TC Energy Corp

TRP: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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TC Energy: We Affirm Our Narrow Moat Rating; Shares Overvalued

Adam Baker

Jun 25, 2025

We are increasing our fair value estimates for TC Energy to CAD 57 and $41, from CAD 53 and $39, after updating our model to incorporate the longer time horizon of the Bruce Power major component replacement program. Previously, we only explicitly forecast five years, which meant we could not capture the value of the project. Our new fair value equates to an EV/adjusted EBITDA multiple of 11.3 and 11.0 for 2025 and 2026, respectively.

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TC Energy Corp

TC Energy: We Affirm Our Narrow Moat Rating; Shares Overvalued

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