Valuentum Exclusive Analysis for the Discerning Investor

S&P Global: "Enterprise's shift on cash flow reflects 'metamorphosis' of US pipeline firms"
S&P Global: "While several major U.S. energy pipeline companies spent 2018 shedding cash-leaking habits and forging a more conventional financial structure as stocks languished, adopting reporting practices that are more accessible to the investing public could be a gradual process for the industry, if it takes flight at all."

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.

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.

Aug 3, 2018

Dividend Increases/Decreases for the Week Ending August 3
Let's take a look at companies that raised/lowered their dividend this week.

Jun 1, 2018

The Free Cash Flow Shortfall in the Master Limited Partnership Space
With the recent acceleration of master limited partnership simplification transactions, we find it appropriate to revisit the internally-generated cash flow shortfall present throughout much of the space. The table provides a breakdown of traditional free cash flow (cash from operating activities less all capital spending) relative to distributions paid, as well as a measure of the elevated financial leverage often found within the group.

May 24, 2018

Understanding the Phenomenon of “Price Risk” in High Yield
Image Source: Julien Carnot. We want you to learn about a unique risk innate to the high yield space like the back of your hand. We'll explain the "information contained in prices" and talk about what you should be on the lookout for, the "avalanche effect." Order the new High Yield Dividend Newsletter here.

Apr 27, 2018

Dividend Increases/Decreases for the Week Ending April 27
Let's take a look at companies that raised/lowered their dividend this week.

Feb 2, 2018

Dividend Increases/Decreases for the Week Ending February 2
Let's take a look at companies that raised/lowered their dividend this week.

Nov 3, 2017

Dividend Increases/Decreases for the Week Ending November 3
Let's take a look at companies raising/lowering their dividends this week.

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