BKEPP - Blueknight Energy Partners: Increased Infrastructure Spending Should Boost Its Results

• Blueknight is now a pure-play asphalt terminalling business that should benefit from increased infrastructure spending.
• Both Democratic and Republican proposals involve increased spending on roads.
• Blueknight may be able to reach $55 million in adjusted EBITDA from its current terminals.
• This would support a value of $4.20 per unit for its common units, at a 9.0x EV/EBITDA multiple.
• Blueknight's Series A preferred units are yielding 8.9% now, and that looks safe due to the stability of its business and relatively low credit facility debt.

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