The Williams Companies Inc (WMB.N): Gaining Momentum; Expecting a Reaction That Might Surprise You

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The Williams Companies Inc (WMB.N): Gaining Momentum; Expecting a Reaction That Might Surprise You

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03 Aug 2026 19:53:16 ET │ 11 pages

The Williams Companies Inc (WMB.N)

Gaining Momentum; Expecting a Reaction That Might Surprise You

CITI'S TAKE

BuyWMB confirmed the reported $5.5bln Momentum acquisition (Reuters, 28

Jun 2026). At 8.5x '27 EBITDA, we estimate the deal is ~4% accretive to Price (03 Aug 26 16:00) US$70.43

AFFO/share, which also prompted a $0.2bln '26 EBITDA guidance Target price US$83.00

increase (we suspect mostly Momentum but also some Expected share price return 17.8%

outperformance). WMB also lifted the 2030 EBITDA CAGR to 11%+ to Expected dividend yield 3.0%

reflect accelerated growth from the transaction, though we once again Expected total return 20.9%

suspect WMB was already trending above the 10%+ on legacy business

Market Cap US$86,136M alone. The transaction also came with two newly announced Haynesville

growth projects totaling ~3.0bcfd. No new BTM projects likely falls short

of investor expectations; however, we continue to expect a near-term

BTM project announcement given the pace of commercial progress and Spiro DounisAC

freed-up balance sheet capacity. On the quarter, WMB reported 2Q26 +1-212-816-6926

EBITDA of $1.921bln, just below Citi estimate of $1.942bln and Street spiro.dounis@citi.com

mean of $1.930bln. Lower than expected commodity-sensitive West G&P

Douglas Irwin

volumes and margins largely drove the miss.

+1-212-816-9525

douglas.irwin@citi.com

Implications — Heading into this print, investor sentiment suggested a Momentum

Charles Bryanttransaction announcement without a BTM deal would receive a negative reaction

(more on the reason for negativity here). That said, we actually view this evening's +1-212-816-3284