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Albert Alfonso  

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  • ConocoPhillips: A Surprise Dividend Hike [View article]
    Not really magical. COP has cut capex quite abit and has not back bought stock since 2013.
    Jul 21, 2015. 05:05 PM | Likes Like |Link to Comment
  • Kinder Morgan: The Bears Strike Again [View article]
    PACKER man,

    KMR was an interesting vehicle. Dividends were paid in stock, so the cash flow was retained. However, KMP's coverage ratio always factor in the KMR dividends. Best part of KMR was its tax advantage, discounted valuation versus KMP, and non-MLP status.
    Jul 18, 2015. 02:22 PM | 2 Likes Like |Link to Comment
  • Kinder Morgan: The Bears Strike Again [View article]
    mawen,

    Most dividends are paid in cash. Not sure just what percent of KMI shareholders choose to DRIP. In any regards, the coverage ratio assumes a100% cash outley.
    Jul 18, 2015. 02:19 PM | 1 Like Like |Link to Comment
  • Kinder Morgan Did Not Disappoint [View article]
    RLP,

    Yup, that is to be expected. The old KMI only held equity positions and no physical assets. The new KMI now owns a very large midstream asset base.
    Jul 18, 2015. 02:15 PM | 2 Likes Like |Link to Comment
  • Kinder Morgan: The Bears Strike Again [View article]
    cdubois01,

    The facts on the ground changed for LINE. Oil, natural gas and NGLs prices are all much lower compared to last year. Most of the decline came when Saudi Arabia made it clear that it was not going to cut production on November 27.
    Jul 17, 2015. 06:35 PM | 1 Like Like |Link to Comment
  • Kinder Morgan: The Bears Strike Again [View article]
    ChuckXX,

    KMI is down along with the rest of the energy complex. The market is dumping anything even remotely related to oil after the Iran deal.
    Jul 17, 2015. 06:19 PM | 12 Likes Like |Link to Comment
  • Another Strong Quarter For Philip Morris [View article]
    I agree. We would be in a depression of that scenario played out again.

    I would add that the current rise in the US dollar has been more volatile and unjustified than those examples in the past. Currently, other currencies seem to be devaluing themselves almost on purpose. The zero interest rate policy since 2008 has also not helped matters.

    In other words, I feel the dollar is showing non-organic strength and will give back its gains once the global markets stabilize.
    Jul 17, 2015. 06:12 PM | Likes Like |Link to Comment
  • Coca-Cola Company: Overpriced With Poor Prospects [View article]
    JM,

    You make some good points on the obesity and welfare reform issues. However, your viewpoint is way too focus on the US and other mature markets. Soda demand is growing across the globe, inline with population growth. Latin America and Africa remain under-served markets.

    Even in the US, KO is growing volumes, despite soft soda sales. They have invested tons of capital into new product categories.
    Jul 17, 2015. 11:55 AM | 3 Likes Like |Link to Comment
  • Kinder Morgan Did Not Disappoint [View article]
    RLP,

    -- They no longer have the tax advantages their MLPs had a year go

    That is your only valid point. And even here KMI has a large tax shield.

    -- Non-GAAP DCF can be manipulated to where it's meaningless.

    Are you accusing KMI of fraud. You better report them to the SEC.

    -- All an investor should be concerned about in a C-Corp is free cash flow.

    That is a simplistic approach and you know it.
    Jul 17, 2015. 11:39 AM | 2 Likes Like |Link to Comment
  • Coca-Cola Company: Overpriced With Poor Prospects [View article]
    This article was not worth reading or my time.

    Secular headwinds? Volumes were up in North America last quarter. Soda demand is soft, but is being replaced by other products. Soda demand in developing markets is growing fast.

    Forex issues? As you noted, these will turn into tailwinds soon enough. Exporters are already feeling the pain.

    Discounting overseas cash? Why would KO even want to do this? They need capital overseas to build out its plants and other infrastructure. This is not an Apple or MSFT situation. Besides its brand, KO's biggest asset is logistics.
    Jul 17, 2015. 11:20 AM | 9 Likes Like |Link to Comment
  • Another Strong Quarter For Philip Morris [View article]
    Its more like dividend growth has stalled. Buybacks were also cut back. PM remains the cheapest pick of its peer group.
    Jul 17, 2015. 10:44 AM | 5 Likes Like |Link to Comment
  • Another Strong Quarter For Philip Morris [View article]
    alschroed,

    They did have some hedges, though you really cannot hedge that much forex exposure -- PM has 100% of its revenues coming from overseas. All major currencies have loss value versus the greenback, including massive moves in the ruble, Euro, loonie, etc. The strength of the dollar has been unprecedented, definitely the exception rather than the rule.
    Jul 17, 2015. 10:42 AM | 2 Likes Like |Link to Comment
  • Kinder Morgan Did Not Disappoint [View article]
    Ernie Mac,

    KMI's DCF goes through some seasonality. Q2 and Q3 are weak and Q1 and Q4 are strong.
    Jul 17, 2015. 01:54 AM | 2 Likes Like |Link to Comment
  • Kinder Morgan Did Not Disappoint [View article]
    RLP,

    Also keep in mind that KMI funds capex with incremental debt and equity, historically at a 50/50 split. Most operational cash flow goes to the dividend. KMI has not manipulated any data -- they have been reporting this way for ages.
    Jul 16, 2015. 11:30 PM | 3 Likes Like |Link to Comment
  • Kinder Morgan Did Not Disappoint [View article]
    RLP,

    That is not apples to apples. XOM is an integrated name. COP is a large E&P. They are not midstreams. KMI peers include SE, WMB/WPZ, EPD, ETE/ETP, PAA/PAGP, MMP, among others.
    Jul 16, 2015. 11:24 PM | Likes Like |Link to Comment
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