We Like MPLX's East Coast Plans, but Units Look Pricey
We're initiating coverage of MPLX with a fair value estimate of $31 per unit and a narrow moat rating. Our fair value estimate implies a 2018 enterprise value/EBITDA multiple of 12.5 times and a distribution yield of 7.9%, similar to refinery master limited partnership peers. We consider the current unit price to be slightly overvalued.We believe MPLX has a narrow economic moat based on an efficient scale moat source. With the contributions from the latest $8.1 billion drop-down scheduled to be...
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