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Msg  122173 of 123355  at  8/10/2020 2:39:33 PM  by

tulsatea


PBFX

WFS----  Key Takeaways. Q2 EBITDA was above our estimates. We are increasing our 2020 and 2021 EBITDA estimates by 14% and 16%, respectively, primarily to reflect higher rates and lower operating costs. Net of these changes, we are increasing our 2020 and 2021 DCF/unit estimates to $2.92 and $3.05, respectively, from $2.37 and $2.42 previously.
 
We are increasing our price target by $2 to $13/unit to reflect a higher 2021 EBITDA estimate and a stronger free cash flow forecast. While we view PBFX’s low-risk contractual structure and high FCF metrics as positives, the partnership’s muted growth profile keeps us on the sidelines.
 
 Q2 Beat. Q2 adjusted EBITDA was $60.0MM (after adding back $1.1MM of costs related to transactions, non-cash unit-based compensation, and environmental remediation costs) versus our estimate of $47.7MM and Consensus of $54.3MM. Contributions from both Transportation & Terminalling and Storage beat our estimates.


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