WES: Western Gas Partners

Date: 9 March 2009
Price: $12.63
P/E: n/a (recently IPOd)
FP/E: 9.3
P/B: 0.5ish
Yield: 8.2%
Debt/Eq: 0

Company Description
Another unit trust, set up to process and transport natural gas (not oil), and to pay out dividends. Dividend currently seems to be $0.30 a quarter, which is $1.20/year.

Past 10 years
Not much to go on - as the IPO was just last year. Apparently the parent company is well run and solid.

Pros
I'd like an 8% yield. :-)

Cons
We have very little information to go on. However the end of year results will be published tomorrow.

Conclusion
Maybe. I'll wait until I've seen the final results after tomorrow's close.

Update
Results for the year were roughly in line with expectations I think. Buy maybe I'm not understanding something, because my reading says that EPS is $0.77 on a price of $13/share, which is a P/E of approximately 15. And next year they're saying EBITDA (and presumably therefore EPS) could drop by upto 20%. So while I like the company, and like that they do transportation rather than directly selling gas, they seem overvalued right now. Maybe if the price drops to $7/share...