The Point for North America

Research evidence excerpt

The Point for North America

Point |

Wednesday, 17 June 2026

Morning Call Highlights | Company | Industry | Economics & Strategy | Fixed Income & FX | Key Rating

and Target Price Changes

Morning Call Highlights Must ReadNorth America Road Ahead

2026 - Navigating a Multi-Lane

North America Midstream & Energy Infrastructure - Midstream Sound Bites: Highway

You're Irreplaceable

In this edition of Midstream Sound Bites, we're taking a look at the cost to replace

all ~200k miles of US interstate natgas pipelines. It's a common and recurring

topic among investors. While a very theoretical analysis (replacing the entire

system is not realistic), the aim is to highlight the value of assets in the ground.

After analyzing >1mm data points including pipeline mileage and diameters across

the US, we estimate the cost to replace the entire network is over $1 trillion. Within

our coverage, DTM, ENB, ET, KMI, TRP, and WMB account for ~2/3 of this value.

Interestingly, this replacement cost equates to >90% of the combined enterprise

value for these companies and leaves very little value attribution for all their other

assets. Using replacement cost as a reference point implies over two turns of

EV/EBITDA upside from current levels to value criticality of that pipe in the ground.

Spiro Dounis | Douglas Irwin | Charles Bryant

Figma (FIG.N) - Built for AI-Driven Design Chaos: Initiate at Buy/HR

We initiate on Figma at a Buy/High risk rating with a $36 TP. The traditional design

category is facing significant disruption as low-cost and AI-native tools

proliferate. While AI-driven efficiency raises legitimate concerns around seat

compression, we believe the market underestimates offsetting growth from seat

mix upgrades, expanding non-designer personas, and rising AI-driven

consumption.