Enterprise Remains Best-In-Class Midstream Giant; Leveraged to NGLs Opportunities
After updating our Enterprise model, we are increasing our fair value estimate modestly to $30 per unit. We remain confident in the firm's competitive positioning, particularly in the important natural gas liquids market, and reiterate our wide moat for Enterprise. Our fair value estimate implies a 2018 EBITDA multiple of 14.2 times and a 2018 distribution yield of 6.2%, and at current prices, we see Enterprise as about 10% undervalued. With an exemplary management team at the helm, we see the p...Enterprise Products Partners is a provider of midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals and refined products. The company's midstream energy operations include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage, and export and import terminals; crude oil gathering, transportation, storage, and export and import terminals; petrochemical and refined products transportation, storage, export and import terminals, and related services; and a marine transportation business that operates primarily on the U.S. inland and Intracoastal Waterway systems.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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