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Enterprise Products Partners L.P. Message Board

  • balegoba1966 balegoba1966 Nov 12, 2012 12:28 PM Flag

    Credit Suisse says "Outperform, $61 target"

    "Raising Estimates: From EPD’s conference call, it turns out contribution
    from Seaway p/l will in fact be directly related to volumes which are expected
    to increase sharply as capacity increases from 150kbp currently to 400kbp in
    2013 and 850kbp in 2014. We had made more conservative assumptions re:
    Seaway. We are also increasing our NGL volume assumptions for its many
    new projects which are planned for the next year. We are raising our 2013E
    EBITDA by $321mm to $4.5B and our 2014E EBITDA by $553mm to $4.9B.
    EPD remains on schedule to complete $3.7B of organic growth projects by
    the end of 2013.

    Reiterate Outperform, Raising TP by $1 to $61: Using a target yield
    range of 4.25%-4.75%, we derive a valuation range of $58-$65, a TP of $61
    and a total return outlook of 15%-28% including the NTM distribution
    forecast of $2.70/unit. We reiterate our Outperform."

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27.07-0.12(-0.44%)Oct 20 4:02 PMEDT