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EPD, ETP, and MPLX: Are the Top MLPs Undervalued?

EPD, ETP, and MPLX: Are the Top MLPs Undervalued?

Enterprise Products Partners (EPD) is trading at a forward EV-to-EBITDA multiple of ~13x—lower than its five-year average multiple of 14.4x, which indicates possible undervaluation. Similarly, Energy Transfer Partners (ETP) is trading at a forward EV-to-EBITDA multiple that’s lower compared to its five-year average.