BPMP - BP Midstream Partners: Intrinsic Value Still Over 50% Higher Even Without Any Distribution Growth

• Many of those in the midstream industry have been increasing their distributions during 2021 but not BP Midstream Partners.
• Although to be fair, they stood out during 2020 for sustaining their distributions amidst the turmoil and thankfully they remain safe going forwards.
• When estimating their intrinsic value, it was found that even without any distribution growth, there remains a very impressive potential upside of over 50%.
• Even after reaching this estimated intrinsic value, their units would still be trading with a high distribution yield of 6.65% and thus it does not sound unrealistic.
• Given this very desirable situation, I believe that maintaining my bullish rating is appropriate.

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