Professional
Added to YB: 2026-06-22
Pitch date: 2026-06-18
RGSI.TO [bearish]
Rockpoint Gas Storage Inc.
Author Info
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Company Info
Rockpoint Gas Storage Inc. owns and operates natural gas storage infrastructure facilities. It serves utilities, producers, pipeline operators, power generators, LNG operators, financial institutions, commodity traders, and marketers.
Market Cap
CAD 1.1B
Pitch Price
N/A
Price Target
9.54
Dividend
4.47%
EV/EBITDA
5.87
P/E
5.32
EV/Sales
6.08
Sector
Oil, Gas and Consumable Fuels
Category
value
Rockpoint Gas Storage: Cyclical Wolf in YieldCo Clothing
RGSI.TO (short): Brookfield reboot of failed Niska Gas Storage, marketed as stable YieldCo but 18-yr history shows volatile, spread-driven cyclical model. Backlog contracts -41%/-25% at key sites = renewal cliff. Brookfield extracted $2.7B, pledged shares, 79M overhang, non-pro-rata distributions, conflicted CEO. GrafTech playbook (-95% post-IPO). 6-8x EBITDA = C$9.54-16.95, -44% to -68%.
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