1. List of Two (2) companies to investigate and analyse: ü TC Energy Corp. (TRP

 1. List of Two (2) companies to investigate and analyse: ü TC Energy Corp. (TRP)ü Pembina Pipeline Corp. (PBA)2. Find the Financial Statements (Income Statement and Balance Sheet) for both companies, for three consecutive years (the same three years for each company)
Note: Statements can be        found online at Toronto Stock Exchange TSX  www.tsx.com website, or New York        Stock Exchange www.nyse.com, or NASDAQ http://www.nasdaq.com; or the specific company’s        website. 
3. With reference to our class and Learning Materials discussions, perform a ratio analysis by calculating the Current Ratio and the Debt Ratio for both companies for each of the three consecutive years.  ü Use Excel to calculate your selected ratios, and clearly show the formulas being used, and the data/numbers your are using from the Financial Statements.  ü Do not do more ratio calculations than this.4. Submission Content:a. Use ONE paragraph each to introduce each company and its main business activity(s) and scope. In these introductions, include information that may provide a useful context when comparing the two companies (business comparison, size, products, revenue source differences if relevant. b. Include a well organized summary table of all ratios calculated, by year and for each company. Clearly show the formula used for each ratio, and the calculated value for each year. (Actual calculation details need only be shown in the appended excel files). This should be organized to clearly show the trends and comparisons between the two companies.c. Research the meaning and use of the ratios you have calculated, and comment on what the results of your calculations and trends are saying with respect each company’s business trend year-over-year. This means more than simply saying they have increased or decreased or are larger or smaller.d. Research and comment on how these two companies each compare to the respective average ratio  for their “industry”.  (ensure industry ratio references are provided in your report). See the information in our class on Financial Analysis for examples of some sources for Industry Ratios. e. Research and provide some referenced explanations/comments on the underlying business reasons that have contributed to the trends you have identified. Why exactly are these trends are occurring, what are the underlying business environment or strategic/management reasons that may be causing the company performances to be different or similar, and whether they are strengths or concerns. You can look for additional relevant analysis commentary on the web, and/or within each company’s financial reports and management comments therein. Such information can be found in financial news, company press releases, or the MD&A (management discussion and analysis) in the annual reports. f. Be sure to provide clear source references for any independent analysis or financial report comments you have used to support your explanations.
 
All references must be in proper APA format.  Mark deductions apply. 
This core written report must be concise, focused, well organized, and very well written. It must must include a summary results table of your ratio calculations and all required core report information referenced above. 
Excel file showing the detailed ratio      calculations work
Financial Statements: copies (scanned or PDF      format) of the Financial Statement information that you have used for your      ratio calculations, for each of the three respective years.