Stock price when the opinion was issued
Fascinating display of a lack of IPL corporate governance. IPL has done everything they can to not engage with Brookfield, but happy to risk 350M of shareholder money in break fees as a bait to get PPL to bid for them. He doesn't understand it. Wouldn't invest in a company that won't negotiate a bona fide offer. Missed expectations in last couple of years.
Will be acquired by Brookfield or Pembina. Final decision mid-June. If you own shares, hold on. An attractive asset for PPL, which she owns, as it expands their footprint.
(A Top Pick Nov 30/17, Down 14%) Midstream energy has been challenging. IPL runs several businesses: nat. gas extraction which as recovered after depressed margins last year; cash flows coming from oil pipelines; storage which has struggled. When this backwardation clears, the margins should come back. Then there's a $3.5 billion propane dehydrogenation plant that'll be a great asset, that will crank out $600 million in operating profit yearly starting in late-2021. Until then, you'll pocket the dividend above 7%.