Investment Thesis
TC Energy (TRP) has an ambitious capital program that it plans to pursue in the next few years. These projects consists of C$37 billion of capital investments and will help grow its EBITDA by about 8% annually through 2023. TC Energy will fund its projects through a combination of funds generated from operations, debt issuance, and non-core assets sale. The company should continue to benefit from growing natural gas demand in the next few decades. TC Energy currently pays a growing 4.9%-yielding dividend and is trading at a valuation below its