PRO • Wed, Jun. 4
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Can New Ownership Add A Spark To Transmontaigne Partners LP?
- Morgan Stanley Capital Corp. is reportedly close to selling its controlling GP interest in TransMontaigne LP, taking away a major source of uncertainty.
- The BOSTCO joint venture with Kinder Morgan offers meaningful incremental cash flow growth potential, but close to 70% of the partnership's revenue is tied to Morgan Stanley-owned companies.
- The range for comparable MLP valuation is rather wide, but TLP's discounted distributable cash flows don't suggest the units are significantly undervalued today.
TLP vs. ETF Alternatives
TransMontaigne Partners LP provides integrated terminaling, storage, transportation and related services for customers engaged in the distribution and marketing of petroleum products, crude oil, chemicals, fertilizers and other liquid products.
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