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Valuentum Commentary
Oct 22, 2018
Hi-Crush and EnLink Join Growing List of MLP Simplifications
Image Source: EnLink transaction presentation.A number of master limited partnerships continue to transition to more simplified structures as they attempt to become increasingly nimble organizations. Oct 19, 2018
Dividend Increases/Decreases for the Week Ending October 19
Let's take a look at companies that raised/lowered their dividend this week. Sep 18, 2018
Midstreams Going C-Corp, Should SEC Disallow the Measure Distributable Cash Flow?
It’s important to differentiate the concept of enterprise free cash flow valuation and the idea of capital-market dependence. The uncertainty of the MLP business model remains, as it is clear operators are shunning the MLP business model preferring C-Corps instead. According to work from Global X Funds, now 40% of the energy infrastructure market cap consists of C-Corps, up considerably from just 15% at the end of 2014. Though many simplifications have come with implied distribution cuts, the primary reason for the rise in C-Corps across the midstream space has been the rationalizing of excess MLP valuations to enterprise free cash flow assessments. We encourage the SEC to consider disallowing the use of distributable cash flow, as it is confusing to investors. Sep 5, 2018
In The News: APU, EPD, MMP, OHI, PSA, O, TGE
We’re keeping a close eye on a number of high-yielding equities, and several have reported strong earnings during the calendar second quarter. Aug 24, 2018
The Days of the MLP Model Are Numbered
We applaud Enbridge-Spectra on explaining the MLP business model with transparency. Though we think rollups could bring new capital into the MLP space, we expect the days of the MLP model are numbered. The opportunity to raise capital at yield-based pricing has been eliminated. Jul 13, 2018
Dividend Increases/Decreases for the Week Ending July 13
Let's take a look at companies that raised/lowered their dividend this week. Latest News and Media The High Yield Dividend Newsletter, Best Ideas
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