Rational Investing

	Total Market Capitalization of All Firms	$589,487 mm
	Average Market Capitalization	$25,630 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.0
	Standard Deviation of MM Ratio	0.5
	Average Beta	1.7
	Average EV To Revenue	4.7
	Average EV To EBITDAM	15.9
	Average Price To Free Cash Flow	26.0

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
KEY.TO	Keyera Corp	2.49	6,319	3.0	29.8	22.3	6	2.3	Dec 20
WES	Western Gas Partners Lp	1.97	9,360	6.9	8.8	10.9	-13	3.5	Mar 21
NS	Nustar Energy L.P.	1.42	2,161	3.9	6.8	9.8	1	2.4	Mar 21
IPL.TO	Inter Pipeline Ltd	1.22	7,107	5.6	20.2	16.5	4	2.2	Dec 20
LNG	Cheniere Energy Inc.	1.20	22,517	7.2	88.8	34.9	-12	1.5	Dec 20
MMP	Magellan Midstream Partners Lp	1.16	11,941	7.5	22.4	17.6	-6	1.1	Mar 21
TRP	TC Energy	1.15	51,672	8.0	52.8	15.0	2	0.8	Mar 21
TCP	TC Pipelines LP	1.14	2,154	10.3	30.2	15.1	6	0.9	Dec 20
HEP	Holly Energy Partners, L.P	1.10	2,381	7.7	14.0	13.4	1	1.1	Mar 21
MPLX	MPLX LP	1.09	32,287	6.7	14.8	16.0	5	1.7	Mar 21
OKE	Oneok Inc	0.95	23,285	3.6	55.4	26.8	22	1.8	Mar 21
GEI.TO	Gibson Energy Inc	0.80	3,114	0.8	25.9	18.5	26	1.4	Mar 21
GEL	Genesis Energy L.P	0.76	1,499	2.3	12.2	18.9	18	2.5	Mar 21
ENB.TO	Enbridge Inc	0.75	82,277	3.6	21.7	14.2	6	0.9	Mar 21
KMI	Kinder Morgan Inc	0.71	42,665	5.0	16.4	14.8	30	1.1	Mar 21
TRP.TO	TC Energy Corporation	0.68	49,508	6.4	64.2	13.3	5	0.8	Dec 20
WMB	Williams Companies Inc	0.64	33,430	6.3	10.6	11.3	15	1.5	Mar 21
TRGP	Targa Resources Corp	0.62	10,763	1.7	22.8	14.9	34	2.8	Mar 21
EPD	Enterprise Products Partners L	0.60	55,238	2.7	16.2	14.4	15	1.3	Mar 21
ENB	Enbridge Inc.	0.54	82,460	3.6	36.9	18.3	7	0.9	Mar 21
PAA	Plains All American Pipeline L	0.50	8,925	0.8	12.3	13.6	6	2.1	Mar 21
PPL.TO	Pembina Pipeline Corporation	0.48	18,281	4.0	10.4	9.2	18	1.7	Dec 20
ET	Energy Transfer L.P.	0.45	30,144	1.5	4.6	5.2	36	2.3	Mar 21