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The likely completion of the Suburban Propane transaction is very important for Inergy.If/when it is completed, it will leave them holding the West Coast NGL ops, Tres Palacios and the wholesale propane ops as well as 75% of NRGM and the IDRs.You can take it to the bank that NRGY will eventually drop the NGL and wholesale propane ops into NRGM. They will likely drop Tres as well but hard to say when.If/when NRGM makes some big acquisitions...the market will realize how valuable NRGY's IDRs are!
So what's your price target for after the market realizes those things?
Even though most of the cash will come from NRGM units and not IDRs, the IDR income will begin rising...rapidly.I think within 1 yr we will be at $20-$22 (or $17ish once adjusted for the nearly $4 value from the spon off of SPH)..The Commonwealth pipeline will be nice..but I would imagine Inergy has other projects under development though likely of a smaller nature.