PPL (Pembina Pipeline Corp) vs S&P TSX Composite Index (Canada) Comparison

PPL

S&P TSX Composite Index (Canada)

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PPL

S&P TSX Composite Index (Canada)

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PPL

S&P TSX Composite Index (Canada)

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S&P TSX Composite Index (Canada)

PPL

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WMB

EPD

KMI

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Pembina Pipeline Corp
Glance View

Economic Moat

None

Market Cap

30.5B CAD

Industry

Energy

In the heart of Calgary, Alberta, Pembina Pipeline Corp stands as a pivotal entity within North America’s energy infrastructure industry. The company, established in 1954, has intricately woven itself into the continent’s energy tapestry, becoming a cornerstone in the transportation and midstream services for natural gas, crude oil, and natural gas liquids. Pembina's operations are distinctly integrated; they manage a sprawling network of pipelines stretching thousands of kilometers, efficiently moving hydrocarbons from remote production sites to bustling markets. This infrastructure supports a diversified array of services, including the collection, processing, transmission, and storage of energy commodities. Pembina’s revenue streams are intricately designed to capitalize on its extensive infrastructure. The company generates income primarily through fee-for-service contracts, which offer stability amidst fluctuating commodity prices. This model provides predictability and ensures steady cash flows, as customers pay for the guaranteed delivery of their products across Pembina's vast network, regardless of market volatility. Additionally, Pembina taps into vertically integrated opportunities such as product marketing and logistics, further enhancing its financial performance. The combination of strategic acquisitions and organic growth initiatives has bolstered Pembina’s position as a robust, reliable partner within the dynamic energy landscape, navigating the sector's complexities with astute operational efficiency.

View PPL Analysis

PPL Intrinsic Value

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

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CA	Enbridge Inc TSX:ENB	Select
US	Williams Companies Inc NYSE:WMB	Select
US	Enterprise Products Partners LP NYSE:EPD	Select
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US	Energy Transfer LP NYSE:ET	Select
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US	MPLX LP NYSE:MPLX	Select
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CA	TC Energy Corp TSX:TRP	Select
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US	Energy Transfer LP NYSE:ET	Add
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PPL

vs

S&P TSX Composite Index (Canada)

Stocks Performance
PPL vs S&P TSX Composite Index (Canada)

Performance Gap
PPL vs S&P TSX Composite Index (Canada)

Performance By Year
PPL vs S&P TSX Composite Index (Canada)

Competitors Performance
Pembina Pipeline Corp vs Peers

Pembina Pipeline Corp
Glance View

Company

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PPL vs S&P TSX Composite Index (Canada)

Stocks Performance PPL vs S&P TSX Composite Index (Canada)

Performance Gap PPL vs S&P TSX Composite Index (Canada)

Performance By Year PPL vs S&P TSX Composite Index (Canada)

Competitors Performance Pembina Pipeline Corp vs Peers

Pembina Pipeline Corp Glance View

Company

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Tools

Stocks

PPL

vs

S&P TSX Composite Index (Canada)

Stocks Performance
PPL vs S&P TSX Composite Index (Canada)

Performance Gap
PPL vs S&P TSX Composite Index (Canada)

Performance By Year
PPL vs S&P TSX Composite Index (Canada)

Competitors Performance
Pembina Pipeline Corp vs Peers

Pembina Pipeline Corp
Glance View