We're Upgrading Plains to a Wide Economic Moat; Permian Exposure Drives 20% Undervaluation
After taking a deeper dive into the Plains entities, we are upgrading our moat rating for Plains All American Pipeline LP and its GP (Plains GP Holdings LP) to wide from narrow. Our fair value estimate moves to $26 from $24 for both entities as a result of extending our period of excess returns over a longer time frame. We see both entities as about 20% undervalued, reflecting, in our view, a lack of appreciation for growth in Permian volumes over the next few years, a recovery in supply and log...
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