If a master limited partnership has large projects expected to come online in the near future, you would expect shares of it to trade at a pretty decent premium. After all, those growth plans normally mean distributions will increase, as well.

Surprisingly, this isn't the case at Spectra Energy Partners (NYSE:SEP) today. Despite the fact that the company expects to put more than $3 billion in projects online between now and 2016, shares of Spectra Energy Partners are relatively undervalued when compared to its peers Magellan Midstream Partners (NYSE:MMP) and ONEOK Partners (NYSE:OKS) 

Find out how much Spectra is trading in comparison to its peers, and what metrics are used to value master limited partnerships in lieu of the traditional price-to-earnings ratio, by tuning into the video below.