Valero Energy Partners Reports Solid 3Q Results; Waits for Valero Merger to Close
Valero Energy Partners reported solid third-quarter results that met our expectations. We plan to maintain our $42.25 fair value estimate, which reflects Valero's cash offer for the units, and our narrow moat rating. Results mainly benefited from drop-downs of Port Arthur terminal and the Parkway pipeline last year, as revenue increased 28% to $141 million. Similarly, EBITDA improved 32% over the same time frame to $104 million, which was helped by higher volumes at Valero Energy Partners' other...
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