Rational Investing

	Total Market Capitalization of All Firms	$475,847 mm
	Average Market Capitalization	$19,827 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.1
	Standard Deviation of MM Ratio	0.4
	Average Beta	1.6
	Average EV To Revenue	4.7
	Average EV To EBITDAM	22.1
	Average Price To Free Cash Flow	22.9

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
MPLX	MPLX LP	2.28	24,380	4.6	14.2	11.5	12	1.8	Sep 20
TRP.TO	TC Energy Corporation	1.82	41,677	6.3	56.4	12.3	-2	0.8	Sep 20
IPL.TO	Inter Pipeline Ltd	1.73	4,490	4.7	13.3	30	-4	2.1	Sep 20
LNG	Cheniere Energy Inc.	1.65	16,637	7.9	66	30	-7	1.5	Sep 20
TRP	TC Energy	1.35	41,556	7.4	44.4	30	-3	0.8	Sep 20
KMI	Kinder Morgan Inc	1.28	34,680	6.4	15.3	14.5	-9	1.1	Dec 20
WMB	Williams Companies Inc	1.27	26,174	6.3	21.6	16.2	-6	1.5	Sep 20
KEY.TO	Keyera Corp	1.15	4,270	1.9	25.2	30	15	2.3	Sep 20
ENB	Enbridge Inc.	1.10	70,142	3.9	15.5	17.9	-20	1.0	Sep 20
OKE	Oneok Inc	1.10	17,993	3.5	42.8	30	-14	1.9	Sep 20
HEP	Holly Energy Partners, L.P	1.09	1,594	6.2	11.3	13.2	-6	1.2	Sep 20
WES	Western Gas Partners Lp	1.08	6,890	5.1	15.2	12.1	7	3.5	Sep 20
NS	Nustar Energy L.P.	1.03	1,691	4.1	14.4	15.3	-9	2.4	Sep 20
TCP	TC Pipelines LP	1.00	2,218	10.5	12.4	32.2	0	1.0	Sep 20
TGE	Tallgrass Energy GP	1.00	4,012	9.7	22.4	30	7	1.0	Dec 19
TRGP	Targa Resources Corp	0.99	6,688	1.8	28.8	30	-6	2.8	Sep 20
PPL.TO	Pembina Pipeline Corporation	0.94	15,290	4.2	20.6	16.3	-14	1.7	Sep 20
MMP	Magellan Midstream Partners Lp	0.88	10,470	7.4	26.2	22.0	-24	1.1	Sep 20
EPD	Enterprise Products Partners L	0.80	47,475	2.7	18.5	18.4	-15	1.3	Sep 20
GEL	Genesis Energy L.P	0.80	735	2.2	6	23.9	-25	2.3	Sep 20
ENB.TO	Enbridge Inc	0.73	70,340	3.3	21.8	22.4	-18	1.0	Sep 20
GEI.TO	Gibson Energy Inc	0.70	2,335	0.6	20.4	30	-16	1.4	Sep 20
PAA	Plains All American Pipeline L	0.60	6,614	0.6	9.1	30	-24	2.1	Sep 20
ET	Energy Transfer L.P.	0.55	17,496	1.7	6.5	12.0	-24	2.2	Sep 20