Rational Investing

	Total Market Capitalization of All Firms	$540,525 mm
	Average Market Capitalization	$23,501 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	0.9
	Standard Deviation of MM Ratio	0.4
	Average Beta	1.6
	Average EV To Revenue	4.0
	Average EV To EBITDAM	17.4
	Average Price To Free Cash Flow	23.7

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
GEI.TO	Gibson Energy Inc	2.05	2,576	0.7	12.6	10.3	24	1.4	Jun 21
KEY.TO	Keyera Corp	1.60	4,794	1.9	19.0	12.9	43	2.3	Jun 21
MMP	Magellan Midstream Partners Lp	1.44	10,260	5.7	18.1	15.0	12	1.1	Sep 21
TRP.TO	TC Energy Corporation	1.31	45,082	6.1	58.9	20.4	6	0.8	Mar 21
OKE	Oneok Inc	1.21	27,047	2.6	60.7	37.9	85	1.8	Sep 21
LNG	Cheniere Energy Inc.	1.00	26,627	4.0	99	48.4	57	1.4	Sep 21
TCP	TC Pipelines LP	1.00	2,154	10.3	30.2	15.1	6	0.9	Dec 20
HEP	Holly Energy Partners, L.P	0.99	1,785	6.1	8.0	10.0	8	1.0	Sep 21
PPL.TO	Pembina Pipeline Corporation	0.90	16,389	3.4	18.7	17.7	29	1.7	Jun 21
IPL.TO	Inter Pipeline Ltd	0.87	6,414	4.1	19.1	26.4	35	2.4	Jun 21
ET	Energy Transfer L.P.	0.86	22,505	1.5	8.3	13.5	28	2.1	Sep 21
TRP	TC Energy	0.84	45,034	6.8	46	18.2	13	0.8	Sep 21
TRGP	Targa Resources Corp	0.81	11,991	1.2	14.6	7.4	101	2.6	Sep 21
ENB	Enbridge Inc.	0.77	75,748	3.3	37.4	35.3	16	0.9	Sep 21
ENB.TO	Enbridge Inc	0.77	75,790	3.1	25.2	20.1	17	0.9	Jun 21
EPD	Enterprise Products Partners L	0.76	46,967	2.1	5.6	6.7	34	1.3	Sep 21
KMI	Kinder Morgan Inc	0.75	38,479	5.0	14.0	17.1	22	1.0	Sep 21
MPLX	MPLX LP	0.71	30,040	6.2	12.2	14.6	8	1.7	Sep 21
WES	Western Gas Partners Lp	0.70	8,100	5.5	9.4	10.8	5	3.3	Jun 21
WMB	Williams Companies Inc	0.62	33,108	5.8	10.5	11.0	23	1.4	Sep 21
NS	Nustar Energy L.P.	0.47	1,570	3.1	4.4	8.2	12	2.3	Sep 21
PAA	Plains All American Pipeline L	0.39	6,751	0.6	4.3	6.8	19	2.0	Sep 21
GEL	Genesis Energy L.P	0.25	1,314	2.3	9.7	17.0	14	2.3	Sep 21