Image Source: Valuentum slide deck, December 2015. Valuentum turned bearish on Kinder Morgan in June 2015.
By Brian Nelson, CFA
Valuentum has said it before, and we'll say it again: the master limited partnership ((MLP)) business model for energy equities is on its way out. Since Kinder Morgan (KMI) rolled up its infrastructure in 2014, more than 40% of energy infrastructure is now comprised of C-corps, with midstream after midstream company transitioning away from the MLP business model, a percentage that's up from practically nothing in 2013 and just 15% at the end