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Valuentum Commentary
Jan 20, 2016
Valuentum: Energy MLPs Continue Swoon
The fallout continues. Jan 11, 2016
Bye Bye Energy MLPs
The energy complex continues to feel the pain of lower energy prices. Two downgrades by Moody’s may foreshadow the avalanche to come. Dec 21, 2015
Focus on ETE, Not ETP; Strive for Balance and Stick to the SEC Filings
Confusion regarding the structure of the Energy Transfer collection of companies, their degree of financial leverage, and what’s included in recent quarterly results is more prevalent than we thought. Given the large number of non-GAAP adjustments and unconsolidated debt related to joint ventures in assessing financial leverage, we continue to encourage investors to stick to the SEC filings at the fully-consolidated entity, Energy Transfer Equity, to assess risk of all subsidiaries in aggregate. Dec 10, 2015
Alert: Energy Transfer Equity Is More than 7x Leveraged!
The adjustments to reported net debt to EBITDA are hurting the quality of information provided to investors. Management teams across the MLP space must come clean on their overleveraged business models. Bondholders deserve to know their actual, reported leverage. Dec 9, 2015
Not So Happy Holidays at Kinder Morgan
Once the third-largest energy company in North America, Kinder Morgan has fallen from investor favor. The pipeline operator announced it will cut its dividend by 75%. Nov 3, 2015
MLPs Breaking Out But More Questions
The data points continue to pile up against the sustainability of this business model… Nov 3, 2015
Update: A 10%+ Cost of Capital for Midstream Equities Is Reality
Republished from November 2, 2015. Oct 30, 2015
Correction: Understanding the MLP Valuation Conversation
One slide speaks to the difference between what the industry is trying to sell to investors and what we are talking about. Admittedly, it is a jam-packed slide. Oct 27, 2015
A 10%+ Cost of Capital for Midstream Equities Is Reality
Kinder Morgan floated equity capital at a cost of ~12%. The implications are far-reaching. Latest News and Media The High Yield Dividend Newsletter, Best Ideas
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Let’s cover some recent market news and tackle some recent quarterly releases.