BPT is the junior player compared to STO and WDS. We see no reason to consider BPT given the challenging nature of their assets. With BPT, capex risks are also an issue, although it does look set to increase its free cash flow (FCF) over the next year.
- We see no reasons/triggers to buy BPT; it hasn’t moved in 3-years.
MM is neutral towards BPT ~$1.50
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