Oct 30, 2015 Scotiabank Edge Report "We continue to believe AMCo provides important diversification (product and
geographic) and global infrastructure to support additional product
acquisitions. Although highly levered following the close of the transaction, we
believe CXR will be able to fund small tuck-in type product acquisitions while
using its cash flow to pay down its debt.
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We believe the shares have been oversold due to uncertainty related to the
company's ability to finalize its debt funding and close the deal. With the debt
structure finalized we believe the shares offer an attractive risk/return,
trading at 5.2x 2016E CEPS and a 19% FCF yield. Thus, we maintain our Sector
Outperform rating, with a new $75 price target."