APU is heavily levered in my opinion. Debt to cap is alot higher than most, although not dangerously high enough to hurt the ability to pay distributions. UGI indeed looks like a very conservative company.
On MWP, yes, well below NAV if you haven't read my posts I give a summary. They own 2.469 million units of MWE as well as 90% of the GP and they have around $40 million in cash. NAV is around $15-$16, maybe more if you give the GP a decent multiple based on future growth. Chairman John Fox is buying MWP on the open market. MWP has initiated a dividend....Flores and Raymond did not buy PLX on the open market from willing sellers, they did it with slight of hand. PLX never initiated a dividend.