Tallgrass Volatility Seems Shortsighted; Units Are Now Deeply Undervalued
Tallgrass’ units have declined nearly 20% in the past few trading days after what we see as a generally positive series of announcements. We believe the selling pressure on the units are mainly due to tax reasons, due to the announcement that Tallgrass is considering a simplification transaction which could be a taxable event, including a likely incentive distribution rights elimination. We do not plan to change our $51 fair value estimate or narrow moat rating, and with the substantial decline ...
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