Re: When an MLP Stops Paying a Distribution...
Every mlp has an underlying business with it's associated assets and earnings, ignore that simple statement at the peril of your portfolio. These businesses. Depending on their model have different stressors whether it be a weak commodity pricing picture or lack of demand for their services. While mlp earnings are Subject to a lot of accounting hocus pocus mlp investors rely on dcf for a proxy (cash doesn't lie). Not every high yield stock is unjustly hi yield. Those business stressors can place the cash flow in jeopardy. Other metrics like BV can help you find comfort in a bidder for your assets when the business needs help. You should include more traditional metrics in your evaluation of mlps. Just, understand what their meaning is for the underlying market asset.
EV/EBITDA is a fine PE metric companion for c-corps.