No not at all. If the $1.5 billion in future EBITDA from the mother ship is realized over the next 3 years along with all of the organic projects fully operational by then, DCF could be more than 3x current. Point being when this IPO'd p/dcf was 80x+. Now that we have had 5 quarters of earnings and DCF increasing on schedule the street is not paying up for the growth potential imo. Maybe I am naïve and we find out growth will be dialed back. Either way I 'm in and will watch my cost basis drop every year. Still modeling a 7 year 70% reduction.
wonder if they will have 2 or 3 drop downs this year? The mother ship wants to sell $30 billion in assets over the next 3 years with 15% comprised of pipelines here in the U.S. 30%+ yearly DCF growth still looks achievable. Interesting to note though, in the last CC, "growth in the upper percentile" replaced 30% yearly DCF growth over the next 5 years. Not sure how to interpret this. Hope I am not being naïve and we find out growth has been dialed back. Makes me wonder why the street has not paid up for all the growth potential.