My thoughts on the IPO can be found in a Seeking Alpha article here: MLP IPO Review: Lehigh Gas Partners, LP
Financial Filings: LGP SEC Filings
Roadshow Slides in pdf format: LGP IPO Roadshow Slides
MLP IPO Review: Lehigh Gas Partners, LP (“LGP”)
About Philip Trinder
President of MLP Protocol, investor, trader, and proponent of Master Limited Partnerships.
This entry was posted in MLP IPO Review, Roadshow Slides and tagged distributions, dividends, investments, Master Limited Partnerships, MLP, MLPs, roadshow presentation, yield. Bookmark the permalink.
5 Responses to MLP IPO Review: Lehigh Gas Partners, LP (“LGP”)
Comments are closed.
MLP Protocol 
Understood and thank you very much for clarifying. I did try and send you an email to “nogone@hotmail.com” this morning just not sure if it went through. Have a great weekend!
Cheers,
Phil
i’m wrong, it is only worth a few million add back.
i think you are missing something. it is my understanding that the rent expense in the P&L largely relates to those financing obligations, so if you include those as debt you should take out the rent expense. what is your email address or phone number, i will call you direct to chat.
Hi nogone,
Thanks for reading and commenting. It looks like the $71.2 million of Financing Obligations should be treated like debt based on the pro forma cap table and the $44.6 million of estimated EBITDA is before any payments on those obligations but let me know if I am missing something, thanks.
Cheers,
Phil
i think you are double counting with regard to the financing liabilities: if you are going to include them int he EV you need to deduct the rent expense associated with them from EBITDA. i think the leverage is actually only 97mm. changes the whole valuation…