- 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.
For further details see:
Tidewater Midstream: Implied Value For Legacy Midstream Assets Too Cheap