10:14 AM EDT, 03/11/2024 (MT Newswires) -- National Bank on Monday reviewed AltaGas Ltd.'s ( ATGFF ) "solid" fourth-quarter results while noting that the company's LPG exports franchise continues to level up.

AltaGas ( ATGFF ) reported fourth-quarter adjusted EBITDA of $502 million, slightly above the $482 million estimate. The street estimate of $497 million.

The company also reaffirmed its full-year 2024 financial guidance, including adjusted EBITDA of $1.68 billion to $1.78 billion. The NBF estimate is $1.75 billion.

"ALA's LPG export business continues to improve its profitability profile with structural cost savings realized from two recently commissioned VLGCs," the analysts said.

Also, National Bank has raised the 2025 adjusted funds from operations estimates to $3.46 from $3.43 while the 2025e D/EBITDA of 5.1x was raised to 4.9x.

National Bank has reiterated its outperform rating and a price target of C$33.

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