-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下：基於相對估值和現金流折現模型，我們維持12個月目標價為36美元。相對估值方面，我們對2027年預計EBITDA採用11倍的企業價值倍數，略高於KMI的歷史平均。鑑於天然氣需求不斷增長，尤其是在液化天然氣出口和數據中心這兩大長期驅動因素的推動下，我們認為略微溢價是合理的，該倍數對應的每股價值為33美元。同時，我們的現金流量折現模型假設未來10年自由現金流年增率為7.8%，終端成長率為2.5%，並以6.2%的加權平均資本成本（WACC）進行折現，得出每股內在價值為39美元。我們將 2026 年每股收益預期上調 0.12 美元至 1.48 美元，但將 2027 年的預期下調 0.03 美元至 1.47 美元。儘管美國能源資訊署 (EIA) 對天然氣價格的預測略有回落，但我們仍然認為，每百萬英熱單位 (MMBtu) 3 美元以上的價格區間（我們預計 2026-2027 年的價格將達到這一水平）足以刺激對 KMI 提供的天然氣中游服務的需求增長。
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Kimberly-Clark First-Quarter Results Top Views; Full-Year Outlook Affirmed
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