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1、USEnergyInfrastructureCorpsPMHandbook:PermianandSimplificationsStandCenterStage;TopPickWMBNorthAmericaEquityResearch26July2018USEnergyInfrastructureC-Corpsenjoyedasolid2Q(+17%),outperformingtheS&P500(+3%)andbroaderenergy(+13%).OKE(+24%)andKMI(+19%)ledthecharge,benefitt
2、ingfromattractivebacklogadditionsforONEOKandade-riskingsaleforKMI.Aswemoveinto2H18,wecontinuetobelievecorporategovernanceconcernsremainakeyinvestorfocus,whichshouldultimatelybenefitc-corpswithindependentboardsandpropermgmtincentives.AsMLPsprogressthroughthe“growingpains
3、,”weviewsurgingproductionandassociatedlogisticsneedsasdrivingafavorablebackdropforenergyinfrastructure.Specifically,weexpectPermiantakeawaytoremainverytopical,withourbottom-upanalysispointingtosevereresiduegasandcrudeoilbottlenecksbefore2020.Overall,weviewthegroup’ssoli
4、ddividendyieldof~5%,withmidtoupper-single-digitgrowth,providingappealingtotalreturnpotentialatattractiveEV/EBITDAvaluations(~11x).WehighlightWilliamsasourtoppickandexpectcontinuedstrongperformancefollowingcompletionoftheupcomingannouncedroll-up.·WMBcheckingtheboxes:simp
5、lified,IGratedenergyinfrac-corpwith>10%divgrowthanddiscountedvaluation.Withtheroll-upsettocloseinAugust,Williamswillnowpossessasimplifiedstructurewithfullshareholderalignment.Highercoverage(~1.7x2019)willenableequityself-fundedgrowththatimprovesleverage.WhilesurgingPerm
6、ianassociatedgasspurredinvestorconcerns,continuedTranscoexpansionopportunitieshighlightstrongendmarketdemandandtheneedfornewNortheastgaslogistics.Additionally,withouranalysispointingtoseverePermiannatgasbottlenecksbefore2020,Permiannatgasproductiongrowthcouldslowversusp
7、riorexpectations,accompaniedbydry-gasshut-ins,possiblyalleviatingAppalachianconcerns.·Thoughtsonthe2Q18earningsprints:lookingformostlyinlineresults.For2Q18,weexpectWMB,OKE,TRGP,andMICtogenerallymatchStreetmedianadj.EBITDAestimatesusinga+/-2%threshold.ForWilliams,weexpec
8、tquestionswillbeaskedontheroll-uptransactionposttheFERCannouncement.However,sincetheWPZofferwasdesignedtoprovi
