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  5. TRP: Please comment on TRP valuation and outlook in the $71’s. [TC Energy Corporation]

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Q: Please comment on TRP valuation and outlook in the $71’s. The stock is doing well despite many negatives including: a PE near 20x (historically high?), a forecasted decline in EPS over the next 2yrs, a massive debt load which keeps rising, and uncertainty in Analyst estimates (evidenced by a wide target price range). I’m looking at lightening any riskier positions heading into fall and I expect at best TRP is a Hold.
Asked by Paul on September 10, 2025
5i Research Answer:
TRP P/E at 19X compares with its 10-year range of 12 to 19x so it is certainly on the high end...
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