Midstreams Going C-Corp, Should SEC Disallow The Measure Distributable Cash Flow? [Seeking Alpha]
Global X SuperDividend REIT ETF (SRET)
US:NASDAQ Investor Relations:
globalxfunds.com/funds/sret
Company Research
Source: Seeking Alpha
Midstreams Going C-Corp, Should SEC Disallow The Measure Distributable Cash Flow?SummaryIt’s important to differentiate the concept of enterprise free cash flow valuation and the idea of capital-market dependence.The uncertainty of the MLP business model remains, as it is clear operators are shunning the MLP business model preferring C-Corps instead.According to work from Global X Funds, now 40% of the energy infrastructure market cap consists of C-Corps, up considerably from just 15% at the end of 2014.Though many simplifications have come with implied distribution cuts, the primary reason for the rise in C-Corps across the midstream space has been the rationalizing of excess MLP valuations to enterprise free cash flow assessments.We encourage the SEC to consider disallowing the use of distributable cash flow, as it is confusing to investors.
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Sec Filings
- 4/22/24 - Form POS
- 4/17/24 - Form 497
- 4/17/24 - Form 8-A12B
- SRET's page on the SEC website