Data Center DealsThe company is one of the best-positioned to benefit from potential Alberta data center co-located deals, potentially leading to material potential EBITDA/FCF and valuation upside.
Renewables And Hydro AssetsSignificant upside opportunity from Alberta co-located AI data center deals, attractive relative valuation, under-appreciated hydro assets, and structural shift to more renewables composition support maintaining the Outperform rating.
ValuationTA trades at a discount to other Canadian energy infrastructure asset classes and U.S. IPP's, making it a compelling investment opportunity.