First Read: Midstream & Natural Gas

Research evidence excerpt

First Read: Midstream & Natural Gas

cs volumes and

earnings.

DT Midstream Inc:

Our Price Target is based based on EV/EBITDA of 16.5x applied to 2027 EBITDA of

$1,275MM, less net debt, which equals $170 per share. The multiple is an average of peer

group.

Downside Risks: Project execution delays and cost escalation. Both utility scale power

generation opportunities as well as behind the meter solutions markets are capital intensive

with larger names also competing for the same opportunities.

Enterprise Products Partners:

Risks include, but are not limited to the following: fluctuations in oil, natural gas and NGL

prices and production due to weather and other natural and economic forces; a reduction in

demand for the partnership's products by the petrochemical, refining, or heating industries; a

decline in the volumes of NGLs delivered by the partnership's facilities; and the failure of the

partnership's credit risk management efforts to adequately protect it against customer

nonpayment. Our blended price target averages DDM & EV/EBITDA multiples. Unit holders

may be required to file taxes in states where the partnership conducts business and should

consult a tax attorney for further assistance.

TC Energy Corporation:

Our price target is derived using the sum-of-the-parts EV/EBITDA multiples. Risks to TRP

include, but are not limited to: changes in supply and demand for natural gas and oil in North

America; commodity/power price movement; environmental risks; regulatory risks in North

America (Canada, US and Mexico); use of hedging; interest rate increases; acquisition

integration cost overruns or delays on new large projects; foreign exchange risk; financing

risk; and operational risk.

First Read: Midstream & Natural Gas 30 July 2026 ab 3