Spectra Partners Turns In Another Solid Year of Growth
We are reaffirming our $50 fair value estimate and wide moat and stable moat trend ratings for Spectra Energy Partners after the company reported $2.18 billion of ongoing EBITDA in 2017, up 17% from 2016 primarily because of six large gas pipelines placed into service in 2017. SEP's $1.4 billion in distributable cash flow is in line with our forecast and management's target range.Management announced its 41st consecutive distribution increase this month, raising SEP's annualized yield to what w...
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