From a valuation perspective, Pembina remains attractively priced in a bullish scenario, where regulatory headwinds diminish and infrastructure expansions drive higher volumes, the stock could see a re-rating to $45–$47 per share, offering 24-30% upside. Compared to peers like Enbridge (ENB) and TC Energy (TRP), Pembina boasts stronger profitability metrics, higher returns on capital, and a more efficient operational model. With its defensive business, reliable cash flows, and multiple growth levers, Pembina presents an asymmetric risk-reward profile. The stock's current valuation does not fully reflect its long-term potential, making it an attractive opportunity for investors seeking both income and capital appreciation.