Enbridge boosts exchange ratio, giving Spectra unitholders more value.
We are reaffirming our $48 fair value estimate and wide moat and stable moat trend ratings after Spectra Energy Partners reported $574 million of ongoing EBITDA and $402 million of distributable cash flow in the second quarter, both up from the same quarter last year. Results are on track to meet our full-year estimates.Our fair value estimate continues to be based on Enbridge's proposed all-stock acquisition at a 1.0123 unit-exchange ratio and our $49 per share fair value estimate for Enbridge...
Spectra Energy Partners is a partnership holding company. Through its subsidiaries and equity affiliates, the company is engaged in the transmission, storage and gathering of natural gas, and the transportation and storage of crude oil, through interstate pipeline systems in the U.S. and Canada. The company's operations and activities are managed by its general partner, Spectra Energy Partners (DE) GP, LP. The company manages its business in two reportable segments: U.S. Transmission, which provides transmission, storage, and gathering of natural gas in northeastern and southeastern U.S.; and Liquids, which provides transportation and storage of crude oil in central U.S. and Canada.
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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