Q: May I have your thoughts on their most recent results pls & thx.
5i Research Answer:
Revenue was $41.9M vs $40.8M estimated. Earnngs per unit 86c vs 73c last year and well ahead of estimates. EBITDA of $61.3M beat estimates of $35.5M. Revenue fell 18% year over year. Gains were attributed to common equity exposure in its partners, which is an increasing part of its business. Payout ratio was 64%. It was a good quarter but overall management expressed disappointment that more capital was not deployed to new partners. But we see not issues here. We would be fine buying for higher-risk income accounts, and would expect more distribution increases (slowly) over the next few years.