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.

Tyler Crowe owns shares of Magellan Midstream Partners. You can follow him at Fool.com under the handle TMFDirtyBird, on Google+, or on Twitter @TylerCroweFool.

The Motley Fool recommends Magellan Midstream Partners and Oneok Partners. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.