Lowering Andeavor Logistics' FVE After Taking a Deeper Dive Into Asset Portfolio
After taking a deeper dive into Andeavor Logistics after its recent transactions, we are lowering our fair value estimate to $43 per unit from $59, primarily to bring our valuation in line with other refinery MLPs we cover. Our revised valuation also reflects our view that Andeavor Logistics’ asset portfolio is among the weakest of the refinery MLPs we cover with its substantial gathering/processing and West Coast exposure. Our fair value estimate implies a 2018 enterprise value/EBITDA multiple ...
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