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TWMIF - Tidewater Midstream: Implied Value For Legacy Midstream Assets Too Cheap
Tidewater Midstream & Infrastrucure Ltd
Tidewater Midstream IPO'ed its renewable subsidiary, Tidewater Renewables, in August 2021.
Backing out the 69% stake in Tidewater Renewable, Tidewater Midstream's legacy assets are valued at 4.3x EV/EBITDA.
The so-called legacy assets are actually high-quality assets that showed consistent performance over time.
There is project development risk associated with Tidewater Renewables, but the management team has a solid track record of managing large-scale projects.