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  5. SOBO: Good morning, Thoughts on SOBO earnings? [South Bow Corporation]
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Q: Good morning,

Thoughts on SOBO earnings?

Also - any view views on dividend growth plans, or too soon to say?

Thanks as always. You guys do awesome work.
Asked by Trevor on May 20, 2025
5i Research Answer:

SOBO's dividend on its spin out was initially set very high, so we would not expect quick increases here. Q1 EPS of 47c beat estimates of 38c; revenue of $498M beat estimates of $460M. EBITDA of $266M matched estimates. Throughput was 613,000 b/d. Distributable cash flow was $151M. We are comfortable with the results and current decent valuation (16X earnings). 

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