<The PE will increase as the business model is successfully diversified. >

Yes, that would be expected. BUT

1. RG specifically mentions the MMP not the other businesses.

2. That kind of a statement is not normally in a presentation IMHO.

To change the PE requires earnings to change or the number of shares OS to change. Since RG does not control the former, it must mean a more significant Buyback plan? Other thoughts comments welcomed. Opty