Date updated:03-21-2007
Goldman,Wahovia, and Citigroup(issued report on 4/20)today published favorable views on Targa Resources Partners LP(Ticker:NGLS).The common finding is that MLP's structured like Targa where the sponsor can drop down assets has resulted in being accorded premium valuations(average yield of 4.7% and P/DCF multiple of 16.0x for'dropdown' MLPs versus 5.9% and 14.2x for the MLP universe.
The sponsor is Targa Inc., one of the five largest natural gas gatherers and processors in the United States with more than $2.3B worth of midstream assets.The Partnership's current asssets include 3,050 miles of natural gas gathering pieplines and 2 nat gas processing plants that treat and process nat gas in the Fortworth Basin of North Texas. Targa could have the opportunity to capture incremental gas volumes from the Barnett Shale region,one of the fastest grwoing natural gas plays in the United States.
Below is the 'dropdown'peer group.Take a closer look at these names.

-
DPM
Dcp Midstream Lp - $25.39
- +0.55%
- $25.41
DCP Midstream Partners EV/EBITDA: 8.6x Yield: 4.4 Distribution Growth (5-Yr CAGR):12%

-
TGP
Teekay Lng Ptrs L - $24.30
- +0.83%
- $24.01
Teekay LNG Partners EV/EBITDA: 9.5x Yield: 5.0% Distribution Growth (5-Yr CAGR):8%

-
TLP
Transmontaigne Lp - $26.00
- -0.42%
- $26.06
Transmontaigne Partners LP EV/EBITDA: 8.3x Yield: 4.8% Distribution Growth (5-Yr CAGR):9%

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WPZ
Williams Partners - $26.08
- -0.80%
- $26.20
Williams Partners LP EV/EBITDA: 10.8x Yield: 4.1% Distribution Growth (5-Yr CAGR):15%
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