Initiating on Tallgrass Energy LP; Looks Undervalued After Consolidation and IDR Elimination
After the consolidation of the Tallgrass GP and LP, we are initiating coverage on Tallgrass Energy LP with a fair value estimate of $25.50 per share. Our moat and trend ratings are narrow and stable, which are the same ratings we granted the now-eliminated LP given the asset profile was essentially unchanged. Our fair value estimate, which includes 75% of the Rockies Express Pipeline's currently unconsolidated debt, implies a 2018 EBITDA multiple of 11.7 times, a 2019 EBITDA multiple of 10 times...
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