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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Spekulatius who wrote (51723)	6/14/2013 1:06:48 PM
From: E_K_S	Read Replies (1) \| Respond to of 78773

NuStar GP Holdings, LLC goo.gl I looked at their 2012 balance sheet and earnings and did notice the sale of their refinery and the write off of the Goodwill of their 50% interest in their paving division. That one impairment around $224Mln skewed their 2012 earnings showing a higher than normal loss. I think you are on the right tract where their 50% interests in NuStar Energy L.P. (NS) may be significantly undervalued especially after their 2012 house cleaning. So, looking at NS, I see that their $EBITDA/share is around $4.90/share so at the current price of $45.08 it's still quite cheap at 9.18x EBITDA/share. I really like their midstream assets and I see that some additional assets were bought by NS: TexStar Asset Acquisition that should complement their NS holdings. On December 13, 2012, NuStar Energy completed its acquisition of the TexStar Crude Oil Assets (as defined below), including 100% of the partnership interest in TexStar Crude Oil Pipeline, LP, from TexStar Midstream Services, LP and certain of its affiliates (collectively, TexStar) for $325.4 million (the TexStar Asset Acquisition). The TexStar Crude Oil Assets consist of approximately 140 miles of crude oil pipelines and gathering lines, as well as five terminals and storage facilities providing 0.6 million barrels of storage capacity. So the question for me is what is NSH's EBITDA looking through 2013. This would include the earnings from their TexStar purchase, the reduction in expenses from the 50% sale of their NuStar Asphalt LLC (Asphalt JV) and the other house cleaning they did in 2012. Their SG&A expenses are still high when looking at their Q1 2013 report. At some point the market should recognizance the accumulative hidden value and I suspect once a few quarterly reports are made, investors may start to buy in. Any guess at what the normalized annual and/or quarterly EBITDA for NSH is? The recent insider Buys are a positive too. On my watch list and may start a small position as I look into the company. EKS

To: Spekulatius who wrote (51723)	6/20/2013 4:09:47 PM
From: E_K_S	Read Replies (1) \| Respond to of 78773

NuStar GP Holdings, LLC (NYSE: NSH) - a small starter position Excel Trust, Inc. (NYSE: EXL) - Started position in taxable account With the market off 353 pts (-2.34%), added EXL shares and started a position in NSH. Both discussed here and have some hidden value is their assets. For me, it was important to stay with domestic plays that should not be effected by other World problems (like war in Syria and/or China Banks coming into liquidity problems). Both of these are selling closer to their 52wk lows than highs too. EKS