Magellan focuses on high-return refined product, crude transportation, and terminalling assets.
After updating our Magellan model, we are lowering our fair value estimate to $67 per unit from $79. Our new fair value estimate implies a 2018 EBITDA multiple of 14.2 times and a 2018 distribution yield of 4.5%. Our fair value estimate now implies a EBITDA multiple similar to other MLPs without a general partner sponsorship versus a premium. At current prices, we see Magellan as about fairly valued.ÂWe continue to believe Magellan has a wide economic moat based on its efficient scale moat sour...
Magellan Midstream Partners is engaged in the transportation, storage and distribution of refined petroleum products and crude oil. The company's segments are: refined products, which consists of its refined products pipeline system, independent terminals and ammonia pipeline system; crude oil, which comprises crude oil pipelines, condensate splitter and storage facilities and ships crude oil as a common carrier for customers including crude oil producers, end users such as refiners, and marketing and trading companies; and marine storage, which owns and operates marine storage terminals located along coastal waterways.
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.
We have operations in 27 countries.
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