A Closer Look At Regency Energy Partners' Q2'14 Distributable Cash Flow
- There are significant differences between EBITDA and Adjusted EBITDA because investments in unconsolidated affiliates are treated as if they were fully consolidated.
- Even on an adjusted basis, EV/EBITDA multiple is high vs. other MLPs.
- RGP has not been generating excess cash that could help fund its capital expenditures and reduce reliance on raising debt and equity.
- Transformative acquisitions plus large backlog of approved organic growth projects underpin expected volume growth, earnings growth, and distribution growth.