About this website

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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Disclaimer

The documents and opinions in this website are for informational and educational purposes only and should not be construed as a recommendation to buy or sell the securities mentioned or to solicit transactions or clients. The information in this website is believed, but not guaranteed, to be accurate. All content on this website is presented as of the date published, is not updated and may be superseded by subsequent market events or for other reasons Under no circumstances should a person act upon the information contained within without first conducting his/her own independent research and consulting with his/her investment advisor and tax professional as to whether such action is suitable based on the investor’s investment objectives, personal and financial situation, and specific legal or tax situation.

BWP - A Closer Look at Boardwalk Pipeline Partners’ results for 2Q 2016

 

 

Author: Ron Hiram

Published: August 28, 2016

Summary:

The trends in operating income and EBITDA per unit appear encouraging. For the past 4 consecutive quarters each metric increased substantially vs. the comparable prior year period. DCF coverage exceeds 4x because quarterly distributions were cut from $0.5325 to $0.10 per unit in February […]

BWP - A Closer Look at Boardwalk Pipeline Partners’ 1Q 2016 results

 

Author: Ron Hiram

Published: June 16, 2016

Summary:

The trends in operating income and EBITDA per unit appear encouraging. For the past 3 consecutive quarters each metric increased vs. the comparable prior year period. DCF coverage exceeds 4x; coverage is not an issue given that distributions were cut so drastically in February 2014 […]

BWP - A Closer Look At Boardwalk Pipeline Partners' 2Q15 Distributable Cash Flow

 

 

 

Author: Ron Hiram

Published: August 30, 2015

Summary:

Operating income and EBITDA trends in recent quarters and TTM period are not encouraging; but there are some positive signals from the gas transportation business. Coverage is not an issue given that distributions were cut so drastically. Leverage remains high. Valuation multiple lower […]

BWP - A Closer Look at Boardwalk Pipeline Partners’ Distributable Cash Flow as of 2Q 2014

Author: Ron Hiram

Published: August 25, 2014

Summary:

The 2014 DCF forecast is likely to be met or exceeded. The leverage target (4x debt to EBITDA) is unlikely to be reached by year-end. Operating income and EBITDA trends in recent quarters and TTM period are not encouraging. Valuation multiple lower than peers, but so […]

A Closer Look at Boardwalk Pipeline Partners’ Distributable Cash Flow as of 3Q 2013

Author: Ron Hiram

Published: October 31, 2013

Boardwalk Pipeline Partners, LP (BWP) announced results for the quarter ended 9/30/13 on October 28, 2013. Revenues, operating income, net income and earnings before interest, depreciation & amortization and income tax expenses (“EBITDA”) for 3Q13, 3Q12 and the trailing 12 months (“TTM”) ending 9/30/13 and 9/30/12 are […]