Downgrading Valero Energy Partners' Moat to Narrow From Wide; Units Remain Attractive
After updating our model to reflect Valero Energy Partners' latest results and drop-down and reconsidering the strength of the master limited partnership's efficient scale moat source, we are lowering our fair value estimate to $48.50 per unit from $52 and downgrading our moat rating to narrow from wide. Our valuation implies a 2018 enterprise value/EBITDA multiple of 11.5 times and a distribution yield of 4.6%. We see units as about 20% undervalued, reflecting investors' recent shift away from ...
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