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Strategies & Market Trends : Value Investing

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To: Bocor who wrote (49642)	10/4/2012 3:13:55 PM
From: E_K_S	Read Replies (1) of 78748

Re: BWP For you or anyone else that value these MLP's. First what's "DGR" stand for? Every time these MLP's issue a secondary, how does one evaluate the use of the funds? Generally they pay down some type of revolving credit facility which is a net positive. They use the funds to buy new assets and/or CAPX improvements, another net positive. I believe Clownbuck looks at Cash Flows and EBITA amounts that I presume change w/ each new secondary offer. Therefore, it's hard to analyze the change in value due to these capital infusions unless one is bullish long term on their pipelines (which I am) and locations. I just do not want to pay a premium when there are other non-MLPs to buy. Those are getting expensive too. FWIW, my last few "Buys" have all been pipeline and NG gathering MLPs. EKS

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