Debt/ Cash AFFO AFFO Price/ Price/ EV/Free- 12 mo. Total Price Cap EV D / EV EBITDA Yield Yield Payout Earnings AFFO EBITDA (1) Target Return Ratings 9-Dec-14 $mln $mln 2015E 2015E % % 2015E 2015E 2015E 2015E % High Payout AltaGas ALA $ ,257 8,857 41% 5.3x 4.7% 9.7% 49% 18.1x 10.3x 13.2x $ % OP Brookfield Renewable Power BEP.un $ ,533 16,597 43% 5.0x 4.7% 7.3% 66% n/a 13.8x 12.4x $ % SP Canexus CUS $ ,135 53% 4.7x 9.2% 9.6% 72% n/a 10.4x 11.4x $ % UP Enbridge Income Fund ENF $ ,768 7,335 35% 4.8x 4.5% 6.6% 72% n/a 15.3x 14.6x $ % SP Gibson Energy GEI $ ,085 3,936 22% 2.2x 5.0% 9.5% 54% n/a 10.5x 9.0x $ % OP Inter Pipeline IPL $ ,337 15,758 34% 5.3x 4.6% 7.2% 67% n/a 13.9x 15.9x $ % OP Keyera KEY $ ,274 7,338 14% 2.1x 3.8% 7.7% 52% n/a 13.1x 12.7x $ % OP Northland Power NPI $ ,217 5,043 56% 7.0x 7.2% 7.6% 94% n/a 13.1x 13.0x $ % OP Pembina Pipeline PPL $ ,074 17,094 24% 3.8x 4.6% 7.0% 65% n/a 14.2x 14.9x $ % OP Superior Plus SPB $ ,554 2,246 31% 2.9x 5.6% 11.3% 50% n/a 8.8x 8.5x $ % OP Valener VNR $ % 2.7x 6.1% 7.1% 87% 15.3x 14.2x 13.9x $ % SP Veresen VSN $ ,506 5,476 36% 4.2x 6.3% 6.6% 95% n/a 15.1x 12.5x $ % SP High Payout Average 34% 4.2x 5.5% 8.1% 68% n/a 12.7x 12.7x 29.9% (1) Net debt as at Q or pro-forma equity issues. Note: UP = Underperform; SP = Sector Perform; OP = Outperform; NR = Not Rated Source: Company Reports, NBF Estimates, pricing per ThomsonOne Gibson will host its inaugural Investor Day at 9:00 a.m. (EST) on Dec. 11, 2014 in Toronto, Ontario. For interested participants, a live webcast will broadcasted at: SUMMARY INFORMATION ($mlns) GIBSON ENERGY - SUMMARY TABLE 2014e 2015e Previous Revised Previous Revised Average Shares (mln) Ending Shares (mln) Fully Diluted Shares (mln) Segment Profit Terminals & Pipelines Environmental Services Truck Transportation Propane & NGL Marketing & Distribution Processing & Wellsite Fluids Marketing EBITDA FFO Maintenance Capital AFFO Dividends Growth Capital (net of dispositions) Adj. Free Cash Flow (1) Equity Issued (net) Ending Net Debt , ,102.4 Net Debt / EBITDA 1.8x 1.8x 2.0x 2.2x D / EBITDA (2) 2.2x 2.2x 2.0x 2.0x D / Cap 47% 47% 49% 50% CF / D (3) 48% 48% 40% 38% CF / Interest (4) 6.1x 6.1x 6.2x 6.1x PER SHARE AMOUNTS Net Debt EBITDA FFO - FD AFFO - FD Dividends FFO payout ratio 45% 45% 43% 43% Adj. payout ratio 57% 57% 53% 54% (1) AFFO less growth capital. (2) Debt less cash divided by EBITDA. (3) FFO before changes in working capital divided by average 2-year total debt. (4) FFO before changes in working capital plus net interest expense divided by interest on debt less interest income. Source: Company Reports, NBF Estimates
5 Page 5 Appendix CASH FLOW RISK PROFILE (1) Low RISK High Cost-of-Service Fee-for-Service Margin-Based Commodity- Based Weighted-average Risk Profile High Payout VNR 93% 7% 0% 0% 1.1 NPI 66% 34% 0% 0% 1.3 ENF 58% 42% 0% 0% 1.4 VSN 81% 5% 0% 14% 1.5 IPL 60% 30% 0% 10% 1.6 ALA 47% 38% 0% 15% 1.8 GEI 30% 36% 23% 10% 2.1 BEP.un 0% 85% 0% 15% 2.3 KEY 0% 69% 26% 5% 2.4 PPL 10% 56% 16% 18% 2.4 SPB 0% 0% 60% 40% 3.4 CUS 8% 12% 0% 80% 3.5 Average 38% 34% 10% 17% 2.1 Low Payout FTS 93% 4% 0% 3% 1.0 EMA 94% 0% 0% 6% 1.2 ENB 72% 27% 0% 1% 1.3 CU 77% 12% 0% 11% 1.5 ACO 68% 21% 0% 10% 1.5 TRP 63% 29% 0% 8% 1.5 TA 36% 17% 0% 47% 2.6 CPX 35% 3% 2% 60% 2.9 Average 67% 14% 0% 18% 1.7 (1) Represents percentage of 2015e operating margins. Note: Commodity-based excludes hedging. OIL SANDS GROWTH UNDER CONSTRUCTION Project Operator Market Cap ($mln) Capacity (mbpd) COD BlackGold Phase 1 Harvest Private Hangingstone JACOS Private Carmon Creek Phase 1 Royal Dutch Shell 211, Surmont Phase 2 ConocoPhillips 80, MacKay Debottleneck Suncor 48, Fort Hills Phase 1 Suncor 48, Cold Lake Phase Imperial Oil 41, Kearl Phase 2 Imperial Oil 41, Horizon Reliability CNRL 38, Horizon Phase 2A CNRL 38, Horizon Phase 2B CNRL 38, Horizon Phase 3 CNRL 38, Sunrise Phase 1 Husky 22, Christina Lake Opt. Cenovus 16, Christina Lake Phase G Cenovus 16, Christina Lake Phase H Cenovus 16, Narrows Lake Phase A Cenovus 16, Christina Lake Phase 2B MEG 3, Lindbergh Pengrowth 1, Total oil sands growth under construction 898 Source: Alberta Government, ThomsonOne
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