TPG reported 1H18 EBITDA up 0.1% to $418 million. The 1H result was ahead of expectations and TPG upgraded their full year earnings guidance on the back of ongoing cost reductions.
We continue to view TPG as expensive and with significant execution risk around upcoming capital expenditure, we prefer the short-side of this trade.
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FY18 EPS $0.42 and DPS $0.04, places the stock on a forward yield of less than 1%.
TPM
