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Boardwalk Pipeline Partners, LP Message Board

  • delphioracle2009 delphioracle2009 Feb 12, 2014 1:57 AM Flag

    Compared to peers EEP EPD ETP KMP LINE PAA NLY ... BWP is worth over $27/share ... 2x current PPS

    Compared to peers EEP EPD ETP KMP LINE PAA NLY on the basis of revenue, EPS and equity ... BWP looks to be worth over $27/share ...

    So, the stock looks to be worth more than 2x of its current PPS

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    • LINE is an upstream, NLY an agency REIT, hardly "peers", and . . . your value number is absurd.

    • That's like comparing a corner stop and rob to Walmart. BWP being the corner stop and rob.

      Sentiment: Strong Sell

    • Stocks are never valued on revenue alone - but on cash flow, earnings and dividends - or a hope of these in the future. So your comparison is fatally flawed.

    • EEP with 324.61 million shares, $5,270 million debt and $23.60 million cash has net (cash -debt) of $5246.39, net/share -$16.15/share and book value of $13.51/share, and makes $0.69/share in 2013 EPS and projects $1.06/share in 2014

      BWP with 243.22 million shares, $3,330 million debt and $25.00 million cash has net (cash -debt) of $3305, net/share of -$13.58/share and book value of $16.50/share, and made $1.20/share in 2013 EPS and projects $0.90/share in 2014

      BWP is 1.22x valuable than EEP and with EEP PPS of $28, BWP is worth around $34/share ... or EEP is worth less only about $11.5

      • 1 Reply to delphioracle2009
      • i haven't verified your numbers but what you appear to be saying is that BWP's peers are overvalued not that BWP is cheap. BWP peers offer high dividends and overvaluation is what you get (got to love retail)....once the distribution is gone, its a value investment and, on that metric, BWP is not cheap trading at ~16 x 2014 earnings....being long BWP vs a peer might work if u expect them to run into the same difficulities, which I doubt given their larger footprints and I am not sure how NLY fits in as a peer - its an mREIT

 
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