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  • rrb1981 rrb1981 May 28, 2004 1:19 PM Flag

    Question about UGI

    excellent summary. I will look over some of the annuals etc. I may add this one to my watch list.

    What is your opinion of MWE/MWP.MWE is a small but rapidly growing midstream MLP. MWP is the GP, it is very similar to PLX, plain jane GP, owns about 20% of the LP units. Undergoing a huge transformation from a E&P to GP. Still a little shaky because of keep-wholes. Its debt free, has about $40 million in cash, close to 90 million in LP units and owns 90% of the GP of MWE. Trades at less than NAV, just initiated the first regualr quarterly dividend. Dividend is less than 1% but management has focused on growing it.

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    • Back from being out of the country.

      Looked at MWE and MWP more than a year ago...need to relook now that the e&P business is gone and MWP is reduced to LP holder and GP interest. At first glance, MWP looks interesting.

      PLX deal panned out as I expected---true self-dealing by management, cleverly covered up by a so-called independent committee providing cover for a board that is not inclined to maximize value for the non-affiliated shareholders.

      • 1 Reply to jackguardian
      • jack, what is the deal with APU. Seems like management ought to be using that vehicle to their advantage. Do they not realize what they have, or is it because of the excessive leverage at APU that keeps them from turing it into a real cash cow.

        On MWP, volume is drying up to nothing. Chairman own 44%, institutions own probably 40%. Not many shares hit the market. MWE is, in my opinion, the MLP with the best prospects around. Right now, they have a roughly 28% coverage ratio an a debt to cap of arond 40%. Hard to beat those numbers...just they are so small, nobody covers them.

 
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