Rational Investing

	Total Market Capitalization of All Firms	$337,539 mm
	Average Market Capitalization	$14,064 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.0
	Standard Deviation of MM Ratio	0.4
	Average Beta	1.4
	Average EV To Revenue	3.7
	Average EV To EBITDAM	24.6
	Average Price To Free Cash Flow	49.3

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
ENB	Enbridge Inc.	1.75	56,563	3.5	29.8	30	15	1.1	Dec 19
TRP	TC Energy	1.65	40,160	7.3	-27.7	30	-2	1.1	Dec 19
KMI	Kinder Morgan Inc	1.49	30,357	5.4	16.0	30	-4	1.2	Dec 19
TGE	Tallgrass Energy GP	1.40	3,007	8.6	347.3	30	7	1.0	Dec 19
EPD	Enterprise Products Partners L	1.31	31,581	1.9	14.8	37.0	-4	1.3	Dec 19
WMB	Williams Companies Inc	1.27	16,541	4.5	7.6	11.2	5	1.5	Dec 19
ET	Energy Transfer L.P.	1.03	14,330	1.5	18.7	30	6	1.8	Dec 19
BPL	Buckeye Partners LP	1.00	6,382	2.9	16.6	15.5	-8	0.8	Sep 19
HEP	Holly Energy Partners, L.P	0.97	1,310	5.0	6.2	21.9	6	1.2	Dec 19
OKE	Oneok Inc	0.94	8,932	2.6	-4.2	30	-1	1.9	Dec 19
ENB.TO	Enbridge Inc	0.89	56,440	2.2	19.3	19.9	12	0.9	Dec 19
MMP	Magellan Midstream Partners Lp	0.87	8,133	4.5	27.2	30	9	1.3	Dec 19
LNG	Cheniere Energy Inc.	0.81	7,223	3.9	-4.2	30	34	1.3	Dec 19
TCP	TC Pipelines LP	0.81	2,021	10.5	5.8	30	8	1.1	Dec 19
WES	Western Gas Partners Lp	0.81	1,450	3.9	-7.7	30	13	2.0	Dec 19
MPLX	MPLX LP	0.78	12,476	3.4	-18.2	30	23	1.4	Dec 19
PAA	Plains All American Pipeline L	0.67	3,772	0.4	7.0	32.1	5	1.7	Dec 19
KEY.TO	Keyera Corp	0.62	1,979	1.3	-11.8	30	6	1.9	Dec 19
ETE	Energy Transfer Equity, L.P.	0.59	16,566	1.2	-3.3	30	47	1.7	Jun 18
ENG.MC	Enagas SA	0.56	4,764	7.5	9.0	10.4	5	0.7	Dec 19
PPL.TO	Pembina Pipeline Corporation	0.56	9,498	2.6	127.1	14.9	7	1.1	Dec 19
GEI.TO	Gibson Energy Inc	0.55	1,637	0.4	133.5	21.9	7	1.1	Dec 19
NS	Nustar Energy L.P.	0.52	948	2.6	2.9	10.4	12	2.1	Dec 19
TRGP	Targa Resources Corp	0.43	1,472	0.9	-1.3	5.6	13	2.2	Dec 19