Plains All American Pipeline: Is its Pricing Reflective of Strong Multi-Year Share Price Gains?

Plains All American Pipeline (PAA) stock has shown strong multi-year share price gains, with returns of 1.4% over the past week, 10.6% over the last month, 9.7% year to date, 8.8% over 1 year, 101.8% over 3 years, and 256.1% over 5 years. Recent coverage has focused on its income-focused midstream business and capital allocation, with investors reassessing its risk profile and price to pay for its cash generation. Simply Wall St's valuation framework scores PAA a 3 out of 6 for being undervalued on three checks, with a DCF analysis estimating an intrinsic value of $59.99 per share, a 66.7% discount to its recent price.