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Kinder Morgan Energy Partners, L.P. Message Board

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  • enronbuddy enronbuddy Aug 9, 2012 8:21 PM Flag

    Dropdown Math Fail

    Small correction...the PE is actually 248, not 246...itchy math finger.
    Just had a chance to do some more Kinder (garten??)-calculus. Using numbers from above….this turd of a dropdown takes 25 years to reach payout (6.22B/246M annual cash to LP)…. In all my years in this industry…I don’t think I have ever seen anyone intentionally pursue a project with a projected payout more than a hair over 11…(long story). Yet here we are….discussing a 6.2B transaction that takes 25 years…just to reach payout.. On the other hand…it’s probably better than REX…which will probably never payout… Here’s a hint….if you think these already aging pipelines are still going to be around in 25 years…without a significant capital infusion (perhaps a few more billion of debt and equity issuances)… then you might just be dumb enough to own this stock. Rich should just start selling KMP $100 bills for $200 bucks a pop and quit this crap about pretending to be a pipeline business...

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