Phillips 66 Partners' Gulf Coast Exposure Makes This Refinery MLP Attractive
After updating our model to reflect Phillips 66 Partners' latest results and dropdowns, we are maintaining our $55 fair value estimate and narrow moat. Our fair value estimate implies a 2018 EV/EBITDA multiple of 12 times and a LP distribution yield of 6%. We see units as slightly undervalued, reflecting investors' shift away from awarding premium multiples to MLPs with high growth in distributions. However, we've raised our fair value uncertainty rating to high from medium due to the uncertaint...
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