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Tidewater Midstream and Infrastructure

TSX:TWM
Snowflake Description

Reasonable growth potential and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TWM
TSX
CA$434M
Market Cap
  1. Home
  2. CA
  3. Energy
Company description

Tidewater Midstream and Infrastructure Ltd., through its subsidiaries, engages in the gathering, processing, and transportation of natural gas liquids (NGLs) primarily in North America. The last earnings update was 33 days ago. More info.


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TWM Share Price and Events
7 Day Returns
-6.4%
TSX:TWM
-0.7%
CA Oil and Gas
0.1%
CA Market
1 Year Returns
4.8%
TSX:TWM
-13.6%
CA Oil and Gas
-2.8%
CA Market
TWM Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Tidewater Midstream and Infrastructure (TWM) -6.4% -12.7% -4.4% 4.8% -5.1% -
CA Oil and Gas -0.7% -5.9% -5.5% -13.6% -12.5% -40.3%
CA Market 0.1% -1.1% -0.4% -2.8% 11.5% 0.9%
1 Year Return vs Industry and Market
  • TWM outperformed the Oil and Gas industry which returned -13.6% over the past year.
  • TWM outperformed the Market in Canada which returned -2.8% over the past year.
Price Volatility
TWM
Industry
5yr Volatility vs Market

Value

 Is Tidewater Midstream and Infrastructure undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Tidewater Midstream and Infrastructure to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Tidewater Midstream and Infrastructure.

TSX:TWM Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.4%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:TWM
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.91
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.908 (1 + (1- 26.5%) (108.31%))
1.423
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.42
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (1.423 * 5.96%)
10.43%

Discounted Cash Flow Calculation for TSX:TWM using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Tidewater Midstream and Infrastructure is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

TSX:TWM DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 10.43%)
2019 -269.85 Analyst x2 -244.37
2020 74.43 Analyst x3 61.04
2021 88.00 Analyst x1 65.35
2022 98.81 Est @ 12.28% 66.45
2023 107.88 Est @ 9.18% 65.70
2024 115.45 Est @ 7.01% 63.67
2025 121.79 Est @ 5.49% 60.82
2026 127.19 Est @ 4.43% 57.52
2027 131.87 Est @ 3.68% 54.00
2028 136.04 Est @ 3.16% 50.45
Present value of next 10 years cash flows CA$300.63
TSX:TWM DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$136.04 × (1 + 1.95%) ÷ (10.43% – 1.95%)
CA$1,635.28
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$1,635.28 ÷ (1 + 10.43%)10
CA$606.44
TSX:TWM Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$300.63 + CA$606.44
CA$907.07
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$907.07 / 331.03
CA$2.74
TSX:TWM Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$2.74
Current discount Discount to share price of CA$1.31
= -1 x (CA$1.31 - CA$2.74) / CA$2.74
52.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Tidewater Midstream and Infrastructure is available for.
Intrinsic value
>50%
Share price is CA$1.31 vs Future cash flow value of CA$2.74
Current Discount Checks
For Tidewater Midstream and Infrastructure to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Tidewater Midstream and Infrastructure's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Tidewater Midstream and Infrastructure's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Tidewater Midstream and Infrastructure's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Tidewater Midstream and Infrastructure's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:TWM PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$0.03
TSX:TWM Share Price ** TSX (2019-06-14) in CAD CA$1.31
Canada Oil and Gas Industry PE Ratio Median Figure of 59 Publicly-Listed Oil and Gas Companies 12.33x
Canada Market PE Ratio Median Figure of 546 Publicly-Listed Companies 15.02x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Tidewater Midstream and Infrastructure.

TSX:TWM PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:TWM Share Price ÷ EPS (both in CAD)

= 1.31 ÷ 0.03

51.54x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tidewater Midstream and Infrastructure is overvalued based on earnings compared to the CA Oil and Gas industry average.
  • Tidewater Midstream and Infrastructure is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does Tidewater Midstream and Infrastructure's expected growth come at a high price?
Raw Data
TSX:TWM PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 51.54x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
65.2%per year
Canada Oil and Gas Industry PEG Ratio Median Figure of 36 Publicly-Listed Oil and Gas Companies 0.79x
Canada Market PEG Ratio Median Figure of 247 Publicly-Listed Companies 1.15x

*Line of best fit is calculated by linear regression .

TSX:TWM PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 51.54x ÷ 65.2%

0.79x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tidewater Midstream and Infrastructure is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Tidewater Midstream and Infrastructure's assets?
Raw Data
TSX:TWM PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$1.34
TSX:TWM Share Price * TSX (2019-06-14) in CAD CA$1.31
Canada Oil and Gas Industry PB Ratio Median Figure of 224 Publicly-Listed Oil and Gas Companies 0.76x
Canada Market PB Ratio Median Figure of 2,420 Publicly-Listed Companies 1.41x
TSX:TWM PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:TWM Share Price ÷ Book Value per Share (both in CAD)

= 1.31 ÷ 1.34

0.98x

* Primary Listing of Tidewater Midstream and Infrastructure.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tidewater Midstream and Infrastructure is overvalued based on assets compared to the CA Oil and Gas industry average.
X
Value checks
We assess Tidewater Midstream and Infrastructure's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. Tidewater Midstream and Infrastructure has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Tidewater Midstream and Infrastructure expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
65.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Tidewater Midstream and Infrastructure expected to grow at an attractive rate?
  • Tidewater Midstream and Infrastructure's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Tidewater Midstream and Infrastructure's earnings growth is expected to exceed the Canada market average.
  • Tidewater Midstream and Infrastructure's revenue growth is expected to exceed the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:TWM Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:TWM Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 65.2%
TSX:TWM Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 11.8%
Canada Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 7.9%
Canada Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
Canada Market Earnings Growth Rate Market Cap Weighted Average 14.6%
Canada Market Revenue Growth Rate Market Cap Weighted Average 5.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:TWM Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:TWM Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 589 107 25 2
2020-12-31 521 105 32 8
2019-12-31 487 72 8 7
TSX:TWM Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 364 43 8
2018-12-31 324 26 20
2018-09-30 297 50 8
2018-06-30 269 44 8
2018-03-31 256 46 10
2017-12-31 221 82 13
2017-09-30 197 38 16
2017-06-30 172 46 18
2017-03-31 141 35 17
2016-12-31 110 23 15
2016-09-30 87 13 21
2016-06-30 68 0 19

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Tidewater Midstream and Infrastructure's earnings are expected to grow significantly at over 20% yearly.
  • Tidewater Midstream and Infrastructure's revenue is expected to grow by 11.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:TWM Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Tidewater Midstream and Infrastructure Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:TWM Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.08 0.08 0.08 1.00
2020-12-31 0.10 0.13 0.07 5.00
2019-12-31 0.02 0.04 0.01 4.00
TSX:TWM Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 0.03
2018-12-31 0.06
2018-09-30 0.02
2018-06-30 0.03
2018-03-31 0.03
2017-12-31 0.04
2017-09-30 0.05
2017-06-30 0.06
2017-03-31 0.06
2016-12-31 0.06
2016-09-30 0.09
2016-06-30 0.09

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Tidewater Midstream and Infrastructure is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Tidewater Midstream and Infrastructure's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Tidewater Midstream and Infrastructure has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Tidewater Midstream and Infrastructure performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Tidewater Midstream and Infrastructure's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Tidewater Midstream and Infrastructure's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Tidewater Midstream and Infrastructure's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Tidewater Midstream and Infrastructure's 1-year earnings growth is negative, it can't be compared to the CA Oil and Gas industry average.
Earnings and Revenue History
Tidewater Midstream and Infrastructure's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Tidewater Midstream and Infrastructure Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:TWM Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 363.74 8.39 20.15
2018-12-31 324.29 20.32 17.29
2018-09-30 297.26 7.54 17.90
2018-06-30 269.16 8.49 16.33
2018-03-31 255.97 10.13 15.68
2017-12-31 221.39 12.86 15.34
2017-09-30 196.56 16.03 14.41
2017-06-30 171.58 18.44 13.91
2017-03-31 141.23 16.74 12.47
2016-12-31 109.94 15.13 10.96
2016-09-30 86.65 20.71 9.55
2016-06-30 67.55 18.94 6.71
2016-03-31 41.86 15.22 5.67
2015-12-31 23.52 9.24 4.13

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Tidewater Midstream and Infrastructure has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Tidewater Midstream and Infrastructure used its assets less efficiently than the CA Oil and Gas industry average last year based on Return on Assets.
  • Tidewater Midstream and Infrastructure's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Tidewater Midstream and Infrastructure's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Tidewater Midstream and Infrastructure has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Tidewater Midstream and Infrastructure's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Tidewater Midstream and Infrastructure's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Tidewater Midstream and Infrastructure's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Tidewater Midstream and Infrastructure's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Tidewater Midstream and Infrastructure's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Tidewater Midstream and Infrastructure Company Filings, last reported 2 months ago.

TSX:TWM Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 447.56 469.70 7.33
2018-12-31 457.60 347.21 5.97
2018-09-30 445.25 303.13 14.66
2018-06-30 449.28 252.23 22.87
2018-03-31 446.80 198.39 10.97
2017-12-31 441.41 181.71 52.49
2017-09-30 443.99 89.50 3.88
2017-06-30 447.37 65.00 2.57
2017-03-31 445.32 25.10 7.56
2016-12-31 374.92 50.00 8.01
2016-09-30 373.71 0.00 10.47
2016-06-30 372.49 0.00 22.13
2016-03-31 361.58 0.00 26.50
2015-12-31 208.80 30.80 4.27
  • Tidewater Midstream and Infrastructure's level of debt (80.6%) compared to net worth is high (greater than 40%).
  • Unable to establish if Tidewater Midstream and Infrastructure's debt level has increased without past 5-year debt data.
  • Debt is not well covered by operating cash flow (12%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.4x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Tidewater Midstream and Infrastructure's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Tidewater Midstream and Infrastructure has a total score of 0/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Tidewater Midstream and Infrastructure's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.05%
Current annual income from Tidewater Midstream and Infrastructure dividends. Estimated to be 3.05% next year.
If you bought CA$2,000 of Tidewater Midstream and Infrastructure shares you are expected to receive CA$61 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Tidewater Midstream and Infrastructure's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.12%).
  • Tidewater Midstream and Infrastructure's dividend is below the markets top 25% of dividend payers in Canada (5.78%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:TWM Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
Canada Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 37 Stocks 4.7%
Canada Market Average Dividend Yield Market Cap Weighted Average of 335 Stocks 3.6%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.2%
Canada Bottom 25% Dividend Yield 25th Percentile 2.1%
Canada Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:TWM Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.04 1.00
2022-12-31 0.04 1.00
2021-12-31 0.04 4.00
2020-12-31 0.04 10.00
2019-12-31 0.04 9.00
TSX:TWM Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-03-22 0.040 2.761
2018-12-18 0.040 3.081
2018-09-21 0.040 2.947
2018-06-22 0.040 2.989
2018-03-22 0.040 3.061
2017-12-19 0.040 2.778
2017-09-22 0.040 2.761
2017-06-21 0.040 3.035
2017-03-21 0.040 2.960
2016-12-19 0.040 2.649
2016-09-22 0.040 2.549
2016-06-24 0.040 2.933
2016-03-22 0.040 2.852
2015-12-18 0.040 2.893
2015-09-02 0.040 2.776

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Tidewater Midstream and Infrastructure has been paying a dividend for less than 10 years.
  • Tidewater Midstream and Infrastructure has only been paying a dividend for 4 years, and since then there has been no growth.
Current Payout to shareholders
What portion of Tidewater Midstream and Infrastructure's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3x coverage).
X
Income/ dividend checks
We assess Tidewater Midstream and Infrastructure's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Tidewater Midstream and Infrastructure afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Tidewater Midstream and Infrastructure has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Tidewater Midstream and Infrastructure's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Joel MacLeod
COMPENSATION CA$822,854
AGE 39
TENURE AS CEO 4.2 years
CEO Bio

Mr. Joel A. MacLeod has been the Chief Executive Officer and President of Tidewater Midstream and Infrastructure Ltd. since April 20, 2015 and its Chairman of the Board since February 4, 2015. Mr. MacLeod has over 15 years of experience in the oil and gas industry and has been involved in an executive or director capacity with over seven oil and gas companies. He has been actively involved in greater than 50 oil and gas acquisitions and dispositions and ranging in size from $100,000 to $5 billion, with the five most lucrative sales being to companies with greater than $2 billion dollar enterprise values. Mr. MacLeod has been the founding Chief Executive Officer of three oil and gas companies over the six years. Mr. MacLeod served as Chief Financial Officer and Vice President of finance of SkyWest Energy Corp. since June 22, 2010 until 2011. He founded Predator Oil Ltd in January 2012 and is a Director. Mr. MacLeod was also the founding Chief Executive Officer of Predator Midstream Ltd. from January 2012 to the sale of it in August 2014. From August 2014 to March 2015, he served as the Vice President of Rail of Secure Energy Services Ltd. Prior to joining SkyWest, he served as the President of an oil and gas investment and consulting company specializing in finance/accounting, business development and competitive intelligence. He served as Vice President of Marquee Energy Ltd. (alternative name SkyWest Energy Corp.). He also served as a senior business development and finance analyst to PrimeWest Energy Trust/TAQA North. He has been a Director of Tidewater Midstream and Infrastructure Ltd. since February 4, 2015 and Fireweed Energy Ltd. since December 13, 2016. Mr. MacLeod served as a Chairman of the Board at Highwood Oil Company Ltd until January 23, 2019. He is a Chartered Accountant in 2003. Mr. MacLeod obtained his B.Comm from the University of Calgary in 2000.

CEO Compensation
  • Joel's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Joel's remuneration is lower than average for companies of similar size in Canada.
Management Team Tenure

Average tenure and age of the Tidewater Midstream and Infrastructure management team in years:

4.3
Average Tenure
41
Average Age
  • The tenure for the Tidewater Midstream and Infrastructure management team is about average.
Management Team

Joel MacLeod

TITLE
Chairman
COMPENSATION
CA$823K
AGE
39
TENURE
4.2 yrs

Joel Vorra

TITLE
Chief Financial Officer
COMPENSATION
CA$861K
AGE
32
TENURE
4.3 yrs

Toby McKenna

TITLE
Vice President of Business Development & Marketing
COMPENSATION
CA$861K
AGE
45

David Barva

TITLE
VP of Legal
TENURE
1.8 yrs

Jeff Ketch

TITLE
Vice President of Field Operations
COMPENSATION
CA$542K
AGE
43
TENURE
4.3 yrs
Board of Directors Tenure

Average tenure and age of the Tidewater Midstream and Infrastructure board of directors in years:

2.1
Average Tenure
48
Average Age
  • The average tenure for the Tidewater Midstream and Infrastructure board of directors is less than 3 years, this suggests a new board.
Board of Directors

Joel MacLeod

TITLE
Chairman
COMPENSATION
CA$823K
AGE
39
TENURE
4.3 yrs

Doug Fraser

TITLE
Lead Director
COMPENSATION
CA$117K
AGE
59
TENURE
1.6 yrs

Greta Raymond

TITLE
Director
COMPENSATION
CA$107K
AGE
65
TENURE
2.1 yrs

Steve Holyoake

TITLE
Director
COMPENSATION
CA$107K
AGE
44
TENURE
4.3 yrs

Rob Colcleugh

TITLE
Director
COMPENSATION
CA$107K
AGE
48
TENURE
2.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
25. Oct 18 Buy Joel MacLeod Individual 24. Oct 18 24. Oct 18 75,000 CA$1.34 CA$100,499
23. Oct 18 Buy Joel MacLeod Individual 22. Oct 18 22. Oct 18 75,100 CA$1.33 CA$99,857
18. Sep 18 Sell AltaGas Ltd. Company 14. Sep 18 14. Sep 18 -43,703,571 CA$1.45 CA$-63,370,181
X
Management checks
We assess Tidewater Midstream and Infrastructure's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Tidewater Midstream and Infrastructure has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Tidewater Midstream and Infrastructure Ltd (TSE:TWM) Delivered A Weaker ROE Than Its Industry

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … Our data shows Tidewater Midstream and Infrastructure has a return on equity of 1.8% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Is Tidewater Midstream and Infrastructure Ltd (TSE:TWM) A Financially Sound Company?

Tidewater Midstream and Infrastructure Ltd (TSE:TWM) is a small-cap stock with a market capitalization of CA$427.91m. … While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … Evaluating financial health as part of your investment thesis is

Simply Wall St -

Why Tidewater Midstream and Infrastructure Ltd (TSE:TWM) Could Be Your Next Investment

Building up an investment case requires looking at a stock holistically. … Today I've chosen to put the spotlight on Tidewater Midstream and Infrastructure Ltd (TSE:TWM) due to its excellent fundamentals in more than one area. … a excellent

Simply Wall St -

Is Tidewater Midstream and Infrastructure Ltd (TSE:TWM) A Good Dividend Stock?

Tidewater Midstream and Infrastructure Ltd (TSE:TWM) has returned to shareholders over the past 3 years, an average dividend yield of 3.00% annually. … Let's take a look at Tidewater Midstream and Infrastructure in more detail. … See our latest analysis for Tidewater Midstream and Infrastructure

Simply Wall St -

Is Tidewater Midstream and Infrastructure Ltd (TSE:TWM) A Sell At Its Current PE Ratio?

and want to begin learning the link between Tidewater Midstream and Infrastructure Ltd (TSE:TWM)’s fundamentals and stock market performance. … Tidewater Midstream and Infrastructure Ltd (TSE:TWM) trades with a trailing P/E of 40.6x, which is higher than the industry average of 19.7x. … View out our latest analysis for Tidewater Midstream and Infrastructure

Simply Wall St -

May Growth Stocks To Look Out For

High growth companies such as Tidewater Midstream and Infrastructure and Guyana Goldfields has a positive future outlook in terms of their returns, profitability and cash flows. … TWM’s projected future profit growth is a robust 37.99%, with an underlying 37.36% growth from its revenues expected over the upcoming years. … TSX:AGI Future Profit May 2nd 18 For more financially robust companies with high growth potential to enhance your portfolio, explore this interactive list of fast growing companies.

Simply Wall St -

Should You Buy Tidewater Midstream and Infrastructure Ltd (TSE:TWM)?

Net income is expected to grow to CA$28.74M over the next year, and over the next five years, earnings are predicted to grow at an annual rate of 39.33% on average, compared to the industry average rate of 11.43%. … However, comparing TWM's current share price to its peers based on its industry and earnings level, it's overvalued by 116.74%, with a PE ratio of 33.62x vs. … TWM is appealing because of the growth story, the possibility that it is yet to be factored into the share price, and the strong capital management.

Simply Wall St -

Top Growth Stocks To Buy Now

We see this bottom-line expansion directly benefiting shareholders, with expected positive return on equity of 9.94%. … We see this bottom-line expansion directly benefiting shareholders, with expected positive return on equity of 7.99%. … We see this bottom-line expansion directly benefiting shareholders, with expected positive return on equity of 9.70%.

Simply Wall St -

Tidewater Midstream and Infrastructure And Other Top Cheap Stocks

Tidewater Midstream and Infrastructure and Gran Colombia Gold are two of the companies on my list that I consider are undervalued. … GCM's shares are currently trading at -49% lower than its true level of $4.65, at the market price of CA$2.39, based on its expected future cash flows. … HWO's shares are currently trading at -47% under its real value of $7.09, at the market price of CA$3.75, based on my discounted cash flow model.

Simply Wall St -

February Growth Stock Picks

Though some cost-cutting activities may artificially inflate margins, it appears that this isn’t solely the case here, as profit growth is also coupled with top-line expansion. … Though some cost-cutting activities may artificially inflate margins, it appears that this isn’t solely the case here, as profit growth is also coupled with top-line expansion. … TSX:AVO Future Profit Feb 27th 18 For more financially robust companies with high growth potential to enhance your portfolio, use our free platform to explore our interactive list of these stocks.

Simply Wall St -

Company Info

Description

Tidewater Midstream and Infrastructure Ltd., through its subsidiaries, engages in the gathering, processing, and transportation of natural gas liquids (NGLs) primarily in North America. The company transports ethane, propane, butane, and natural gasoline through gathering systems, processing plants, and pipelines. It also exports its products. In addition, the company extracts, produces, and markets natural gas and NGLs; retails propane; and rents railcars. The company was incorporated in 2015 and is headquartered in Calgary, Canada.

Details
Name: Tidewater Midstream and Infrastructure Ltd.
TWM
Exchange: TSX
Founded: 2015
CA$433,653,230
331,033,000
Website: http://www.tidewatermidstream.com
Address: Tidewater Midstream and Infrastructure Ltd.
222 – 3rd Avenue SW,
Suite 900,
Calgary,
Alberta, T2P 0B4,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX TWM Common Shares The Toronto Stock Exchange CA CAD 16. Apr 2015
OTCPK TWMI.F Common Shares Pink Sheets LLC US USD 16. Apr 2015
DB TL5 Common Shares Deutsche Boerse AG DE EUR 16. Apr 2015
Number of employees
Current staff
Staff numbers
280
Tidewater Midstream and Infrastructure employees.
Industry
Oil and Gas Storage and Transportation
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/16 00:36
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/06/10
Last earnings filing: 2019/05/14
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.