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Inergy, L.P. Message Board

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  • rrb1981 rrb1981 Mar 9, 2012 7:33 PM Flag

    NRGY has about $1B in assets needing write-down

    Goodwill is pointless.

    It has no bearing on NRGY's ability to pay cash distributions.

    All that matters is the cash generating ability of those assets.

    If you cut the distribution in half, you end up with around an 8% yield.

    That is a decent yield considering that the propane biz is much riskier that midstream, however, they get a better yield than some of the pure play propane ops because they also own the GP of NRGM and have some decent assets on the West Coast as well as storage in Texas (Tres Palacios is a great asset, but they overpaid for it).

    One thing is certain, the doom and gloomers always overreact.

    Inergy is struggling and a distribution cut is coming, but folks, if Inergy were going under, they wouldn't be paying a distribution at all.

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