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  "documentTitle": "TransCanada Corp (TRP)",
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  "authorName": "Thomas Sandell",
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  "presentationDate": "2014-11-01 00:00:00",
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  "pageNumber": 13,
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  "notes": "The slide argues that TRP's valuation is suppressed by its volatile energy segment and complex capital structure.",
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      "text": "TRP (with TCP de-consolidated) currently trades at a discount to the Canadian and US comparables",
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      "text": "TRP (with TCP de-consolidated) currently trades at a discount to the Canadian and US comparables. In our view, main culprits causing TRP's valuation disconnect are 1) volatile Energy segment cash flows obscuring stable GrowthCo/TCP EBITDA, 2) limited usage of MLP to reduce overall cost of capital, 3) large but lumpy Capital Program subject to political and regulatory risk and 4) underappreciated tax assets. By fully utilizing TCP and spinning-off the Energy segment, GrowthCo will be re-valued upwards as a result of its pure-play exposure to North American infrastructure growth and the ongoing de-risking of its Capital Program",
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      "text": "EV/EBITDA: 18.2x",
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      "text": "Source: Company filings, Internal Work, $1.1/US$1.0",
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      "text": "Valuation comparison table for TRP, GrowthCo, and Canadian/US peers across metrics like EQ, EV, Rating, EBITDA, D/EBITDA, EV/EBITDA, Div Yield, and 1YR/3YR returns.",
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