Boardwalk Pipeline Has Significant Rate Case Risk
- A pending rate case submitted by Boardwalk Pipeline subsidiary Gulf South could potentially increase revenue by $88 million a year, if approved.
- Gulf South customers have filed a strong protest that puts full rate case approval at risk.
- Full approval/denial swings fair value by $3-$4 (20-25%).
Buybacks, Buffett, And Cloud Peak Energy
- Share buybacks can be value enhancing when done below intrinsic value.
- Cloud Peak Energy has a strong balance sheet and trades at extremely low valuation ratios compared to historical earnings.
- Allocating capital to an aggressive share buyback would likely increase long-term shareholder value.
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