Rational Investing

	Total Market Capitalization of All Firms	$398,642 mm
	Average Market Capitalization	$17,332 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.4
	Standard Deviation of MM Ratio	0.5
	Average Beta	1.6
	Average EV To Revenue	4.2
	Average EV To EBITDAM	22.2
	Average Price To Free Cash Flow	21.0

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
LNG	Cheniere Energy Inc.	2.49	12,556	5.4	49.8	25.5	21	1.6	Mar 20
PPL.TO	Pembina Pipeline Corporation	2.28	12,856	3.7	31.9	24.3	-11	1.7	Mar 20
GEI.TO	Gibson Energy Inc	2.08	2,226	0.6	20.8	27.5	-17	1.5	Mar 20
KMI	Kinder Morgan Inc	1.85	31,489	5.5	11.9	15.9	-10	1.0	Mar 20
EPD	Enterprise Products Partners L	1.82	37,753	2.3	17.3	30.8	-14	1.3	Mar 20
ENB	Enbridge Inc.	1.74	59,882	3.3	29.6	30	-2	1.8	Mar 20
ENB.TO	Enbridge Inc	1.68	59,876	2.7	40.2	37.5	-1	1.0	Mar 20
WMB	Williams Companies Inc	1.66	22,139	5.9	13.7	13.8	-8	1.7	Mar 20
PAA	Plains All American Pipeline L	1.62	6,105	0.5	8.4	39.4	-2	2.2	Mar 20
MPLX	MPLX LP	1.55	18,465	3.8	17.4	30	17	1.9	Mar 20
TCP	TC Pipelines LP	1.41	2,106	12.5	8.7	30	-12	1.1	Mar 20
NS	Nustar Energy L.P.	1.13	1,460	3.2	5.5	18.7	4	2.3	Mar 20
ET	Energy Transfer L.P.	1.10	17,065	1.4	6.3	14.2	-8	2.5	Mar 20
TRP	TC Energy	1.04	38,567	7.4	41.2	11.9	-6	0.8	Mar 20
GEL	Genesis Energy L.P	1.02	741	2.5	4.1	26.2	-13	2.3	Mar 20
TGE	Tallgrass Energy GP	1.00	4,012	9.7	22.4	30	7	1.0	Dec 19
TRP.TO	TC Energy Corporation	0.95	38,660	6.3	55.9	13.0	-5	0.8	Mar 20
HEP	Holly Energy Partners, L.P	0.92	1,409	5.6	7.9	12.1	-1	1.0	Mar 20
OKE	Oneok Inc	0.88	10,834	3.2	26.2	9.9	-23	2.0	Mar 20
MMP	Magellan Midstream Partners Lp	0.84	9,225	4.7	16.3	20.0	10	1.1	Mar 20
WES	Western Gas Partners Lp	0.84	3,986	3.7	8.8	10.3	19	1.9	Mar 20
TRGP	Targa Resources Corp	0.80	4,015	1.7	17.3	24.3	-16	2.9	Mar 20
KEY.TO	Keyera Corp	0.47	3,214	1.7	20.3	15.1	3	1.8	Mar 20