MPLX Reports Strong 3Q Results; We Plan to Modestly Boost Our Fair Value Estimate
MPLX reported strong third-quarter results, and we plan to modestly raise our $38.50 fair value estimate. The increase is to mainly account for its distributable cash flow and thus ability to fund expansions without relying on equity being above our expectations due to stronger-than-expected pipeline growth. Despite our concerns regarding the high price paid to eliminate the incentive distribution rights earlier this year, it's hard to argue with MPLX's performance. Adjusted EBITDA increased 74%...
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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