Analyzing Cash Flows of Master Limited Partnerships
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Author: Ron Hiram
Published: May 14, 2012
In an article titled “Distributable Cash Flow (“DCF”) I present the definition of DCF used by Energy Transfer Partners, L.P. (ETP) and provide a comparison to definitions used by other MLPs. Using ETP’s definition, DCF for the trailing 12 months (“TTM”) period ending 3/31/12 was $5.17 per unit [...]
Author: Ron Hiram
Date published: May 3, 2012
In an article titled “A Closer Look at Energy Transfer Partners’ 2011 Distributable Cash Flow” published February 25, 2012, I reviewed some of the significant developments occurring at Energy Transfer Partners, L.P. (ETP):
Entering the natural gas liquids (“NGL”) business through the $1.35 billion acquisition of LDH [...]
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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.
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