RE:RE:Aug 11 - report for the 'niche energy infrastructure' TWMI'd caution against reading too much into headline EBITDA numbers with TWM. The numbers that matter are DCF/share compared to growth capex, and how that translates into net debt reduction. Their EBITDA numbers exclude operating cash costs due to IFRS allowing the 'lease expenses' to be absent from the calculation. For TWM that inclues pipeline tolls and railcar leases, huge EBITDA numbers are meaningless and don't translate to their balance sheet.
Despitre the benevolent operating environment they have been unable to reduce debt other than asset sales and are now diluting shareholders. It's an admission of failure that is long overdue.
Disclosure: after holding for years I lost patience and sold it all over the last year. I think they have some great assets that would produce meaningful value in a different company. If this gets cheap enough I may rebuy some, I think Pipestone and the BRC are incredible opportunities getting lost in this baffling web of renewable diesel, LCFS credits and ownership of cattle ranches.