Analyzing Cash Flows of Master Limited Partnerships
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Author: Ron Hiram
Published: November 12, 2012
On November 7, 2012, Energy Transfer Partners, L.P. (ETP) reported results of operations for 3Q 2012. I usually prefer to review trailing 12-months data but in this case 9-month data will have to suffice because restated prior data is available only for the quarter and 9-month period [...]
Author: Ron Hiram
Published: October 31, 2012
Distributable cash flow (“DCF”) is a quantitative standard viewed by investors, analysts and the general partners of many master limited partnerships (“MLPs”) as an indicator of the MLP’s ability to generate cash flow at a level that can sustain or support an increase in quarterly distribution rates. [...]
Author: Ron Hiram
Published: August 19, 2012
On August 8, 2012, Energy Transfer Partners, L.P. (ETP) reported results of operations for 2Q 2012. Revenues, operating income, net income and earnings before interest, depreciation & amortization and income tax expenses (EBITDA) were as follows:
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Author: Ron Hiram
Published: July 2, 2012
In an article published May 3, 2012, titled “A Closer Look at Cash Implications of Energy Transfer Partners’ Transformative Transactions” I analyzed the cash flow impact of significant transactions announced by Energy Transfer Partners, L.P. (ETP):
the $1.35 billion acquisition of LDH Energy and the formation of the [...]
Distributable cash flow (“DCF”) is a quantitative standard viewed by investors, analysts and the general partners of many master limited partnerships (“MLPs”) as an indicator of the MLP’s ability to generate cash flow at a level that can sustain or support an increase in quarterly distribution rates. Since DCF is not a Generally Accepted Accounting [...]
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About Ron Hiram
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
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.
Disclaimer 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.
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