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Inergy, L.P. Message Board

  • cactusjacker1 cactusjacker1 Dec 14, 2011 9:07 PM Flag

    Inergy Midstream, L.P. (NRGM) scheduled a $320 million IPO

    The last part of the following press release just about "says" it all. Those who might be buyers of this fine new L.P. would be wise to wait a spell and buy on a market correction at or around $15.00 per unit. I think I will be a buyer at that time...
    Just some thoughts from an oldman
    That's all
    C.J.

    Based in Kansas City, Missouri, Inergy Midstream, L.P. (NRGM) scheduled a $320 million IPO with a market capitalization of $1.5 billion at a price range mid-point of $20 for Friday, December 16, 2011.

    11 IPOs to raise $3.5 billion week of December 12, includes Zynga. See the full IPO calendar.

    SUMMARY &VALUATION

    NRGM has a strong "parent" -- Inergy, L.P. (NRGY) ($3.1 billion market cap). We believe it is important for an L.P. to have a strong operating parent, rather than a private equity firm.

    NRGM LP intends to pay an annual yield of 7.4%, which compares favorably with other mid-stream L.P., including Copano Energy (CPNO) (6.8%), Kinder Morgan Energy (KMP) (5.9%), DCP Midstream (DPM) (5.7%), Enterprise Productions (EPD) (5.4%), although Energy Transfer (ETP) pays 8.1%. (Source: Google Finance)

    One caveat concerns NRGM’s planned incentive distributions, where 50% in excess of the minimum quarterly distribution goes back to the general partner.

    We believe NRGM is ok to take on the IPO if it helps your broker, but we are not particularly enthusiastic about it.

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