SUNOCO LP SUN
April 06, 2017 - 2:45pm EST by
member
| 2017 | 2018 | ||||||
| Price: | 28.40 | EPS | 0 | 0 | |||
| Shares Out. (in M): | 99 | P/E | 0 | 0 | |||
| Market Cap (in $M): | 2,800 | P/FCF | 0 | 0 | |||
| Net Debt (in $M): | 1,342 | EBIT | 0 | 0 | |||
| TEV (in $M): | 4,400 | TEV/EBIT | 0 | 0 | |||
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- SUNOCO LP SUN 08/27/2018
- SUNOCO LP SUN 01/14/2015
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Description
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| # | AUTHOR DATE SUBJECT |
|---|---|
| 30 | |
why? thanks | |
| 28 | |
Hey Mason, Any thoughts post-Q? I bought a bunch more today. They finally seem on track. Beat nicely, proving ebitda power of new model. Most importantly raised ongoing margin guidance. Recent two acqusitions were at... login to read the rest | |
| 27 | |
Distribution is sustainable at this level, in a bear case, given how the IDRs work, it's really tough to ever seeing the distribution below $2.70/share as in high splits so GP takes half pain on... login to read the rest | |
| 26 | |
Hi Mason,
Just wondering if you have any updated thoughts on this name? Seems like either a very compelling opportunity at these levels or there is something fundamentally wrong. On the poistive side, the superior plus... login to read the rest | |
| 25 | |
SUN closed the Seven Eleven deal earlier this week with some minor FTC-driven modifications and announced a buyback of $540mm directly from ETP this morning. This was done at a discount to the current market... login to read the rest | |
| 24 | |
Straw1023, it looks like you may have already answered your own questions. The West TX sale not coming through wasn't ideal as I mentioned, but i think we are both solving to distribution coverage north... login to read the rest | |
| 23 | |
Spoke to IR:
1) Aloha retail margins are included in CPG guidance and wholesale "segment" numbers.
2) I went thru numbers in detail with IR and he steered me to $530mm EBITDA, including stock comp add back.
3)... login to read the rest | |
| 22 | |
A few questions and thoughts:
1) I think the Aloha petrol biz now going to "wholesale" segment. So the entire 25 cents or so going to that segment. The page 9 slide of presentation seems to... login to read the rest | |
| 21 | |
SUN announced a lackluster "disposal" of its remaining retail stores with no cash taken in up front, but created more additional steady rental and wholesale gas distribution income with operations now controlled by a commission... login to read the rest | |
| 20 | |
otto,
I am also thinking through these scenarios but cannot think of a substantive harm here. In fact, ETE/ETP cash needs bodes well in two respects: (1) they will max out leverage of SUN and buy... login to read the rest | |
| 19 | |
Quick question: given that ETP has lost about 550 bips of yield and ETE has lost 150 bips since SUN announced the asset sale in April, with ETP gettinig into seriously distressed territory, what level... login to read the rest | |
| 18 | |
Given interest, I figured a more fulsome update would be helpful. There are a number of public filings that guide one to the math of sustainable distribution coverage. First, see the 8-K dated 10/10 which... login to read the rest | |
| 17 | |
Mason, I have some detailed financial questions remaining. I am trying to schedule call with mgmt to address these questions:
- Have you confirmed that the two sales (7-11 and 200 West Texas area stores) and... login to read the rest | |
| 16 | |
My guess is this, like the rest of the ETE complex, is frozen/dead until all the IDRs are extinguished. The MLP space is finally cleaning up and it's now pretty much demanded by investors (the... login to read the rest | |
| 15 | |
Yes, continue to believe the $3.30 distribution is covered over 1.05x when the dust settles. As you mention, we are just waiting for the 7/11 deal to close (likely by early 1Q), the remaining retail... login to read the rest | |
| 14 | |
Mason,
Still following? If so, any updates to your thinking as the catalyst draws closer?
thanks | |
| 13 | |
Otto695, yes there are some minor tweaks following clearer guidance on transaction from mgmt, but still much to do by them, so didn't feel a need to keep tweaking. Net net, the distribution of $3.30... login to read the rest | |
| 12 | |
Mason, I think you need to make a few tweaks to your model based on the SUN call (some up, some down; nothing too material, such as tax rate, proceeds from sale of 200 remaining... login to read the rest | |
| 11 | |
While a miss relative to stale street estimates, SUN's 1Q earnings came in better than buyside expectations following the significant miss at MUSA. While there is some noise and some assumptions one needs to make,... login to read the rest | |
| 10 | |
Otto695, you are right on mostly all of this stuff as incremental upside. It's not part of the core thesis and we need to make assumptions on what these other assets, potential wholesale agreements, cost... login to read the rest | |
| 9 | |
Mason,
Thanks for your added thoughts. I did note the MUSA miss/guidance, but given impending sale of SUN retail and the reversion to the mean with margins, i see this as just a short-term blip. In... login to read the rest | |
| 8 | |
Oldyeller, the only other thing I can come up with around management cageyness around deal dynamics is they will look to buyback a significant amount of units; if that buyback does include LPs, there may... login to read the rest | |
| 7 | |
Mason,
Can you discuss the relative economic incentive and "strategic sense" for ETE/ETP to follow the other course you initially outlined versus the two possible outcomes-- buying in shares from ETP or 2) ETP rolling up... login to read the rest | |
| 6 | |
The only thing I can come up with is related to prior questions - the next step is some sort of very low premium takeout, take under, etc | |
| 5 | |
Mason, any guesses as to why they were so "cagey" on the call? I can't understand the motive here... | |
| 3 | |
If there is one thing the management of ETE has demonstrated consistently over the last two years, it's that they will always prioritize their interests above yours as a limited partner. And given they own... login to read the rest | |
| 2 | |
Apologies, in the haste to get this out in front of today's news, there was an error in my calc. This repost adjusts for that. Asset is significantly de-risked and numbers below are based on... login to read the rest | |