Plains All American Pipeline, L.P. is a publicly traded master limited partnership ("MLP") engaged in the transportation, storage, terminalling and marketing of crude oil, refined products and LPG. The company also is engaged in the development and operation of natural gas storage facilities through our direct and indirect ownership of PAA Natural Gas Storage, L.P. ("PNG"). The company owns PNG's general partner, PNGS GP LLC, which holds a 2.0% general partner interest in PNG and all of its incentive distribution rights. PAA also owns an approximately a 62% limited partner interest in PNG. PNG is a publicly traded master limited partnership engaged in the development, acquisition, operation and commercial management of natural gas storage facilities. The partnership currently owns and operates two natural gas storage facilities located in Louisiana and Michigan. The partnership's general partner, as well as the majority of the partnership's limited partner interests, is owned by Plains All American Pipeline, L.P. The partnership is headquartered in Houston, TX.
Reasons to be bullish on Plains All American:
It has a strong levered free cash flow of $1. 3B.
A very strong quarterly earnings growth rate of 92%.
A good quarterly revenue growth rate of 22%.
Net income has been increasing for the past three years; in 2009 it stood at $580 million and in 2011 it came in at $994 million.
Cash flow per share surged from $5.81 in 2009 to $8.50 in 2011.
Sales have jumped in the past three years from $18 billion in 2009 to $34 billion 2011.
Operating income moved from $778 million in 2009 to $1.29 billion in 2011.
It has a good five year dividend average of 6.89%.
A decent five year dividend growth rate of 6%.
It has consecutively increased its dividend for 12 years. The last increase was from 99.5 cents to $1.02.
It has a strong three year total return of 162%.
Even though the payout ratio is not important as it's an MLP, it is well below 100. The current figure is 76%.
It has an average current ratio of 1, a weak quick ratio of 0.7, but it has a good interest coverage ratio of 5.7 which more than makes up for this shortfall.
It is positioning itself to continue delivering attractive results. In 2011, $1.9 billion was invested in expansion capital and acquisitions and management plans to invest in excess of $2.5 billion in 2012 through its $850 million expansion program and $1.7 billion on pending acquisitions of BP's Canadian NGL business.
It ended the year with a strong balance sheet with over $3.5 billion in committed liquidity and $26 million in cash and cash equivalents.
Management has stated that they are planning on increasing distributions by 8-9% in 2012.
Adjusted net income and adjusted EBITDA for the fourth quarter were $322 and $471 million respectively, as compared to the fourth quarter 2010 results of $187 million and $322 million.
100K invested for 10 years would have grown to $590K.
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Key data investors should be aware of in regard to investing in MLPs and REITs.
- Payout ratios are not that important when it comes to MLPS/REITs as they generally pay a majority of their cash flow as distributions. In the case of REITs by law they have to pay out 90% of their cash flow as dividends. Payout ratios are calculated by dividing the dividend/distribution rate by the net income per share, and this is why the payout ratio for MLPs and REITs is often higher than 100%. The more important ratio to focus on is the cash flow per unit. If one focuses on the cash flow per unit, one will see that in most cases, it exceeds the distribution/dividend declared per unit/share.
- MLPs are not taxed like regular corporations because they pay out a large portion of their income to partners (as an investor you are basically a partner and are allocated units instead of shares) usually through quarterly distributions. The burden is thus shifted to the partners who are taxed at their ordinary income rates. As ordinary income tax rates of investors are typically lower than the income tax assessed on corporations, this arrangement is advantageous to the MLPs and generally most investors.
- MLPs issue a Schedule K-1 to their investors. Unrelated business income (UBI) above $1,000 is taxable in an IRA. This information will appear in Box 20 in the schedule K-1. UBI is typically a very small number; usually well below $1,000 and in some cases negative. If the MLP pays out distributions in excess of the income it generates, the distribution is classified as a "return of capital" and tax deferred until you sell your units. For more information on this topic investors can visit the National Association of Publicly Traded Partnerships.
This article will cover a lot of key ratios and investors would be best served if they got a handle some of the more important ones. A significant portion of the historical data was obtained from zacks.com.
Free cash flow yield is obtained by dividing free cash flow per share by the current price of each share. Generally lower ratios are associated with an unattractive investment and vice versa. Free cash flow takes into account capital expenditures and other ongoing costs associated with the day to day to functions of the business. In our view free cash flow yield is a better valuation metric than earnings yield because of the above factor.
Levered free cash flow is the amount of cash available to stock holders after interest payments on debt are made. A company with a small amount of debt will only have to spend a modest amount of money on interest payments, which in turn means that there is more money to send to shareholders in the form of dividends and vice versa.
Operating cash flow is generally a better metric than earnings per share because a company can show positive net earnings and still not be able to properly service its debt. The cash flow is what pays the bills.
The payout ratio tells us what portion of the profit is being returned to investors. A payout ratio over 100% indicates that the company is paying out more money to shareholders than they are making. This situation cannot last forever. In general if the company has a high operating cash flow and access to capital markets, they can keep this going on for a while. As companies usually only pay the portion of the debt that is coming due and not the whole debt, this technique/trick can technically be employed to maintain the dividend for sometime. If the payout ratio continues to increase, the situation warrants close monitoring as this cannot last forever. If your tolerance for risk is low, look for similar companies with the same or higher yields, but with lower payout ratios. Individuals searching for other ideas might find this article to be of interest Is Annaly Capital A Good Long Term Play?
Debt to Equity Ratio is found by dividing the company's total amount of long-term debt (debts with interest rates that have a maturity longer than one year) by the total amount of equity. A debt to equity ratio of 0.5 tells us that the company is using 50 cents of liabilities in addition to each $1 of shareholders equity in the business. There is no fixed ideal number as it depends on the industry the company is in. However, in general a ratio under 1 is acceptable and ideally it should be in the 0.5-0.6 ranges.
Current Ratio is obtained by dividing the current assets by current liabilities. This ratio allows you to see if the company can pay its current debts without potentially jeopardizing future earnings. Ideally the company should have a ratio of 1 or higher.
Price to cash flow ratio is obtained by dividing the share price by cash flow per share. It is a measure of the market's expectations of a company's future financial health. The effects of depreciation and other non cash factors are removed, and this makes it easier for investors to assess foreign companies in the same industry. This ratio also provides a measure of relative value like the price to earnings ratio.
Price to free cash flow is obtained by dividing the share price by free cash flow per share. Higher ratios are associated with more expensive companies and vice versa; lower ratios are generally more attractive. If a company generated 400 million in cash flow and then spent 100 million on capital expenditure, then its free flow is $300 million. If the share price is 100 and the free cash flow per share are $5, then company trades at 20 times-free cash flow. This ratio is also useful because it can be used as a comparison to the average within the industry. This gives you an idea of how the company you are interested in holds up to the other companies within the industry.
Interest coverage is usually calculated by dividing the earnings before interest and taxes for a period of one year by the interest expenses for the same time period. This ratio informs you of a company's ability to make its interest payments on its outstanding debt. Lower interest coverage ratios indicate that there is a larger debt burden on the company and vice versa. For example if a company has an interest ratio of 11.8, this means that it covers interest expenses 11.8 times with operating profits.
Price to tangible book is obtained by dividing share price by tangible book value per share. The ratio gives investors some idea of whether they are paying too much for what would be left over if the company were to declare bankruptcy immediately. In general stocks that trade at higher price to tangible book value could leave investors facing a great percentage per share loss than those that trade at lower ratios. The price to tangible book value is theoretically the lowest possible price the stock would trade to.
Quick ratio or acid test is obtained by adding cash and cash equivalents plus marketable securities and accounts receivable dividing them by current liabilities. It is a measure of a company's ability to use its quick assets (assets that can be sold of immediately at close to book value) to pay off its current liabilities immediately. A company with a quick ratio of less than 1 cannot pay back its current liabilities. Additional key metrics are addressed in this article Thompson Creek: A Basic Materials Play Trading Below book.
Company: Plains All Amer (PAA)
Levered Free Cash Flow = 1.38B
Basic Key ratios
Percentage Held by Insiders = 1
Market Cap ($mil) = 12410
Number of Institutional Sellers 12 Weeks = 2
3 Month % Chg Short Interest = n/a
Growth
Net Income ($mil) 12/2011 = 994
Net Income ($mil) 12/2010 = 514
Net Income ($mil) 12/2009 = 580
12mo Net Incm this Q/ 12mo Net Incm 4Q's ago = 91.29
Q Net Incm this Q/ same qtr yr ago = 95.78
EBITDA ($mil) 12/2011 = N/A
EBITDA ($mil) 12/2010 = N/A
EBITDA ($mil) 12/2009 = 1046
Net Incm Rpt Qtr ($mil) = 278
Anl Net Incm this Yr/ Net Incm last Yr = 93.39
Cash Flow ($/sh) 12/2011 = 8.5
Cash Flow ($/sh) 12/2010 = 6.22
Cash Flow ($/sh) 12/2009 = 5.81
Div 5yr Growth 12/2011 = N/A
Sales ($mil) 12/2011 = 34275
Sales ($mil) 12/2010 = 25893
Sales ($mil) 12/2009 = 18520
Dividend history
Div Yield = 4.94
Div Yld 5 Yr Avg 12/2011 = N/A
Div Yld 5 Yr Avg 09/2011 = 6.89
Annual Dividend 12/2011 = 3.91
Annual Dividend 12/2010 = 3.76
Forward Yield = 4.94
Div 5yr Growth 12/2011 = N/A
R-squared Div Growth 12/2011 = N/A
R-squared Div Growth 09/2011 = 0.98
Dividend sustainability
Payout Ratio 09/2011 = 0.76
Payout Ratio 06/2011 = 0.86
Payout Ratio 5 Yr Avg 12/2011 = N/A
Payout Ratio 5 Yr Avg 09/2011 = 1.15
Payout Ratio 5 Yr Avg 06/2011 = 1.16
Change in Payout Ratio = -0.38
Performance
% Ch Price 52 Wks Rel to S&P 500 = 22.22
Std Dev Target Price Est = 5.28
Avg EPS Surprise Last 4 Qtr = 23.88
EPS % Change F2/F1 = 9.02
Next 3-5 Yr Est EPS Gr rate = N/A
Std Dev 3-5 Yr Est EPS Gr rate = N/A
EPS Gr Q(1)/Q(-3) = -166.67
5 Yr Hist EPS Gr 12/2011 = N/A
5 Yr Hist EPS Gr 09/2011 = 6.69
ROE 5 Yr Avg 12/2011 = N/A
ROE 5 Yr Avg 09/2011 = 13.73
ROE 5 Yr Avg 06/2011 = 13.62
Return on Investment 12/2011 = N/A
Return on Investment 09/2011 = 9.84
Return on Investment 06/2011 = 8.9
Debt/Tot Cap 5 Yr Avg 12/2011 = N/A
Debt/Tot Cap 5 Yr Avg 09/2011 = 47.1
Debt/Tot Cap 5 Yr Avg 06/2011 = 47.3
Current Ratio 12/2011 = N/A
Current Ratio 09/2011 = 1.00
Current Ratio 06/2011 = 1.02
Curr Ratio 5 Yr Avg = 1
Quick Ratio = 0.75
Cash Ratio = N/A
Interest Coverage 12/2011 = N/A
Interest Coverage 09/2011 = 10.7
Interest Coverage 06/2011 = 5.74
Valuation
Book Value Qtr ($/sh) 12/2011 = N/A
Book Value Qtr ($/sh) 09/2011 = 39.99
Book Value Qtr ($/sh) 06/2011 = 36.72
Anl EPS before NRI 12/2007 = 2.89
Anl EPS before NRI 12/2008 = 2.96
Anl EPS before NRI 12/2009 = 3.14
Anl EPS before NRI 12/2010 = 3.04
Anl EPS before NRI 12/2011 = 5.24
Price/ Book = 2.08
Price/ Cash Flow = 9.77
Price/ Sales = 0.36
EV/EBITDA 12 Mo = N/A
P/E/G F1 = N/A
Q1 Std Dev/ Consensus = 0.1
R-squared EPS Growth 12/2011 = N/A
R-squared EPS Growth 09/2011 = 0.3
P/E F1/ LT EPS Gr = N/A
Std Dev Cons Current Qtr = 0.12
Median Est Next Qtr = 1.11
# Anlst in Cons Q3 = 5
Related companies (Peer group analysis)
Company: Enterprise Products (EPD)
Levered Free Cash Flow = N/A
Basic Key ratios
Percentage Held by Insiders = 34.7
Market Cap ($mil) = 45560
Number of Institutional Sellers 12 Weeks = N/A
3 Month % Chg Short Interest = n/a
Growth
Net Income ($mil) 12/2011 = 2047
Net Income ($mil) 12/2010 = 321
Net Income ($mil) 12/2009 = 204
12mo Net Incm this Q/ 12mo Net Incm 4Q's ago = 61.59
Q Net Incm this Q/ same qtr yr ago = 351.25
EBITDA ($mil) 12/2011 = 3867
EBITDA ($mil) 12/2010 = 3137
EBITDA ($mil) 12/2009 = 2690
Net Incm Rpt Qtr ($mil) = 721
Anl Net Incm this Yr/ Net Incm last Yr = 538.08
Cash Flow ($/sh) 12/2011 = 3.34
Cash Flow ($/sh) 12/2010 = 1.63
Cash Flow ($/sh) 12/2009 = 3.15
Div 5yr Growth 12/2011 = N/A
Sales ($mil) 12/2011 = 44313
Sales ($mil) 12/2010 = 33739
Sales ($mil) 12/2009 = 25511
Dividend history
Div Yield = 4.74
Div Yld 5 Yr Avg 12/2011 = N/A
Div Yld 5 Yr Avg 09/2011 = 6.78
Annual Dividend 12/2011 = 2.41
Annual Dividend 12/2010 = 2.29
Forward Yield = 4.74
Div 5yr Growth 12/2011 = N/A
R-squared Div Growth 12/2011 = N/A
R-squared Div Growth 09/2011 = 1
Dividend sustainability
Payout Ratio 09/2011 = 1.11
Payout Ratio 06/2011 = 1.21
Payout Ratio 5 Yr Avg 12/2011 = N/A
Payout Ratio 5 Yr Avg 09/2011 = 1.35
Payout Ratio 5 Yr Avg 06/2011 = 1.38
Change in Payout Ratio = -0.24
Performance
% Ch Price 52 Wks Rel to S&P 500 = 17.03
Std Dev Target Price Est = 3.05
Avg EPS Surprise Last 4 Qtr = 11.81
EPS % Change F2/F1 = 7.88
Next 3-5 Yr Est EPS Gr rate = 6.4
Std Dev 3-5 Yr Est EPS Gr rate = 1.98
EPS Gr Q(1)/Q(-3) = -145.65
5 Yr Hist EPS Gr 12/2011 = N/A
5 Yr Hist EPS Gr 09/2011 = 15.84
ROE 5 Yr Avg 12/2011 = N/A
ROE 5 Yr Avg 09/2011 = 12.38
ROE 5 Yr Avg 06/2011 = 12.03
Return on Investment 12/2011 = N/A
Return on Investment 09/2011 = 7.45
Return on Investment 06/2011 = 6.08
Debt/Tot Cap 5 Yr Avg 12/2011 = N/A
Debt/Tot Cap 5 Yr Avg 09/2011 = 54.34
Debt/Tot Cap 5 Yr Avg 06/2011 = 53.95
Current Ratio 12/2011 = N/A
Current Ratio 09/2011 = 0.82
Current Ratio 06/2011 = 0.83
Curr Ratio 5 Yr Avg = 0.94
Quick Ratio = 0.67
Cash Ratio = 0.06
Interest Coverage 12/2011 = N/A
Interest Coverage 09/2011 = 4.97
Interest Coverage 06/2011 = 3.6
Valuation
Book Value Qtr ($/sh) 12/2011 = N/A
Book Value Qtr ($/sh) 09/2011 = 14.02
Book Value Qtr ($/sh) 06/2011 = 12.78
Anl EPS before NRI 12/2007 = 0.96
Anl EPS before NRI 12/2008 = 1.85
Anl EPS before NRI 12/2009 = 1.81
Anl EPS before NRI 12/2010 = 1.39
Anl EPS before NRI 12/2011 = 2.21
Price/ Book = 3.73
Price/ Cash Flow = 15.65
Price/ Sales = 1.03
EV/EBITDA 12 Mo = 15.4
P/E/G F1 = 3.34
Q1 Std Dev/ Consensus = 0.07
R-squared EPS Growth 12/2011 = N/A
R-squared EPS Growth 09/2011 = 0.75
P/E F1/ LT EPS Gr = 3.34
Std Dev Cons Current Qtr = 0.04
Median Est Next Qtr = 0.58
# Anlst in Cons Q3 = 11
Company : Energy Tran Ptr (ETP)
Levered Free Cash Flow = -199.93M
Basic Key ratios
Percentage Held by Insiders = 3
Market Cap ($mil) = 9821
Number of Institutional Sellers 12 Weeks = N/A
3 Month % Chg Short Interest = n/a
Growth
Net Income ($mil) 12/2011 = 669
Net Income ($mil) 12/2010 = 617
Net Income ($mil) 12/2009 = 792
12mo Net Incm this Q/ 12mo Net Incm 4Q's ago = 8.39
Q Net Incm this Q/ same qtr yr ago = -8.86
EBITDA ($mil) 12/2011 = N/A
EBITDA ($mil) 12/2010 = N/A
EBITDA ($mil) 12/2009 = 1520
Net Incm Rpt Qtr ($mil) = 207
Anl Net Incm this Yr/ Net Incm last Yr = 8.39
Cash Flow ($/sh) 12/2011 = N/A
Cash Flow ($/sh) 12/2010 = 5.29
Cash Flow ($/sh) 12/2009 = 6.32
Div 5yr Growth 12/2011 = N/A
Sales ($mil) 12/2011 = 6850
Sales ($mil) 12/2010 = 5885
Sales ($mil) 12/2009 = 5417
Dividend history
Div Yield = 7.63
Div Yld 5 Yr Avg 12/2011 = N/A
Div Yld 5 Yr Avg 09/2011 = 7.55
Annual Dividend 12/2011 = 3.58
Annual Dividend 12/2010 = 3.58
Forward Yield = 7.63
Div 5yr Growth 12/2011 = N/A
R-squared Div Growth 12/2011 = N/A
R-squared Div Growth 09/2011 = 0.6
Dividend sustainability
Payout Ratio 09/2011 = 2.31
Payout Ratio 06/2011 = 2.09
Payout Ratio 5 Yr Avg 12/2011 = N/A
Payout Ratio 5 Yr Avg 09/2011 = 1.59
Payout Ratio 5 Yr Avg 06/2011 = 1.54
Change in Payout Ratio = 0.72
Performance
% Ch Price 52 Wks Rel to S&P 500 = -17.5
Std Dev Target Price Est = 3.24
Avg EPS Surprise Last 4 Qtr = -34.37
EPS % Change F2/F1 = 10.52
Next 3-5 Yr Est EPS Gr rate = 18.26
Std Dev 3-5 Yr Est EPS Gr rate = 18.87
EPS Gr Q(1)/Q(-3) = 124.62
5 Yr Hist EPS Gr 12/2011 = N/A
5 Yr Hist EPS Gr 09/2011 = -14.81
ROE 5 Yr Avg 12/2011 = N/A
ROE 5 Yr Avg 09/2011 = 18.59
ROE 5 Yr Avg 06/2011 = 18.83
Return on Investment 12/2011 = N/A
Return on Investment 09/2011 = 5.64
Return on Investment 06/2011 = 6
Debt/Tot Cap 5 Yr Avg 12/2011 = N/A
Debt/Tot Cap 5 Yr Avg 09/2011 = 56.88
Debt/Tot Cap 5 Yr Avg 06/2011 = 56.29
Current Ratio 12/2011 = N/A
Current Ratio 09/2011 = N/A
Current Ratio 06/2011 = 0.84
Curr Ratio 5 Yr Avg = 1.18
Quick Ratio = N/A
Cash Ratio = N/A
Interest Coverage 12/2011 = N/A
Interest Coverage 09/2011 = N/A
Interest Coverage 06/2011 = 1.65
Valuation
Book Value Qtr ($/sh) 12/2011 = N/A
Book Value Qtr ($/sh) 09/2011 = N/A
Book Value Qtr ($/sh) 06/2011 = 27.62
Anl EPS before NRI 12/2007 = 3.31
Anl EPS before NRI 12/2008 = 4.09
Anl EPS before NRI 12/2009 = 2.51
Anl EPS before NRI 12/2010 = 1.47
Anl EPS before NRI 12/2011 = 1.48
Price/ Book = 1.7
Price/ Cash Flow = 8.86
Price/ Sales = 1.43
EV/EBITDA 12 Mo = N/A
P/E/G F1 = 1.23
Q1 Std Dev/ Consensus = 0.45
R-squared EPS Growth 12/2011 = N/A
R-squared EPS Growth 09/2011 = 0.46
P/E F1/ LT EPS Gr = 1.23
Std Dev Cons Current Qtr = 0.24
Median Est Next Qtr = 0.46
# Anlst in Cons Q3 = 10
Company : Ferrellgas -Lp (FGP)
Levered Free Cash Flow = 67.56M
Basic Key ratios
Percentage Held by Insiders = 0.48
Market Cap ($mil) = 1460
Number of Institutional Sellers 12 Weeks = N/A
3 Month % Chg Short Interest = n/a
Growth
Net Income ($mil) 12/2011 = -44
Net Income ($mil) 12/2010 = 33
Net Income ($mil) 12/2009 = 53
12mo Net Incm this Q/ 12mo Net Incm 4Q's ago = -226.67
Q Net Incm this Q/ same qtr yr ago = -16.26
EBITDA ($mil) 12/2011 = 142
EBITDA ($mil) 12/2010 = 219
EBITDA ($mil) 12/2009 = 228
Net Incm Rpt Qtr ($mil) = -33
Anl Net Incm this Yr/ Net Incm last Yr = -233.46
Cash Flow ($/sh) 12/2011 = 0.95
Cash Flow ($/sh) 12/2010 = 1.85
Cash Flow ($/sh) 12/2009 = 2.07
Div 5yr Growth 12/2011 = N/A
Sales ($mil) 12/2011 = 2423
Sales ($mil) 12/2010 = 2099
Sales ($mil) 12/2009 = 2070
Dividend history
Div Yield = 10.82
Div Yld 5 Yr Avg 12/2011 = N/A
Div Yld 5 Yr Avg 09/2011 = 9.56
Annual Dividend 12/2011 = 2
Annual Dividend 12/2010 = 2
Forward Yield = 10.82
Div 5yr Growth 12/2011 = N/A
R-squared Div Growth 12/2011 = N/A
R-squared Div Growth 09/2011 = 0
Dividend sustainability
Payout Ratio 09/2011 = 9.52
Payout Ratio 06/2011 = 8.7
Payout Ratio 5 Yr Avg 12/2011 = 5.04
Payout Ratio 5 Yr Avg 09/2011 = 5.17
Payout Ratio 5 Yr Avg 06/2011 = 5.07
Change in Payout Ratio = 4.48
Performance
% Ch Price 52 Wks Rel to S&P 500 = -38.07
Std Dev Target Price Est = 1
Avg EPS Surprise Last 4 Qtr = -35.12
EPS % Change F2/F1 = 325
Next 3-5 Yr Est EPS Gr rate = 4
Std Dev 3-5 Yr Est EPS Gr rate = N/A
EPS Gr Q(1)/Q(-3) = -152.22
5 Yr Hist EPS Gr 12/2011 = N/A
5 Yr Hist EPS Gr 09/2011 = -6.41
ROE 5 Yr Avg 12/2011 = 29.39
ROE 5 Yr Avg 09/2011 = 28.25
ROE 5 Yr Avg 06/2011 = 27.85
Return on Investment 12/2011 = N/A
Return on Investment 09/2011 = 0.98
Return on Investment 06/2011 = 1.35
Debt/Tot Cap 5 Yr Avg 12/2011 = 87.98
Debt/Tot Cap 5 Yr Avg 09/2011 = 87.45
Debt/Tot Cap 5 Yr Avg 06/2011 = 86.49
Current Ratio 12/2011 = N/A
Current Ratio 09/2011 = 0.95
Current Ratio 06/2011 = 1.1
Curr Ratio 5 Yr Avg = 1.14
Quick Ratio = 0.64
Cash Ratio = 0.11
Interest Coverage 12/2011 = N/A
Interest Coverage 09/2011 = N/A
Interest Coverage 06/2011 = N/A
Valuation
Book Value Qtr ($/sh) 12/2011 = N/A
Book Value Qtr ($/sh) 09/2011 = 0.23
Book Value Qtr ($/sh) 06/2011 = 1.16
Anl EPS before NRI 12/2007 = 0.6
Anl EPS before NRI 12/2008 = 0.4
Anl EPS before NRI 12/2009 = 0.89
Anl EPS before NRI 12/2010 = 0.67
Anl EPS before NRI 12/2011 = -0.14
Price/ Book = 79.13
Price/ Cash Flow = 19.45
Price/ Sales = 0.57
EV/EBITDA 12 Mo = 17.74
P/E/G F1 = 31.34
Q1 Std Dev/ Consensus = 0.13
R-squared EPS Growth 12/2011 = N/A
R-squared EPS Growth 09/2011 = 0.05
P/E F1/ LT EPS Gr = 31.34
Std Dev Cons Current Qtr = 0.04
Median Est Next Qtr = -0.52
# Anlst in Cons Q3 = 1
Company : Regency Energy (RGP)
Levered Free Cash Flow = -270.30M
Basic Key ratios
Percentage Held by Insiders = 0.1
Market Cap ($mil) = 4067
Number of Institutional Sellers 12 Weeks = 1
3 Month % Chg Short Interest = n/a
Growth
Net Income ($mil) 12/2011 = N/A
Net Income ($mil) 12/2010 = -11
Net Income ($mil) 12/2009 = 140
12mo Net Incm this Q/ 12mo Net Incm 4Q's ago = 951.25
Q Net Incm this Q/ same qtr yr ago = 289.06
EBITDA ($mil) 12/2011 = N/A
EBITDA ($mil) 12/2010 = 206
EBITDA ($mil) 12/2009 = 334
Net Incm Rpt Qtr ($mil) = 30
Anl Net Incm this Yr/ Net Incm last Yr = -107.77
Cash Flow ($/sh) 12/2011 = N/A
Cash Flow ($/sh) 12/2010 = 0.9
Cash Flow ($/sh) 12/2009 = 3.14
Div 5yr Growth 12/2011 = N/A
Sales ($mil) 12/2011 = N/A
Sales ($mil) 12/2010 = 1222
Sales ($mil) 12/2009 = 1089
Dividend history =
Div Yield = 7.12
Div Yld 5 Yr Avg 12/2011 = N/A
Div Yld 5 Yr Avg 09/2011 = 8.23
Annual Dividend 12/2011 = 1.8
Annual Dividend 12/2010 = 1.78
Forward Yield = 7.12
Div 5yr Growth 12/2011 = N/A
R-squared Div Growth 12/2011 = N/A
R-squared Div Growth 09/2011 = 0.68
Dividend sustainability
Payout Ratio 09/2011 = N/A
Payout Ratio 06/2011 = 11.25
Payout Ratio 5 Yr Avg 12/2011 = N/A
Payout Ratio 5 Yr Avg 09/2011 = N/A
Payout Ratio 5 Yr Avg 06/2011 = N/A
Change in Payout Ratio = N/A
Performance
% Ch Price 52 Wks Rel to S&P 500 = -9.72
Std Dev Target Price Est = 1.29
Avg EPS Surprise Last 4 Qtr = N/A
EPS % Change F2/F1 = N/A
Next 3-5 Yr Est EPS Gr rate = 4
Std Dev 3-5 Yr Est EPS Gr rate = N/A
EPS Gr Q(1)/Q(-3) = 2-128.57
5 Yr Hist EPS Gr 12/2011 = N/A
5 Yr Hist EPS Gr 09/2011 = N/A
ROE 5 Yr Avg 12/2011 = N/A
ROE 5 Yr Avg 09/2011 = 3.79
ROE 5 Yr Avg 06/2011 = 3.41
Return on Investment 12/2011 = N/A
Return on Investment 09/2011 = N/A
Return on Investment 06/2011 = 0.64
Debt/Tot Cap 5 Yr Avg 12/2011 = N/A
Debt/Tot Cap 5 Yr Avg 09/2011 = 48.36
Debt/Tot Cap 5 Yr Avg 06/2011 = 49.73
Current Ratio 12/2011 = N/A
Current Ratio 09/2011 = N/A
Current Ratio 06/2011 = 0.79
Curr Ratio 5 Yr Avg = 0.96
Quick Ratio = 0.82
Cash Ratio = 0.26
Interest Coverage 12/2011 = N/A
Interest Coverage 09/2011 = N/A
Interest Coverage 06/2011 = 1.33
Valuation
Book Value Qtr ($/sh) 12/2011 = N/A
Book Value Qtr ($/sh) 09/2011 = N/A
Book Value Qtr ($/sh) 06/2011 = 45.83
Anl EPS before NRI 12/2007 = N/A
Anl EPS before NRI 12/2008 = 1.24
Anl EPS before NRI 12/2009 = 1.72
Anl EPS before NRI 12/2010 = N/A
Anl EPS before NRI 12/2011 = N/A
Price/ Book = 0.56
Price/ Cash Flow = 28.9
Price/ Sales = 2.93
EV/EBITDA 12 Mo = N/A
P/E/G F1 = 12.73
Q1 Std Dev/ Consensus = 0.5
R-squared EPS Growth 12/2011 = N/A
R-squared EPS Growth 09/2011 = N/A
P/E F1/ LT EPS Gr = 12.73
Std Dev Cons Current Qtr = 0.04
Median Est Next Qtr = 0.11
# Anlst in Cons Q3 = 6
Conclusion
As the markets are extremely overbought, investors should wait for a strong pullback before committing any fresh money to this market. Cycle analysis indicates that a top should take hold from the 5-9th of March. It is possible that a short term top is already in place.
EPS, EPS surprises, broker recommendations and price and consensus charts sourced from zacks.com. Earnings estimates and growth rate charts for PAA sourced from dailyfinance.com. Earnings vs. estimates charts sourced from smartmoney.com. Dividend history charts sourced from dividata.com. Free cash flow yield, income from cont operations, revenue growth and cash dividend payout ratio charts sourced from Ycharts.com. 2010 and 2011 results in table format sourced from paalp.com.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Additional disclosure: This list of stocks is meant to serve as a starting point. Please do not treat this as a buying list. It is imperative that you do your due diligence and then determine if any of the above plays meet with your risk tolerance levels. The Latin maxim caveat emptor applies-let the buyer beware.
