Screaming Eagle Research
Deep value, special situations, event-driven, value

Crestwood: The World's Cheapest MLP May Be In Play

We are shareholders of Crestwood Equity Partners (NYSE:CEQP) and believe that recent public actions by company insiders may suggest that CEQP is in active discussions to sell key assets to strategic buyers. The stock was down 38% this January alone on distribution cut and leverage profile concerns, and we see tremendous upside in the event that one of our near-term catalysts plays out. In the event we are wrong and CEQP instead cuts the distribution, we nonetheless still see significant upside to the current price based on extremely conservative assumptions, including burn down analyses on most of the company's assets that assumes no recovery in commodity prices.

Raging Capital has done a great job breaking down each individual

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