All segments exhibited notable Adjusted EBITDA improvements on a TTM basis except Interstate Transportation & Storage.
Substantial differences between reported DCF and what I consider sustainable DCF.
Sustainable DCF coverage in the latest TTM periods improved considerably compared to the prior year period, but is still below 1x in the TTM ended 9/30/14.
ETE’s relinquishment of some IDR distributions provided considerable help in achieving the improvement.
Growth underpinned by substantial list of large projects underway; concerns regarding related-party transactions remain regarding how these projects will be split among the various Energy Transfer entities.
Ron Hiram currently manages investment portfolios and assists earlier stage companies in their capital raising efforts. His career includes serving as Managing Partner of Eurofund 2000 L.P., an Israeli venture capital fund; Partner and co-head of the Israeli operations of TeleSoft Partners, a Silicon Valley based venture capital fund; Managing Director and Partner at Soros Fund Management and Soros Private Equity Partners, New York; and Managing Director of a workout and restructuring group at Lehman Brothers, New York. Mr. Hiram also served as Chairman of the Board of Comverse Technology, Inc. (CMVT), as a board member of other private and public companies, and as CEO of a telecom start-up.Read More
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The website explains how distributable cash flow (DCF) is defined and why it is important to analyze it and derive a sustainable measure of DCF. Results reported by master limited partnerships (MLPs) are analyzed. comparisons of reported DCF to sustainable DCF are generated, and various coverage ratios and reports analyzing performance are generated. Simplified sources and uses of funds statements are presented to focus readers' attention on key cash flow items. The website also features general articles about MLPs and about other topics of interest to yield-focused investors.
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