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Company Comparable Analysis Rhone

Apr 06, 2018

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    Company Comparable Analysis > Rhone (IQ183140373) > InputsDetails

    Template: 12/07/2011Currency: US Dollar

    As-Of Date: Dec-31-2007

    Company Comp Set

    Company Name 5 Year Beta Basic EPS Business Description City Country Name

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    Buckeye Partners LP (NYSE:BPL) 0.46 2.91 Buckeye Partners, L.P. owns

    and operates refined petroleum

    products pipeline systems in

    the United States. Its Pipelinesand Terminals segment

    transports refined petroleum

    products and provides bulk

    storage and terminal

    throughput services in the

    continental United States. This

    segment owns and operates

    approximately 6,100 miles of

    pipeline systems in 16 states;

    and has 100 refined petroleum

    products terminals in 21 states

    with aggregate storage

    capacity of approximately 37.4

    million barrels. The companys

    International Operations

    segment provides marine bulk

    storage and marine terminal

    throughput services. This

    segment has two refined

    petroleum product terminals,

    including one in Puerto Ricoand one on The Grand

    Bahama Island in the

    Bahamas with an aggregate

    storage capacity of 26.1 million

    barrels. Its Natural Gas

    Storage segment provides

    natural gas storage services

    through a facility located in

    northern California. The facility

    has approximately 30 billioncubic feet of working natural

    gas storage capacity. The

    companys Energy Services

    segment engages in the

    Houston United States

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    El Paso Corp. (NYSE:EP) 1.47 1.542 El Paso Corporation operates

    in the natural gas transmission,

    and exploration and production

    sectors of the energy industryprimarily in the United States.

    It offers natural gas

    transmission services to a

    range of customers, including

    natural gas distribution and

    industrial companies, electric

    generation companies, natural

    gas producers, other natural

    gas pipelines, and natural gas

    marketing and trading

    companies through

    approximately 44,200 miles of

    pipeline system. The company

    also operates approximately

    240 billion cubic feet of storage

    capacity, and an LNG receiving

    terminal in Elba Island,

    Georgia. In addition, it focuses

    on the exploration,

    development, and production

    of natural gas, oil, and naturalgas liquids in the United

    States, Brazil, and Egypt, as

    well as engages in midstream

    operations. As of December

    31, 2011, the company had

    proved oil and natural gas

    reserves of approximately 4

    trillion cubic feet of natural gas

    equivalents. El Paso

    Corporation was founded in1928 and is based in Houston,

    Texas.

    Houston United States

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    Enbridge Energy Partners LP

    (NYSE:EEP)

    0.2 1.232 Enbridge Energy Partners, L.P.

    owns and operates crude oil

    and liquid petroleum

    transportation and storageassets, as well as natural gas

    gathering, treating, processing,

    transmission, and marketing

    assets in the United States. Its

    Liquids segment includes

    Lakehead system that consists

    of crude oil and liquid

    petroleum pipelines, and

    terminal assets spanning a

    distance of approximately

    1,900 miles and comprising

    approximately 5,100 miles of

    pipes; Mid-Continent system

    consisting of approximately

    430 miles of crude oil pipelines

    and 17.3 million barrels of

    crude oil storage capacity; and

    North Dakota system

    comprising approximately 240

    miles of crude oil gathering

    lines and storage capacity ofapproximately 870,000 barrels.

    This segment serves

    integrated oil companies,

    independent oil producers,

    refiners, and marketers. The

    Natural Gas segment includes

    East Texas system that

    consists of approximately

    3,900 miles of natural gas

    gathering and transportationpipelines, 8 natural gas treating

    plants, and 5 natural gas

    processing plants, including 2

    hydrocarbon dewpoint control

    Houston United States

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    NuStar Energy L.P. (NYSE:NS) 0.4 2.733 NuStar Energy L.P. engages in

    the terminalling, storage, and

    transportation of petroleum

    products primarily in the UnitedStates, Canada, Mexico, the

    Netherlands, St. Eustatius in

    the Caribbean, the United

    Kingdom, and Turkey. The

    company operates in three

    segments: Storage,

    Transportation, and Asphalt

    and Fuels Marketing. The

    Storage segment operates

    terminal and storage facilities

    for petroleum products,

    specialty chemicals, crude oil,

    and other feedstocks; and

    crude oil storage tanks. Its

    terminals also offer pilotage,

    tug assistance, line handling,

    launch, emergency response,

    and other ship services. The

    Transportation segment

    transports refined petroleum

    products, crude oil, andanhydrous ammonia. It

    operates refined product

    pipelines in Texas, Oklahoma,

    Colorado, New Mexico,

    Kansas, Nebraska, Iowa,

    South Dakota, North Dakota,

    and Minnesota. The Asphalt

    and Fuels Marketing segment

    refines crude oil to produce

    asphalt and other refinedproducts. This segment also

    purchases crude oil, gasoline,

    and other refined petroleum

    products for resale. As of

    San Antonio United States

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    Plains All American Pipeline, L.P.

    (NYSE:PAA)

    0.37 2.46 Plains All American Pipeline,

    L.P., through its subsidiaries,

    engages in the transportation,

    storage, terminalling, andmarketing of crude oil, refined

    products, and liquid petroleum

    gas (LPG) products in the

    United States and Canada.

    The company operates in three

    segments: Transportation,

    Facilities, and Supply and

    Logistics. The Transportation

    segment transports crude oil

    and refined products on

    pipelines, gathering systems,

    trucks, and barges. As of

    December 31, 2011, this

    segment owned and leased

    16,000 miles of active crude oil

    and refined products pipelines

    and gathering systems; 23

    million barrels of above-ground

    tank capacity used primarily to

    facilitate pipeline throughput;

    67 trucks and 382 trailers; and82 transport and storage

    barges, and 44 transport tugs.

    The Facilities segment

    provides storage, terminalling,

    and throughput services for

    crude oil, refined products, and

    LPG and natural gas, as well

    as offers LPG fractionation and

    isomerization, and natural gas

    processing services. TheSupply and Logistics segment

    purchases crude oil at the

    wellhead, and pipeline and

    terminal facilities; waterborne

    Houston United States

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    TransCanada Corp. (TSX:TRP) 0.52 2.326 Transcanada Corporation

    operates as an energy

    infrastructure company in

    North America. The companyoperates in three segments:

    Natural Gas Pipelines, Oil

    Pipelines, and Energy. The

    Natural Gas Pipelines segment

    owns and operates energy

    infrastructure, including natural

    gas pipelines and regulated

    gas storage facilities. Its

    natural gas pipeline systems

    consist of a network of

    approximately 57,000

    kilometers (KMs) of wholly

    owned natural gas pipelines,

    and approximately 11,500 kms

    of partially owned natural gas

    pipelines; and regulated natural

    gas storage facilities with a

    total capacity of 250 billion

    cubic feet. The Oil Pipelines

    segment operates Keystone

    crude oil pipeline system,which includes 3,467

    kilometers of Wood

    River/Patoka and Cushing

    Extension sections. The

    Energy segment engages in

    the acquisition, development,

    construction, ownership, and

    operation of electrical power

    generation plants; purchase

    and marketing of electricity;

    provision of electricity account

    services to energy and

    industrial customers; and

    development, construction,

    Calgary Canada

    All values in millions, except per share data and ratios.

    Values converted at today's spot rate.

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    Financial data provided by

    Estimates data provided by

    Historical Equity Pricing Data supplied by

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    EBIT EBIT EBIT EBIT Margin % EBIT, 1 Yr Growth % EBI

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    300.6 202.1 202.1 38.9% 27.3% 3

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    1,985.0 1,645.0 1,645.0 35.4% 20.8% 2,9

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    137.6 318.4 318.4 4.4% (17.7%) 4

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    302.6 192.6 192.6 13.1% (9.5%) 4

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    780.0 519.0 519.0 2.5% 46.2% 1,0

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    2,599.3 2,681.0 2,681.0 30.1% 13.5% 3,9

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    EBITDA EBITDA EBITDA (Capital IQ) EBITDA (Capital IQ) EBITDA Margin % EBITDA, 1 Yr Grow

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    246.7 246.7 - - 47.5% 21

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    2,821.0 2,821.0 - - 60.7% 17

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    484.0 484.0 - - 6.7% (7

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    306.9 306.9 - - 20.8% (2

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    689.0 689.0 - - 3.4% 51

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    3,927.7 3,927.7 - - 44.1% 14

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    EPS (Capital IQ) EPS (Capital IQ) Forward P/E (Capital IQ) Gross Margin % Headquarters LT EPS Growth Rate (Ca

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    - - - 51.7% One Greenway Plaza, Suite

    600, Houston, Texas, 77046,

    United States

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    - - - 66.0% El Paso Building, 1001

    Louisiana Street, Houston,

    Texas, 77002, United States

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    - - - 12.3% 1100 Louisiana Street, Suite

    3300, Houston, Texas, 77002,

    United States

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    - - - 25.4% 2330 Loop 1604 West, San

    Antonio, Texas, 78248, United

    States

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    - - - 4.2% 333 Clay Street, Suite 1600,

    Houston, Texas, 77002, United

    States

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    - - - 44.1% TransCanada Tower, 450 1

    Street South West, Calgary,

    Alberta, T2P 5H1, Canada

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    Market Capitalization Minority Interest Net Debt Net Income Margin % Net Income, 1 Yr Growth % P/Diluted EPS Before E

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    2,159.75 20.5 756.0 29.9% 40.9% 16

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    12,076.38 565.0 12,529.0 23.9% 133.7% 53

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    4,111.25 - 2,973.4 3.5% (12.4%) 20

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    2,494.96 - 1,356.5 10.2% 0.5% 17

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    6,031.05 - 3,713.0 1.8% 28.1% 20

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    22,052.58 1,006.9 13,818.1 13.9% 13.3% 18

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    P/TangBV Revenue (Capital IQ) Revenue (Capital IQ) Shares Outstanding State Street Address 1

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    2.18x - - 43.71 TX One Greenway Plaza

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    2.84x - - 700.49 TX El Paso Building

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    1.85x - - 162.69 TX 1100 Louisiana Street

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    2.50x - - 46.81 TX 2330 Loop 1604 West

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    2.64x - - 115.98 TX 333 Clay Street

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    3.13x - - 539.72 AB TransCanada Tower

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    Street Address 2 Tangible Book Value/Share TEV/EBIT TEV/EBIT TEV/EBITDA TEV/EBI

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    Suite 600 23.42 15.80x 15.80x 12.81x 12

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    1001 Louisiana Street 6.47 17.18x 17.18x 9.74x 9

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    Suite 3300 13.21 20.22x 20.22x 13.81x 13

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    - 22.67 19.39x 19.39x 12.58x 12

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    Suite 1600 18.65 18.72x 18.72x 13.97x 13

    450 1 St t S th W t 12 03 14 49 14 49 9 94 9

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    450 1 Street South West 12.03 14.49x 14.49x 9.94x 9

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    TEV/Forward EBIT (Capital

    IQ)

    TEV/Forward EBIT (Capital

    IQ)

    TEV/Forward EBITDA

    (Capital IQ)

    TEV/Forward EBITDA

    (Capital IQ)

    TEV/Forward EBITDA

    (Capital IQ)

    TEV/Forward Total Reve

    (Capita

    - - - 17 0x -

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    17.0x

    - - - 12.1x -

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    12.1x

    - - - 12.6x -

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    - - - 12.9x -

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    - - - 10.3x -

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    - - - 10.9x -

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    TEV/Forward Total Revenue

    (Capital IQ)

    TEV/Forward Total Revenue

    (Capital IQ)

    TEV/Total Revenues TEV/Total Revenues Total Cash & ST Investments Total D

    1.9x - 6.01x 6.01x 93.2 8

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    6.9x - 5.92x 5.92x 285.0 12,8

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    1.6x - 0.99x 0.99x 50.5 3,0

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    1.1x - 3.05x 3.05x 89.8 1,4

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    0.5x - 0.50x 0.50x 24.0 3,7

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    5.7x - 4.18x 4.18x 1,534.0 15,3

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    Total Debt/Capital % Total Debt/EBITDA Total Enterprise Value Total Pref. Equity Total Revenue Total Reve

    43.3% 3.4x 3,025.46 - 3,151.3 5

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    68.7% 4.5x 25,471.38 750.0 4,616.0 4,6

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    54.0% 6.2x 6,738.65 62.9 7,736.1 7,1

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    42.0% 4.7x 3,973.04 41.8 4,403.1 1,4

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    52.2% 5.4x 9,255.15 81.0 25,893.0 20,3

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    58.5% 3.9x 36,942.01 - 8,127.6 8,8

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    Total Revenue Total Revenues, 1 Yr Growth

    %

    Zip Code

    519.3 12.5% 77,046

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    4,648.0 8.6% 77,002

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    7,172.1 10.2% 77,002

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    1,475.0 29.7% 78,248

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    20,394.0 (9.1%) 77,002

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    8,897.6 17.4% T2P 5H1

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    Company Comparable Analysis > Rhone (IQ183140373) > Financial DataDetails

    Template 12/07/2011

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    Template: 12/07/2011

    Currency: US DollarAs-Of Date: Dec-31-2007

    Company Comp Set

    Company Name Market Capitalization Latest LTM Net Debt Total Enterprise Value Latest LTM Total Revenue LTM E

    Buckeye Partners LP (NYSE:BPL) 2,159.75 756.0 3,025.46 519.3

    El Paso Corp. (NYSE:EP) 12,076.38 12,529.0 25,471.38 4,648.0 2

    Enbridge Energy Partners LP(NYSE:EEP)

    4,111.25 2,973.4 6,738.65 7,172.1

    NuStar Energy L.P. (NYSE:NS) 2,494.96 1,356.5 3,973.04 1,475.0

    Plains All American Pipeline, L.P.

    (NYSE:PAA)

    6,031.05 3,713.0 9,255.15 20,394.0

    TransCanada Corp. (TSX:TRP) 22,052.58 13,818.1 36,942.01 8,897.6 3

    Summary Statistics Market Capitalization Latest LTM Net Debt Total Enterprise Value Latest LTM Total Revenue LTM E

    High 22,052.58 13,818.1 36,942.01 20,394.0 3

    Low 2,159.75 756.0 3,025.46 519.3 Mean 8,154.33 5,857.7 14,234.28 7,184.3 1

    Median 5,071.15 3,343.2 7,996.9 5,910.1

    Displaying 6 Companies.

    Excel Comp Set ID: IQ183140373

    All values in millions, except per share data and ratios.

    Values converted at today's spot rate.

    Financial data provided by

    Estimates data provided by

    Historical Equity Pricing Data supplied by

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    LTM EBIT NTM Revenue (Capital IQ) NTM EBITDA (Capital IQ) NTM EPS (Capital IQ)

    202.1 - - -

    1,645.0 - - -318.4 - - -

    192.6 - - -

    519.0 - - -

    2,681.0 - - -

    LTM EBIT NTM Revenue (Capital IQ) NTM EBITDA (Capital IQ) NTM EPS (Capital IQ)

    2,681.0 - - -192.6 - - -

    926.4 - - -

    418.7 - - -

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    Company Comparable Analysis > Rhone (IQ183140373) > Trading MultiplesDetails

    Template: 12/07/2011

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    p

    Currency: US DollarAs-Of Date: Dec-31-2007

    Company Comp Set

    Company Name Market Capitalization Latest Total Enterprise Value Latest FY2010 Total Revenue TEV/Total Revenues LTM -

    Latest

    FY+1 - Dec/07

    TEV/Forward Total Rev

    (Capital IQ) - Dec-07

    Buckeye Partners LP (NYSE:BPL) 2,159.75 3,025.46 3,151.3 6.01x

    El Paso Corp. (NYSE:EP) 12,076.38 25,471.38 4,616.0 5.92x

    Enbridge Energy Partners LP

    (NYSE:EEP)

    4,111.25 6,738.65 7,736.1 0.99x

    NuStar Energy L.P. (NYSE:NS) 2,494.96 3,973.04 4,403.1 3.05x

    Plains All American Pipeline, L.P.

    (NYSE:PAA)

    6,031.05 9,255.15 25,893.0 0.50x

    TransCanada Corp. (TSX:TRP) 22,052.58 36,942.01 8,127.6 4.18x

    Summary Statistics Market Capitalization Latest Total Enterprise Value Latest FY2010 Total Revenue TEV/Total Revenues LTM -

    Latest

    FY+1 - Dec/07

    TEV/Forward Total Rev(Capital IQ) - Dec-07

    High 22,052.58 36,942.01 25,893.0 6.01x

    Low 2,159.75 3,025.46 3,151.3 0.50x

    Mean 8,154.33 14,234.28 8,987.9 3.44x

    Median 5,071.15 7,996.9 6,176.1 3.62x

    Displaying 6 Companies.

    Excel Comp Set ID: IQ183140373All values in millions, except per share data and ratios.

    Values converted at today's spot rate.

    Financial data provided by

    Estimates data provided by

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    Historical Equity Pricing Data supplied by

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    FY+2 TEV/Forward Total

    Revenue (Capital IQ)

    FY2010 EBITDA TEV/EBITDA LTM - Latest FY+1 - Dec/07/2011

    TEV/Forward EBITDA

    (Capital IQ) - Dec-07-2011

    FY+2 TEV/Forward EBITDA

    (Capital IQ)

    FY2010 E

    - 360.1 12.81x 17.0x - 3

    - 2,927.0 9.74x 12.1x - 1,9

    - 449.3 13.81x 12.6x - 1

    - 456.4 12.58x 12.9x - 3

    - 1,016.0 13.97x 10.3x - 7

    - 3,964.0 9.94x 10.9x - 2,5

    FY+2 TEV/Forward TotalRevenue (Capital IQ)

    FY2010 EBITDA TEV/EBITDA LTM - Latest FY+1 - Dec/07/2011TEV/Forward EBITDA

    (Capital IQ) - Dec-07-2011

    FY+2 TEV/Forward EBITDA(Capital IQ)

    FY2010 E

    - 3,964.0 13.97x 17.0x - 2,5

    - 360.1 9.74x 10.3x - 1

    - 1,528.8 12.14x 12.6x - 1,0

    - 736.2 12.70x 12.4x - 5

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    Company Comparable Analysis > Rhone (IQ183140373) > Operating StatisticsDetails

    Template: 12/07/2011

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    Currency: US DollarAs-Of Date: Dec-31-2007

    Company Comp Set

    Company Name LTM Gross Margin % LTM EBITDA Margin % LTM EBIT Margin % LTM Net Income Margin % LTM Total Revenues

    Grow

    Buckeye Partners LP (NYSE:BPL) 51.7% 47.5% 38.9% 29.9% 12

    El Paso Corp. (NYSE:EP) 66.0% 60.7% 35.4% 23.9% 8

    Enbridge Energy Partners LP(NYSE:EEP)

    12.3% 6.7% 4.4% 3.5% 10

    NuStar Energy L.P. (NYSE:NS) 25.4% 20.8% 13.1% 10.2% 29

    Plains All American Pipeline, L.P.

    (NYSE:PAA)

    4.2% 3.4% 2.5% 1.8% (9

    TransCanada Corp. (TSX:TRP) 44.1% 44.1% 30.1% 13.9% 17

    Summary Statistics LTM Gross Margin % LTM EBITDA Margin % LTM EBIT Margin % LTM Net Income Margin % LTM Total Revenues

    Grow

    High 66.0% 60.7% 38.9% 29.9% 29

    Low 4.2% 3.4% 2.5% 1.8% (9

    Mean 34.0% 30.5% 20.7% 13.9% 11

    Median 34.8% 32.5% 21.6% 12.1% 11

    Displaying 6 Companies.

    Excel Comp Set ID: IQ183140373

    All values in millions, except per share data and ratios.

    Values converted at today's spot rate.

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    LTM EBITDA, 1 Yr Growth % LTM EBIT, 1 Yr Growth % LTM Net Income, 1 Yr

    Growth %

    LTM Total Debt/Capital % LTM Total Debt/EBITDA NTM LT EPS Growth

    (Capita

    21.6% 27.3% 40.9% 43.3% 3.4x

    17.1% 20.8% 133.7% 68.7% 4.5x

    (7.3%) (17.7%) (12.4%) 54.0% 6.2x

    (2.0%) (9.5%) 0.5% 42.0% 4.7x

    51.8% 46.2% 28.1% 52.2% 5.4x

    14.6% 13.5% 13.3% 58.5% 3.9x

    LTM EBITDA, 1 Yr Growth % LTM EBIT, 1 Yr Growth % LTM Net Income, 1 Yr

    Growth %

    LTM Total Debt/Capital % LTM Total Debt/EBITDA NTM LT EPS Growth

    (Capita

    51.8% 46.2% 133.7% 68.7% 6.2x(7.3%) (17.7%) (12.4%) 42.0% 3.4x

    16.0% 13.4% 34.0% 53.1% 4.7x

    15.9% 17.2% 20.7% 53.1% 4.6x

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    5 Year Beta

    0.46

    1.47

    0.2

    0.4

    0.37

    0.52

    5 Year Beta

    1.47

    0.2

    0.57

    0.43

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    Company ComparaDetails

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    s O ate

    Company Comp Set

    Company Name

    Buckeye Partners LP (NYSE:BPL)

    El Paso Corp. (NYSE:EP)

    Enbridge Energy Partners LP

    (NYSE:EEP)

    NuStar Energy L.P. (NYSE:NS)

    Plains All American Pipeline, L.P.

    (NYSE:PAA)

    TransCanada Corp. (TSX:TRP)

    Summary Statistics

    High

    Low

    Mean

    Median

    Displaying 6 Companies.

    Excel Comp Set ID: IQ183140373

    All values in millions, except per share d

    Values converted at today's spot rate.

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    le Analysis > Rhone (IQ183140373) > Business Description

    12/07/2011

    US DollarDec 31 2007

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    Dec-31-2007

    Business Description

    Buckeye Partners, L.P. owns and operates refined petroleum products pipeline systems in the United States. Its Pipelines and Terminals segment transports refined petroleum products and pro

    storage and terminal throughput services in the continental United States. This segment owns and operates approximately 6,100 miles of pipeline systems in 16 states; and has 100 refined petr

    El Paso Corporation operates in the natural gas transmission, and exploration and production sectors of the energy industry primarily in the United States. It offers natural gas transmission serv

    Enbridge Energy Partners, L.P. owns and operates crude oil and liquid petroleum transportation and storage assets, as well as natural gas gathering, treating, processing, transmission, and ma

    assets in the United States. Its Liquids segment includes Lakehead system that consists of crude oil and liquid petroleum pipelines, and terminal assets spanning a distance of approximately 1,NuStar Energy L.P. engages in the terminalling, storage, and transportation of petroleum products primarily in the United States, Canada, Mexico, the Netherlands, St. Eustatius in the Caribbea

    Plains All American Pipeline, L.P., through its subsidiaries, engages in the transportation, storage, terminalling, and marketing of crude oil, refined products, and liquid petroleum gas (LPG) prod

    United States and Canada. The company operates in three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment transports crude oil and refined products

    Transcanada Corporation operates as an energy infrastructure company in North America. The company operates in three segments: Natural Gas Pipelines, Oil Pipelines, and Energy. The Nat

    Business Description

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    ata and ratios.

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    Headquarters

    One Greenway Plaza, Suite

    600, Houston, Texas, 77046,

    El Paso Building, 1001

    1100 Louisiana Street, Suite

    3300, Houston, Texas, 77002,

    2330 Loop 1604 West, San

    333 Clay Street, Suite 1600,

    Houston, Texas, 77002, United

    TransCanada Tower, 450 1

    Headquarters

    -

    -

    -

    -

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    Company Comparable Analysis > Rhone (IQ183140373) > Implied ValuationDetails

    Template: 12/07/2011

    Currency: US Dollar

    As-Of Date: Dec-31-2007

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    Company Comp Set

    This Comp set does not have a subject company.

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    Company Comparable Analysis > Rhone (IQ183140373) > Valuation ChartDetails

    Template: 12/07/2011

    Currency: US Dollar

    As-Of Date: Dec-31-2007

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    Company Comp Set

    This Comp set does not have a subject company.

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