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  "docSlug": "e16ba280bde0",
  "documentTitle": "TransCanada Corp (TRP)",
  "authorId": "08_Sandell",
  "authorName": "Thomas Sandell",
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  "presentationDate": "2014-11-01 00:00:00",
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  "notes": "Includes detailed pro-forma financial tables comparing current vs. post-transaction metrics and a valuation bridge for TRP shareholders.",
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      "text": "Post ‘all-in’ dropdown, TCP will be a premier natural gas and oil-focused MLP",
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      "text": "Main benefits for 'all-in' dropdown: Aid GrowthCo in execution of Capital Program, Increased size/scale, reduced overall cost of capital, Additional sell-side and buy-side coverage, Improved management focus, Greater ability to engage in backlog/M&A.",
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      "text": "Post 'all-in' dropdown, TCP will be a premier natural gas and oil-focused MLP. In our analysis, TCP's IDR is renegotiated to include a 50%, high-split at a 15% premium to its current 25% split level, aligning with relevant competitor MLPs.",
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      "text": "Equity Value: $102.27",
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      "text": "Source: Company filings, Internal Work, $1.1/US$1.0",
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      "kind": "table",
      "text": "Premier US MLP + US$6bn Backlog table showing US$ and C$ values for pipelines, corporate costs, EBITDA, and distributions.",
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      "text": "Current vs PF (Pro-Forma) comparison table for TCP Equity, Distribution Yield, Common o/s, Market cap, Debt, EV, and EBITDA multiples.",
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      "text": "Valuation to TRP Shareholders table showing cash flows, dividend yield, and equity value.",
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      "text": "TCP Valuation: 'All-In' Dropdown To Release Embedded Value In Unique MLP Structure",
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      "text": "TransCanada Corp: Un-TRPing Shareholder Value",
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