Morningstar - Williams Partners L.P. (A14NDQ) Williams Reports In-Line 1Q, Faces Another Setback on Constitution

Report

Morningstar

Stephen Ellis

EUR 100.00 For Business Accounts Only

Williams Reports In-Line 1Q, Faces Another Setback on Constitution

The Williams entities reported an in-line first quarter, and earnings are on track to meet our full-year expectations. We plan to maintain our narrow moat ratings and fair value estimates for both. The quarter was a relatively clean one for the entities after asset sales, impairments, and tax reform charges marred the last few quarters, and the earnings power of the underlying pipelines shone through. Overall EBITDA improved 5% year over year to $1.1 billion, led by Transco expansions and higher...

02/05/2018 14 EN

Underlying

Williams Partners L.P.

Williams Partners is an energy infrastructure company that engaged in the gathering, processing and interstate transportation of natural gas and natural gas liquids. The company operates in four business segments: Northeast G&P, which include natural gas gathering, compression, processing and NGL fractionation business in the Marcellus and Utica Shale regions; Atlantic-Gulf, which includes the Transco interstate natural gas pipeline that extends from the Gulf of Mexico to the eastern seaboard; West, which includes the Northwest Pipeline interstate natural gas pipeline; and natural gas liquids & Petchem Services, which operates an ethylene storage hub.

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US96949L1052 United States

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Stephen Ellis

Other Reports on these Companies

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Morningstar | Williams Reports Decent Quarter; Ups Capital Expenditure Guidance Due to DJ Basin/Four Corners

Williams reported a decent quarter, reflective of its steady progress toward executing on a profitable list of pipeline and gathering and processing investments. We plan to maintain our fair value estimates and narrow moat ratings ahead of the shareholder meeting on Aug. 9 where we expect the merger of Williams and Williams Partners to be approved and close shortly thereafter. Adjusted EBITDA of $1.1 billion was up about 6% from last year's results excluding asset sales already completed, driven primarily by Transco expansion projects brought online. Similarly, distributable cash flow of $705 ...

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Morningstar | Williams Acquires DJ Basin Assets With Substantial Upside; FVE Unchanged Due to Small Size of Deals

We think Williams' portfolio repositioning is generally intelligent capital allocation, and garnering a foothold in the more attractive DJ Basin is a plus, in our view. Williams has acquired $1.2 billion of DJ Basin assets as part of a joint venture with KKR from TPG, while selling its Four Corners assets (San Juan and other New Mexico assets) for $1.1 billion to Harvest. We plan to maintain our fair value estimates and narrow moat ratings for the Williams entities as the transactions are too small to move the needle on our valuations. Interestingly enough, the transactions essentially modestl...

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Contract manufacturer Lonza reported solid half-year results, with over CHF 2.9 billion in total sales year to date, up about 6.4% from last year and boosted by foreign exchange tailwinds. Core EBITDA margin expanded 30 basis points from last year to about 27.8%, helped slightly by new accounting standards. Management indicated that it continues to expect mid- to high-single-digit sales growth in 2019. We are maintaining our fair value estimate of CHF 210 per share and our no-moat rating. The ph...

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Williams Reports In-Line 1Q, Faces Another Setback on Constitution

Morningstar | Williams Reports Decent Quarter; Ups Capital Expenditure Guidance Due to DJ Basin/Four Corners

Williams Reports Decent Quarter; Ups Capital Expenditure Guidance Due to DJ Basin/Four Corners

Morningstar | Williams Acquires DJ Basin Assets With Substantial Upside; FVE Unchanged Due to Small Size of Deals

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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