Pembina Pipeline Corporation (PPL-PQ.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-37.3%

CA$44.23

vs CA$70.50 price

Levered DCF

CA$49.39

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.45

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	19.58×	17.7×	15.21×	8.94×	19.19×	-52.81×	17.89×	16.01×
P/B	1.81×	1.74×	1.59×	1.62×	1.48×	1.11×	1.47×	1.43×
P/S	3.95×	4.12×	3.96×	2.19×	2.45×	2.78×	3.41×	2.78×
EV / EBITDA	11.59×	12.71×	13.03×	12.55×	12.32×	11.2×	15.68×	13.65×
Gross margin	36.6%	40.5%	39.9%	23.5%	28.9%	34.8%	28.3%	25.8%
Operating margin	31.1%	30.9%	41.9%	31.9%	24.5%	0.1%	25.3%	27.5%
Net margin	22.1%	25.2%	28.1%	25.6%	14.4%	-5.3%	20.8%	17.4%
Current ratio	0.61×	0.54×	0.82×	0.66×	0.52×	0.56×	0.68×	0.68×
Debt / equity	0.83×	0.76×	0.7×	0.72×	0.84×	0.78×	0.66×	0.53×
Interest coverage	4.06×	3.83×	5.65×	8.02×	4.81×	0.01×	5.94×	7.07×
Dividend yield	5.8%	5.6%	6.3%	6.5%	7.2%	9.2%	5.4%	6.1%
Payout ratio	104.6%	91.3%	88.9%	55.6%	122.5%	-484.2%	87.8%	97.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.1%	10.6%	11.2%	18.9%	8.7%	-2.1%	9.0%	8.9%
Return on invested capital	5.4%	6.6%	7.2%	11.4%	5.2%	0.0%	5.6%	5.8%
Return on assets	4.8%	5.2%	5.4%	9.4%	3.9%	-1.0%	4.5%	4.8%
Free cash flow yield	8.2%	7.3%	8.0%	9.1%	9.3%	7.1%	3.4%	4.9%
Earnings yield	5.6%	6.1%	7.1%	11.7%	5.9%	-1.9%	6.1%	6.2%
Enterprise value	CA$44.1B	CA$43.6B	CA$36.1B	CA$36.6B	CA$33B	CA$28.1B	CA$35.5B	CA$27.8B
Net debt / EBITDA	3.61×	3.84×	3.97×	3.83×	4.45×	4.61×	4.79×	3.62×
Cash conversion cycle (days)	18	35	26	9	18	19	-8	3