Plains Benefits From Wider Permian and Canadian Differentials; Raising Fair Value Estimate
The Plains entities reported a strong second quarter and boosted 2018 EBITDA guidance by $100 million to $2.4 billion. Virtually all of the increase is coming from the much-maligned supply and logistics segment, which has struggled in the past few years but is now able to take advantage of wider differentials particularly in the Permian and in Canada. After updating our model, we are raising our fair value estimate to $29.50 from $27 while maintaining our wide moat rating.ÂAs Plains is the domi...
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