Form S-1 Rattler Midstream

Weekend reader.  Diamonback ($FANG) is spinning out Rattler to further its focus as a pure play E&P.  Rattler will be the closest thing the public markets have to a pure play water business.

Proforma top line of $185MM.  Net income of $56MM.  Left side of balance sheet expected to be $900MM.   $56MM/$900MM = 6.2% ROA.

What’s the multiple?