Section1: Company Overview

Keyera Corp. (TSX: KEY) is a midstream energy business that operates primarily out of Alberta, Canada. Its primary lines of business consist of the gathering and processing of natural gas in western Canada, the storage, transportation, and liquids blending for NGLS and crude oil, and the marketing of NGLs, iso-octane, and crude oil. The firm currently has interests in about a dozen active gas plants and operates over 4,000 km of pipelines.

This Report covers the Key Recommendation Rationale, Valuation, Target Price, and Recommendation on the stock. 

Section 2:  Stock Recommendation Summary

Valuation Methodology (Illustrative): EV to Sales based Relative Valuation approach:

 The stock has witnessed an upside of ~5.30% and ~9.57% over the 1 month and 3 months respectively. The stock is trading above the average of 52-week high price of CAD 47.90 and 52-week low price of CAD 37.80, providing an opportunity to exit, as the stock might make some correction.

One-Year Technical Price Chart (as of October 6, 2025). Source: REFINITIV, Analysis: Kalkine Group 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on October 6, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement. 

Note 5: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.