Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (CAD) | Target 1 (CAD) | Target 2 (CAD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 24 Mar, 26 | SPB | Buy | CAD 6.92 | CAD 7.3 | CAD 7.65 | 23 days | Closed |
8.96%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
Superior Plus Corp. distributes propane, compressed natural gas, renewable energy, and related products and services to approximately 936,500 customers in the United States and Canada. It operates in three segments: U.S. Propane Distribution (U.S. Propane), Canadian Propane Distribution (Canadian Propane), and Compressed Natural Gas Distribution (CNG). The U.S. Propane segment distributes propane gas and liquid fuels primarily in the Eastern United States, California, and the Midwest. Its Canadian Propane segment distributes propane gas and liquid fuels across Canada. The CNG segment transports and sells compressed natural gas, renewable natural gas, and hydrogen. The company serves the commercial, residential, and industrial markets. Superior Plus Corp. was incorporated in 1989 and is based in Toronto, Canada.
Higher Net Margin: 7.1% in Q4 2025 vs 0.6% in Q4 2024
Higher Gross Margin: 54.7% in Q4 2025 vs 53.4% in Q4 2024
Lower EBITDA Margin: 23.8% in Q4 2025 vs 36.2% of Industry Median
Higher Debt to Equity Ratio: 2.31x in Q4 2025 vs 2.11x in Q4 2024
Regulatory risks, Trade tariffs, Inflationary pressures, Lower cash flows, etc.
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 6.92 | 6.3 | 7.3 | 7.65 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Resilient Core Propane Business: Propane operations remain the backbone, delivering consistent EBITDA growth (+4% FY25, +6% Q4). Volume expansion and operational improvements support stability. The business benefits from essential energy demand across residential and industrial customers. This creates predictable earnings with relatively low volatility.
Decent Free Cash Flow Acceleration: Free cash flow per share surged 89% in FY25, driven by better operations and lower capex. This indicates improving capital efficiency and better internal funding capacity. High cash conversion supports dividends, buybacks, and deleveraging. It also enhances financial flexibility.
Margin Expansion Through Cost Optimization: “Superior Delivers” is improving cost-to-serve and operational efficiency. Leaner operations are already contributing to EBITDA growth. Scheduling optimization and digital tools enhance margins. Structural cost improvements support long-term profitability.
Considering the expected valuation upside, volume growth in propane, decent per-share growth, capital discipline, visible cash generation, diversified energy exposure, operational efficiency gains, long-term transformation upside, industrial demand tailwinds, data center exposure via CNG, improving balance sheet trajectory, defensive earnings profile, consistent dividend support and key business risks, a 'Speculative Buy’ recommendation has been given on the stock at the last closing price of CAD 6.92, as on March 23, 2026
Data Powered by EOD Historical Data (“EODHD”).
Sector: Utilities Industry: Utilities - Regulated Gas
| Company | Change (CAD) | Price (CAD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| SPB Superior Plus Corp |
0.02 0.25% | 8.06 | 20.47 | 14.35 | 0.67 | 1.38 | 1.20 | 6.25 |
| BIPC Brookfield Infrastructure Corp |
-1.21 2.16% | 54.77 | - | - | 1.86 | 37.41 | 4.88 | 6.16 |
| RGSI Rockpoint Gas Storage Inc |
1.15 4.08% | 29.31 | 11.68 | 10.85 | 9.56 | - | 8.41 | 10.25 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on March 24, 2026. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
Disclaimer :
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