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TWM

Tidewater Midstream and InfrastructureTSX:TWM Stock Report

Market Cap

CA$436.2m

7D

-0.8%

1Y

77.8%

Updated

30 Nov, 2021

Data

Company Financials +
TWM fundamental analysis
Snowflake Score
Valuation5/6
Future Growth0/6
Past Performance1/6
Financial Health2/6
Dividends3/6

TWM Stock Overview

Tidewater Midstream and Infrastructure Ltd., through its subsidiaries, operates as a diversified midstream and infrastructure company in North America.

Tidewater Midstream and Infrastructure Competitors

Targa Resources

NYSE:TRGP

US$12.5b

Magellan Midstream Partners

NYSE:MMP

US$10.0b

DCP Midstream

NYSE:DCP

US$5.8b

Equitrans Midstream

NYSE:ETRN

US$4.3b

Price History & Performance

Summary of all time highs, changes and price drops for Tidewater Midstream and Infrastructure
Historical stock prices
Current Share PriceCA$1.28
52 Week HighCA$1.58
52 Week LowCA$0.70
Beta1.74
1 Month Change-14.09%
3 Month Change-1.54%
1 Year Change77.78%
3 Year Change-3.76%
5 Year Change-24.26%
Change since IPO-17.42%

Recent News & Updates

Shareholder Returns

TWMCA Oil and GasCA Market
7D-0.8%-0.2%-1.3%
1Y77.8%53.0%23.7%

Return vs Industry: TWM exceeded the Canadian Oil and Gas industry which returned 53% over the past year.

Return vs Market: TWM exceeded the Canadian Market which returned 23.7% over the past year.

Price Volatility

Is TWM's price volatile compared to industry and market?
TWM volatility
TWM Average Weekly Movement5.0%
Oil and Gas Industry Average Movement9.9%
Market Average Movement9.4%
10% most volatile stocks in CA Market17.1%
10% least volatile stocks in CA Market3.5%

Stable Share Price: TWM is less volatile than 75% of Canadian stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: TWM's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2015419Joel MacLeodhttps://www.tidewatermidstream.com

Tidewater Midstream and Infrastructure Ltd., through its subsidiaries, operates as a diversified midstream and infrastructure company in North America. It primarily focuses on natural gas, natural gas liquids (NGLs), and crude oil operations and processing plants located in the Deep Basin, Edmonton, and Montney regions of Alberta and British Columbia. The company engages in gathering, processing, and transportation; crude oil refining and refined products marketing; NGL extraction and marketing; and crude oil marketing and transportation.

Tidewater Midstream and Infrastructure Fundamentals Summary

How do Tidewater Midstream and Infrastructure's earnings and revenue compare to its market cap?
TWM fundamental statistics
Market CapCA$436.15m
Earnings (TTM)CA$81.55m
Revenue (TTM)CA$1.44b

5.3x

P/E Ratio

0.3x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
TWM income statement (TTM)
RevenueCA$1.44b
Cost of RevenueCA$1.27b
Gross ProfitCA$169.76m
ExpensesCA$88.21m
EarningsCA$81.55m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.24
Gross Margin11.80%
Net Profit Margin5.67%
Debt/Equity Ratio101.7%

How did TWM perform over the long term?

See historical performance and comparison

Dividends

3.1%

Current Dividend Yield

17%

Payout Ratio

Valuation

Is Tidewater Midstream and Infrastructure undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: TWM (CA$1.28) is trading below our estimate of fair value (CA$5.24)

Significantly Below Fair Value: TWM is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: TWM is good value based on its PE Ratio (5.3x) compared to the Canadian Oil and Gas industry average (7.6x).

PE vs Market: TWM is good value based on its PE Ratio (5.3x) compared to the Canadian market (12.5x).


Price to Earnings Growth Ratio

PEG Ratio: TWM's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: TWM is good value based on its PB Ratio (0.7x) compared to the CA Oil and Gas industry average (1.9x).


Future Growth

How is Tidewater Midstream and Infrastructure forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

-19.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: TWM's earnings are forecast to decline over the next 3 years (-19.2% per year).

Earnings vs Market: TWM's earnings are forecast to decline over the next 3 years (-19.2% per year).

High Growth Earnings: TWM's earnings are forecast to decline over the next 3 years.

Revenue vs Market: TWM's revenue is expected to decline over the next 3 years (-6.6% per year).

High Growth Revenue: TWM's revenue is forecast to decline over the next 3 years (-6.6% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: TWM's Return on Equity is forecast to be low in 3 years time (8.2%).


Past Performance

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

-2.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: TWM has a large one-off gain of CA$21.7M impacting its September 30 2021 financial results.

Growing Profit Margin: TWM became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: TWM's earnings have declined by 2.1% per year over the past 5 years.

Accelerating Growth: TWM has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: TWM has become profitable in the last year, making it difficult to compare its past year earnings growth to the Oil and Gas industry (132.3%).


Return on Equity

High ROE: TWM's Return on Equity (12.7%) is considered low.


Financial Health

How is Tidewater Midstream and Infrastructure's financial position?


Financial Position Analysis

Short Term Liabilities: TWM's short term assets (CA$393.2M) exceed its short term liabilities (CA$391.0M).

Long Term Liabilities: TWM's short term assets (CA$393.2M) do not cover its long term liabilities (CA$885.8M).


Debt to Equity History and Analysis

Debt Level: TWM's net debt to equity ratio (97.7%) is considered high.

Reducing Debt: TWM's debt to equity ratio has increased from 0.1% to 101.7% over the past 5 years.

Debt Coverage: TWM's debt is well covered by operating cash flow (22.5%).

Interest Coverage: TWM's interest payments on its debt are not well covered by EBIT (2.1x coverage).


Balance Sheet


Dividend

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

3.12%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: TWM's dividend (3.12%) is higher than the bottom 25% of dividend payers in the Canadian market (1.57%).

High Dividend: TWM's dividend (3.12%) is low compared to the top 25% of dividend payers in the Canadian market (4.6%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, TWM has been paying a dividend for less than 10 years.

Growing Dividend: TWM has only been paying a dividend for 6 years, and since then payments have not increased.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (16.9%), TWM's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: TWM's dividends in 3 years are forecast to be well covered by earnings (22.4% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.0yrs

Average management tenure


CEO

Joel MacLeod (42 yo)

6.58yrs

Tenure

CA$662,507

Compensation

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...


CEO Compensation Analysis

Compensation vs Market: Joel's total compensation ($USD517.94K) is below average for companies of similar size in the Canadian market ($USD817.03K).

Compensation vs Earnings: Joel's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: TWM's management team is considered experienced (2 years average tenure).


Board Members

Experienced Board: TWM's board of directors are considered experienced (4 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Tidewater Midstream and Infrastructure Ltd.'s employee growth, exchange listings and data sources


Key Information

  • Name: Tidewater Midstream and Infrastructure Ltd.
  • Ticker: TWM
  • Exchange: TSX
  • Founded: 2015
  • Industry: Oil and Gas Storage and Transportation
  • Sector: Energy
  • Market Cap: CA$436.155m
  • Shares outstanding: 340.75m
  • Website: https://www.tidewatermidstream.com

Number of Employees


Location

  • Tidewater Midstream and Infrastructure Ltd.
  • 222 – 3rd Avenue S.W.
  • Suite 900
  • Calgary
  • Alberta
  • T2P 0B4
  • Canada

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/11/30 00:29
End of Day Share Price2021/11/29 00:00
Earnings2021/09/30
Annual Earnings2020/12/31


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.