Financial PerformanceThe free cash flow per share estimate for 2025 is reduced to $0.80 from $1.49, indicating a negative adjustment in financial expectations.
Operational UncertaintyTRP needs to recut the NGTL sale at new terms, adding uncertainty as to whether a deal gets done.
ValuationTRP's premium valuation may already account for its robust growth program and exposure to natural gas pipeline assets, limiting potential upside.