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Pembina Pipeline

DB:P5P
Snowflake Description

Established dividend payer with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
P5P
DB
CA$25B
Market Cap
  1. Home
  2. DE
  3. Energy
Company description

Pembina Pipeline Corporation provides transportation and midstream services for the energy industry in North America. The last earnings update was 56 days ago. More info.


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P5P Share Price and Events
7 Day Returns
-0.4%
DB:P5P
2.1%
DE Oil and Gas
2.5%
DE Market
1 Year Returns
20.8%
DB:P5P
15.6%
DE Oil and Gas
-6.7%
DE Market
P5P Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Pembina Pipeline (P5P) -0.4% 0.2% 10.5% 20.8% 27.2% 18.8%
DE Oil and Gas 2.1% 1.8% 10.6% 15.6% 5.1% 47.8%
DE Market 2.5% 3.3% 9.2% -6.7% 9% 13.5%
1 Year Return vs Industry and Market
  • P5P outperformed the Oil and Gas industry which returned 15.6% over the past year.
  • P5P outperformed the Market in Germany which returned -6.7% over the past year.
Price Volatility
P5P
Industry
5yr Volatility vs Market

P5P Value

 Is Pembina Pipeline 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 Pembina Pipeline 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 Pembina Pipeline.

DB:P5P Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 12 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.8%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

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 DB:P5P
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.95
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.952 (1 + (1- 26.5%) (29.73%))
1.107
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.11
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.107 * 5.96%)
6.83%

Discounted Cash Flow Calculation for DB:P5P using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Pembina Pipeline 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.

DB:P5P DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 6.83%)
2019 1,852.44 Analyst x5 1,734.07
2020 1,885.08 Analyst x6 1,651.86
2021 831.20 Analyst x1 681.82
2022 1,709.30 Analyst x1 1,312.52
2023 2,654.90 Analyst x1 1,908.34
2024 2,991.60 Est @ 12.68% 2,012.95
2025 3,259.22 Est @ 8.95% 2,052.89
2026 3,465.54 Est @ 6.33% 2,043.36
2027 3,621.48 Est @ 4.5% 1,998.85
2028 3,738.03 Est @ 3.22% 1,931.34
Present value of next 10 years cash flows CA$17,328.00
DB:P5P DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$3,738.03 × (1 + 0.23%) ÷ (6.83% – 0.23%)
CA$56,780.22
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$56,780.22 ÷ (1 + 6.83%)10
CA$29,336.86
DB:P5P Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$17,328.00 + CA$29,336.86
CA$46,664.86
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$46,664.86 / 509.70
CA$91.55
DB:P5P Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:P5P represents 0.65906x of TSX:PPL
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.65906x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 91.55 x 0.65906
€60.34
Value per share (EUR) From above. €60.34
Current discount Discount to share price of €32.92
= -1 x (€32.92 - €60.34) / €60.34
45.4%

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

Current Discount
Amount off the current price Pembina Pipeline is available for.
Intrinsic value
45%
Share price is €32.92 vs Future cash flow value of €60.34
Current Discount Checks
For Pembina Pipeline to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Pembina Pipeline's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Pembina Pipeline'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 Pembina Pipeline's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Pembina Pipeline's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:P5P PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CAD CA$2.28
TSX:PPL Share Price ** TSX (2019-04-18) in CAD CA$49.95
Germany Oil and Gas Industry PE Ratio Median Figure of 5 Publicly-Listed Oil and Gas Companies 17.52x
Germany Market PE Ratio Median Figure of 421 Publicly-Listed Companies 19.69x

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

** Primary Listing of Pembina Pipeline.

DB:P5P PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 49.95 ÷ 2.28

21.88x

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

  • Pembina Pipeline is overvalued based on earnings compared to the DE Oil and Gas industry average.
  • Pembina Pipeline is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Pembina Pipeline's expected growth come at a high price?
Raw Data
DB:P5P PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 21.88x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
9.6%per year
Europe Oil and Gas Industry PEG Ratio Median Figure of 56 Publicly-Listed Oil and Gas Companies 0.99x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.58x

*Line of best fit is calculated by linear regression .

DB:P5P PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 21.88x ÷ 9.6%

2.27x

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

  • Pembina Pipeline is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Pembina Pipeline's assets?
Raw Data
DB:P5P PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CAD CA$23.47
TSX:PPL Share Price * TSX (2019-04-18) in CAD CA$49.95
Germany Oil and Gas Industry PB Ratio Median Figure of 7 Publicly-Listed Oil and Gas Companies 0.88x
Germany Market PB Ratio Median Figure of 570 Publicly-Listed Companies 1.87x
DB:P5P PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 49.95 ÷ 23.47

2.13x

* Primary Listing of Pembina Pipeline.

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

  • Pembina Pipeline is overvalued based on assets compared to the DE Oil and Gas industry average.
X
Value checks
We assess Pembina Pipeline'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. Pembina Pipeline has a total score of 2/6, 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.

P5P Future Performance

 How is Pembina Pipeline expected to perform in the next 1 to 3 years based on estimates from 12 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
9.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Pembina Pipeline expected to grow at an attractive rate?
  • Pembina Pipeline's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Pembina Pipeline's earnings growth is positive but not above the Germany market average.
  • Pembina Pipeline's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:P5P Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:P5P Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts 9.6%
DB:P5P Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts 4.7%
Europe Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 7.9%
Europe Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 1.9%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.7%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*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
DB:P5P Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:P5P Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 9,597 2,600 1
2022-12-31 9,010 2,810 2
2021-12-31 8,607 2,647 1,570 5
2020-12-31 8,426 2,515 1,419 9
2019-12-31 8,211 2,352 1,328 9
DB:P5P Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2018-12-31 7,351 2,256 1,153
2018-09-30 7,551 2,105 1,243
2018-06-30 6,551 1,926 1,031
2018-03-31 5,765 1,685 914
2017-12-31 5,400 1,513 797
2017-09-30 4,935 1,276 490
2017-06-30 4,860 1,221 498
2017-03-31 4,728 1,132 497
2016-12-31 4,265 1,077 394
2016-09-30 4,256 1,076 399
2016-06-30 4,312 1,016 398
2016-03-31 4,498 952 333

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Pembina Pipeline's earnings are expected to grow by 9.6% yearly, however this is not considered high growth (20% yearly).
  • Pembina Pipeline's revenue is expected to grow by 4.7% 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
DB:P5P Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below

All data from Pembina Pipeline Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:P5P 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 3.10 3.37 2.65 3.00
2020-12-31 2.76 3.39 2.35 8.00
2019-12-31 2.58 3.22 2.26 8.00
DB:P5P Past Financials Data
Date (Data in CAD Millions) EPS *
2018-12-31 2.28
2018-09-30 2.47
2018-06-30 2.16
2018-03-31 2.02
2017-12-31 1.87
2017-09-30 1.23
2017-06-30 1.25
2017-03-31 1.26
2016-12-31 1.02
2016-09-30 1.05
2016-06-30 1.08
2016-03-31 0.93

*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.
  • Pembina Pipeline is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Pembina Pipeline'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 Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe 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.
Pembina Pipeline has a total score of 1/6, 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.

P5P Past Performance

  How has Pembina Pipeline 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 Pembina Pipeline'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.
  • Pembina Pipeline has delivered over 20% year on year earnings growth in the past 5 years.
  • Pembina Pipeline's 1-year earnings growth exceeds its 5-year average (44.7% vs 29.1%)
  • Pembina Pipeline's earnings growth has exceeded the Europe Oil and Gas industry average in the past year (44.7% vs 30.5%).
Earnings and Revenue History
Pembina Pipeline'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 Pembina Pipeline Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:P5P Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 7,351.00 1,153.00 279.00
2018-09-30 7,551.00 1,243.00 270.00
2018-06-30 6,551.00 1,031.00 254.00
2018-03-31 5,765.00 914.00 237.00
2017-12-31 5,400.00 797.00 236.00
2017-09-30 4,935.00 490.00 221.00
2017-06-30 4,860.00 498.00 221.00
2017-03-31 4,728.00 497.00 202.00
2016-12-31 4,265.00 394.00 195.00
2016-09-30 4,256.00 399.00 188.00
2016-06-30 4,312.00 398.00 168.00
2016-03-31 4,498.00 333.00 164.00
2015-12-31 4,635.00 355.00 157.00
2015-09-30 4,652.00 311.00 143.00
2015-06-30 5,071.00 279.00 170.00
2015-03-31 5,464.00 317.00 167.00
2014-12-31 6,069.00 348.00 156.00
2014-09-30 6,092.00 366.00 171.00
2014-06-30 5,947.00 371.00 145.00
2014-03-31 5,516.00 394.00 134.00
2013-12-31 5,006.00 344.00 132.00
2013-09-30 4,989.20 337.50 119.90
2013-06-30 4,504.60 296.00 112.60
2013-03-31 4,200.50 283.40 113.20
2012-12-31 3,427.00 225.00 97.00
2012-09-30 2,629.94 188.51 87.10
2012-06-30 2,115.16 188.13 78.16

*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.
  • Pembina Pipeline has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Pembina Pipeline used its assets less efficiently than the DE Oil and Gas industry average last year based on Return on Assets.
  • Pembina Pipeline has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Pembina Pipeline'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.
Pembina Pipeline has a total score of 4/6, 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.

P5P Health

 How is Pembina Pipeline'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 Pembina Pipeline's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Pembina Pipeline's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Pembina Pipeline's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Pembina Pipeline'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 0.1x 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 Pembina Pipeline Company Filings, last reported 3 months ago.

DB:P5P Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 14,404.00 7,537.00 157.00
2018-09-30 14,065.00 7,556.00 129.00
2018-06-30 14,041.00 7,468.00 81.00
2018-03-31 13,990.00 7,766.00 359.00
2017-12-31 13,841.00 7,558.00 321.00
2017-09-30 8,332.00 5,144.00 31.00
2017-06-30 8,443.00 4,815.00 53.00
2017-03-31 8,427.00 4,483.00 36.00
2016-12-31 8,296.00 4,157.00 35.00
2016-09-30 8,257.00 3,824.00 40.00
2016-06-30 8,220.00 3,620.00 20.00
2016-03-31 7,940.00 3,298.00 246.00
2015-12-31 7,424.00 3,331.00 28.00
2015-09-30 6,766.00 3,647.00 44.00
2015-06-30 6,601.00 3,539.00 204.00
2015-03-31 6,404.00 3,276.00 42.00
2014-12-31 6,336.00 2,869.00 53.00
2014-09-30 6,043.00 2,371.00 329.00
2014-06-30 5,725.00 2,421.00 287.00
2014-03-31 5,623.00 2,143.00 153.00
2013-12-31 5,171.00 2,283.00 51.00
2013-09-30 4,954.30 2,261.90 15.50
2013-06-30 4,687.40 2,334.90 9.80
2013-03-31 4,644.10 2,243.50 46.40
2012-12-31 4,275.00 2,555.00 27.00
2012-09-30 4,252.52 2,460.42 25.39
2012-06-30 4,270.55 2,380.72 2.98
  • Pembina Pipeline's level of debt (52.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (44.1% vs 52.3% today).
  • Debt is well covered by operating cash flow (29.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.9x coverage).
X
Financial health checks
We assess Pembina Pipeline'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. Pembina Pipeline has a total score of 2/6, 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.

P5P Dividends

 What is Pembina Pipeline'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
4.56%
Current annual income from Pembina Pipeline dividends. Estimated to be 4.98% next year.
If you bought €2,000 of Pembina Pipeline shares you are expected to receive €91 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?
  • Pembina Pipeline's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.44%).
  • Pembina Pipeline's dividend is above the markets top 25% of dividend payers in Germany (3.74%).
Upcoming dividend payment

Purchase Pembina Pipeline before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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
DB:P5P 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 12 Analyst Estimates (S&P Global) See Below
Europe Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 61 Stocks 5.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 324 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

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

DB:P5P Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 2.56 1.00
2022-12-31 2.69 2.00
2021-12-31 2.65 7.00
2020-12-31 2.52 16.00
2019-12-31 2.36 17.00
DB:P5P Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-04-09 2.280 4.569
2019-03-06 2.280 4.606
2019-02-06 2.280 4.738
2019-01-07 2.280 5.070
2018-12-04 2.280 5.386
2018-11-07 2.280 5.124
2018-10-03 2.280 5.152
2018-09-06 2.280 5.200
2018-08-07 2.280 5.003
2018-07-05 2.280 4.925
2018-06-07 2.280 5.018
2018-05-03 2.280 5.163
2018-04-03 2.160 5.343
2018-03-09 2.160 5.350
2018-02-05 2.160 5.273
2018-01-08 2.160 5.016
2017-12-07 2.160 4.779
2017-11-09 2.160 4.838
2017-10-02 2.160 5.033
2017-09-06 2.040 4.845
2017-08-02 2.040 5.041
2017-07-05 2.040 4.756
2017-06-08 2.040 4.721
2017-05-08 2.040 4.671
2017-04-03 2.040 4.676
2017-03-07 1.920 4.496
2017-02-07 1.920 4.556
2017-01-05 1.920 4.629
2016-12-07 1.920 4.603
2016-11-03 1.920 4.932
2016-10-07 1.920 4.712
2016-09-08 1.920 4.848
2016-08-04 1.920 4.853
2016-07-07 1.920 4.951
2016-06-07 1.920 4.885
2016-03-17 1.920 5.260
2016-03-09 1.830 5.278
2016-02-08 1.830 5.626
2016-01-07 1.830 6.214
2015-12-08 1.830 6.174
2015-11-09 1.830 5.908
2015-10-08 1.830 5.417
2015-09-08 1.830 5.401
2015-08-07 1.830 5.096
2015-07-09 1.830 4.748
2015-06-09 1.830 4.521
2015-05-05 1.830 4.496
2015-04-10 1.740 4.119
2015-03-06 1.740 4.302
2015-02-09 1.740 4.354
2015-01-12 1.740 4.438
2014-12-09 1.740 4.360
2014-11-11 1.740 4.183
2014-10-08 1.740 3.822
2014-09-11 1.740 3.570
2014-08-08 1.740 3.513
2014-07-09 1.740 3.797
2014-06-09 1.740 3.853
2014-05-08 1.740 3.927
2014-04-03 1.680 3.968
2014-03-07 1.680 4.163
2014-02-10 1.680 4.239
2014-01-07 1.680 4.433
2013-12-09 1.680 4.665
2013-11-06 1.680 4.907
2013-10-09 1.680 4.952
2013-09-09 1.680 5.072
2013-08-09 1.680 5.203
2013-07-11 1.620 4.980
2013-06-06 1.620 5.000
2013-05-13 1.620 4.781
2013-04-05 1.620 5.018
2013-03-11 1.620 5.162
2013-01-08 1.620 5.514
2012-12-07 1.620 5.693
2012-10-11 1.620 5.847
2012-09-06 1.620 5.895
2012-08-09 1.620 5.989
2012-07-09 1.620 6.051
2012-06-08 1.620 6.118
2012-05-09 1.620 5.611
2012-04-12 1.620 5.453
2012-03-12 1.560 5.511
2012-02-15 1.560 5.534
2012-01-12 1.560 5.655
2011-12-06 1.560 5.227
2011-11-10 1.560 5.398
2011-10-07 1.560 5.896
2011-09-13 1.560 6.242
2011-08-10 1.560 6.151
2011-07-11 1.560 6.180
2011-06-14 1.560 6.274
2011-05-13 1.560 6.453
2011-04-06 1.560 6.796
2011-03-15 1.560 6.958
2011-02-10 1.560 7.129
2011-01-12 1.560 7.077
2010-12-14 1.560 7.154
2010-11-12 1.560 7.303
2010-10-07 1.560 7.215
2010-08-10 1.560 7.946
2010-07-06 1.560 8.412
2010-06-09 1.560 8.811
2010-05-12 1.560 8.940
2010-04-14 1.560 8.643
2010-02-10 1.560 8.853
2010-01-12 1.560 8.830
2009-12-15 1.560 8.922
2009-11-06 1.560 9.467
2009-10-09 1.560 9.975
2009-09-11 1.560 10.193
2009-08-13 1.560 10.194
2009-07-09 1.560 10.420
2009-06-12 1.560 10.508
2009-05-15 1.560 10.896
2009-04-20 1.560 11.246

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Pembina Pipeline's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.3x coverage).
X
Income/ dividend checks
We assess Pembina Pipeline's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - 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 Pembina Pipeline afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Pembina Pipeline has a total score of 5/6, see the detailed checks below.


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

P5P Management

 What is the CEO of Pembina Pipeline'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
Mick Dilger
COMPENSATION CA$7,131,203
AGE 55
TENURE AS CEO 5.3 years
CEO Bio

Mr. Michael H. Dilger, also known as Mick, has been the Chief Executive Officer and President of Pembina NGL Corporation since January 2014 and serves as its President since February 15, 2012. Mr. Dilger has been the Chief Executive Officer of Pembina Pipeline Corporation since January 1, 2014 and has been its President since February 15, 2012. He served as the Chief Operating Officer of Pembina Pipeline Corporation since February 15, 2012 until December 31, 2013 and served as its Vice President from November 2008 to February 15, 2012. Previous to Pembina, he worked as a senior executive in various finance and business development positions in oil and gas and infrastructure organizations ranging from initial capitalization phase enterprises to the subsidiaries of multi-national corporations, including Nova Corporation and TransCanada PipeLines Ltd. He served as Vice President of Business Development of Pembina Management Inc from March 1, 2005 to November 2008. He served as Vice President of Finance and Business Development at Pembina Management Inc., the Administrator of Pembina Pipeline Income Fund since January 2005. Mr. Dilger served as the Founder and Vice President of Finance and Business Development of Vista Midstream. He served as Vice President of Finance NOVA Gas Canada Ltd. and TransCanada Midstream. He has been an Independent Director of Trilogy Energy Corp., since May 18, 2005. He has been a Non-Independent Director of Pembina Pipeline Corporation since January 1, 2014. He served as a Director of Trilogy Energy Trust until May 9, 2017. He served as an Independent Director of Mahalo Energy Limited from October 14, 2005 to May 21, 2008. Mr. Dilger graduated from the University of Calgary with a Bachelor of Commerce degree in 1986 and a Chartered Accountant since 1989.

CEO Compensation
  • Mick's compensation has increased by more than 20% in the past year.
  • Mick's remuneration is about average for companies of similar size in Germany.
Management Team Tenure

Average tenure of the Pembina Pipeline management team in years:

4.8
Average Tenure
  • The tenure for the Pembina Pipeline management team is about average.
Management Team

Mick Dilger

TITLE
President
COMPENSATION
CA$7M
AGE
55
TENURE
5.3 yrs

J. Burrows

TITLE
Senior VP & CFO
COMPENSATION
CA$2M
TENURE
4.3 yrs

Harry Andersen

TITLE
Senior VP of External Affairs & Chief Legal Officer
COMPENSATION
CA$2M
TENURE
6 yrs

Stu Taylor

TITLE
Senior VP of Marketing & New Ventures and Corporate Development Officer
COMPENSATION
CA$2M
TENURE
1.3 yrs

Paul Murphy

TITLE
Senior VP & Corporate Services Officer
COMPENSATION
CA$2M
TENURE
5.6 yrs

Allan Charlesworth

TITLE
Vice President of Technical Services

Ian McAvity

TITLE
Investor Relations Analyst

Claudia D'Orazio

TITLE
Vice President of Human Resources

Jason Wiun

TITLE
Senior VP & COO of Pipelines
TENURE
1.3 yrs
Board of Directors Tenure

Average tenure and age of the Pembina Pipeline board of directors in years:

5.1
Average Tenure
61.5
Average Age
  • The tenure for the Pembina Pipeline board of directors is about average.
Board of Directors

Randy Findlay

TITLE
Chairman of the Board
COMPENSATION
CA$373K
AGE
68
TENURE
5 yrs

Mick Dilger

TITLE
President
COMPENSATION
CA$7M
AGE
55
TENURE
5.3 yrs

David Malcolm LeGresley

TITLE
Director
COMPENSATION
CA$227K
AGE
59
TENURE
8.7 yrs

Jeffrey Smith

TITLE
Director
COMPENSATION
CA$220K
AGE
70
TENURE
7 yrs

Gordon Kerr

TITLE
Director
COMPENSATION
CA$231K
AGE
64
TENURE
4.3 yrs

Bob Michaleski

TITLE
Director
COMPENSATION
CA$211K
AGE
65
TENURE
19.3 yrs

Leslie O'Donoghue

TITLE
Director
COMPENSATION
CA$215K
AGE
55
TENURE
10.3 yrs

Anne-Marie Ainsworth

TITLE
Director
COMPENSATION
CA$292K
AGE
62
TENURE
4.5 yrs

Bruce Rubin

TITLE
Director
COMPENSATION
CA$285K
AGE
61
TENURE
1.9 yrs

Maureen Howe

TITLE
Director
COMPENSATION
CA$208K
AGE
60
TENURE
1.5 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Pembina Pipeline insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
01. Apr 19 Sell Michael Dilger Individual 01. Apr 19 01. Apr 19 -40,000 €33.12 €-1,324,622
28. Mar 19 Buy Michael Dilger Individual 28. Mar 19 28. Mar 19 50,000 €32.63 €1,627,305
01. Mar 19 Sell Tracy Hecker Individual 26. Feb 19 26. Feb 19 -1,754 €32.09 €-56,281
28. Feb 19 Sell John De la Mare Individual 28. Feb 19 28. Feb 19 -500 €32.16 €-16,079
15. Jan 19 Buy Robert Michaleski Individual 09. Jan 19 09. Jan 19 416 €28.63 €11,910
04. Jan 19 Sell Robert Michaleski Individual 02. Jan 19 02. Jan 19 -570 €26.83 €-15,292
26. Dec 18 Buy Cameron Goldade Individual 24. Dec 18 24. Dec 18 2,000 €25.55 €51,094
26. Dec 18 Buy J. Burrows Individual 24. Dec 18 24. Dec 18 500 €25.36 €12,678
19. Nov 18 Buy Bruce Rubin Individual 19. Nov 18 19. Nov 18 4,000 €29.71 €118,846
17. Sep 18 Sell Robert Michaleski Individual 12. Sep 18 12. Sep 18 -500 €28.87 €-14,332
06. Sep 18 Buy Cameron Goldade Individual 04. Sep 18 04. Sep 18 500 €28.86 €14,432
22. Aug 18 Buy Helm Energy Advisors Inc. Company 22. Aug 18 22. Aug 18 200 €30.46 €6,093
22. Aug 18 Buy Douglas Arnell Individual 22. Aug 18 22. Aug 18 190 €30.46 €5,788
14. Aug 18 Buy J. Burrows Individual 14. Aug 18 14. Aug 18 1,060 €31.16 €32,996
14. Aug 18 Buy Stuart Taylor Individual 13. Aug 18 13. Aug 18 830 €30.90 €25,647
13. Aug 18 Buy Cameron Goldade Individual 10. Aug 18 10. Aug 18 415 €30.77 €12,770
13. Aug 18 Buy Henry Sykes Individual 13. Aug 18 13. Aug 18 1,200 €31.06 €37,276
25. Jun 18 Buy Helm Energy Advisors Inc. Company 25. Jun 18 25. Jun 18 486 €29.36 €14,267
04. Jun 18 Buy Helm Energy Advisors Inc. Company 31. May 18 31. May 18 600 €29.50 €17,700
11. May 18 Sell Robert Michaleski Individual 09. May 18 09. May 18 -338 €29.17 €-9,858
11. May 18 Buy Robert Michaleski Individual 09. May 18 09. May 18 450 €29.13 €13,108
09. May 18 Sell M Dilger Family Trust (Mdft) Company 08. May 18 08. May 18 -10,000 €28.61 €-285,996
X
Management checks
We assess Pembina Pipeline'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. Pembina Pipeline 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.

P5P News

Simply Wall St News

P5P Company Info

Description

Pembina Pipeline Corporation provides transportation and midstream services for the energy industry in North America. It operates through three divisions: Pipelines, Facilities, and Marketing & New Ventures. The Pipelines division operates conventional, transmission, and oil sands and heavy oil pipeline assets with a total capacity of 3 million barrels of oil serving markets and basins across North America through conventional, transmission, and oil sand pipelines assets. The Facilities division offers processing and fraction facilities, and other infrastructure related services to provide customers with natural gas and natural gas liquid services, as well as natural gas liquids fractionation, cavern storage, and loading and off-loading facilities. The Marketing & New Ventures division buys and sells hydrocarbon liquids and natural gas originating in the Western Canadian sedimentary basin and other basins. Pembina Pipeline Corporation was founded in 1997 and is headquartered in Calgary, Canada.

Details
Name: Pembina Pipeline Corporation
P5P
Exchange: DB
Founded: 1997
CA$16,862,534,352
509,701,701
Website: http://www.pembina.com
Address: Pembina Pipeline Corporation
585 - 8th Avenue South West,
Suite 4000,
Calgary,
Alberta, T2P 1G1,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX PPL Common Shares The Toronto Stock Exchange CA CAD 23. Oct 1998
NYSE PBA Common Shares New York Stock Exchange US USD 23. Oct 1998
DB P5P Common Shares Deutsche Boerse AG DE EUR 23. Oct 1998
TSX PPL.PRC PFD CL A SER 3 The Toronto Stock Exchange CA CAD 02. Oct 2013
TSX PPL.PRG PFD CL A SER 7 The Toronto Stock Exchange CA CAD 12. Sep 2014
TSX PPL.PRI PFD CL A SER 9 The Toronto Stock Exchange CA CAD 13. Apr 2015
TSX PPL.PRS PFD CL A SER 19 The Toronto Stock Exchange CA CAD 05. Oct 2017
TSX PPL.PRQ PFD CL A SER 17 The Toronto Stock Exchange CA CAD 05. Oct 2017
TSX PPL.PRO PFD CL A SER 15 The Toronto Stock Exchange CA CAD 05. Oct 2017
TSX PPL.PRM CUM REDM PFD A The Toronto Stock Exchange CA CAD 28. Apr 2016
TSX PPL.PRK PFD CL A SER 11 The Toronto Stock Exchange CA CAD 18. Jan 2016
TSX PPL.PRE CUM RE CL A PFD5 The Toronto Stock Exchange CA CAD 16. Jan 2014
TSX PPL.PRA PFD 5 YR CL A 1 The Toronto Stock Exchange CA CAD 26. Jul 2013
Number of employees
Current staff
Staff numbers
2,162
Pembina Pipeline employees.
Industry
Oil and Gas Storage and Transportation
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/18 21:44
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/02/21
Last earnings reported: 2018/12/31
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.