Valero Energy Partners Reports Q4-15
Feb. 04, 2016 11:20 AM ETVLP
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Dividend Investing, Growth At A Reasonable Price
Contributor Since 2011
I seek to liberate investors from the chains of borrowed opinions by teaching metric awareness that leads to the formation of your own opinions. I am a retail investor that gathers, processes and analyzes significantly more data than average. I share that data in my articles. I let the data do the talking. I am only taking dictation as the data tells its message.
The VLP DCF/unit growth is fantastic. The VLP distribution coverage ratio is fantastic. It is metrics like this that explain the atypically low yield - and the lack of unit price depreciation.
Valero Energy Partners LP metrics
| Q4-2015 | Q3-2015 | Q2-2015 | Q1-2015 | Q4-2014 | Q3-2014 | Q2-2014 | Q1-2014 | Q4-2013 | ||||
| Memo Numbers | ||||||||||||
| Revenues | 79.456 | 62.037 | 60.245 | 41.886 | 34.182 | 33.666 | 31.843 | 29.489 | 33.069 | |||
| Costs | 31.785 | 29.170 | 25.249 | 28.917 | 14.994 | 15.936 | 25.808 | 25.250 | 15.987 | |||
| EBITDA | 56.879 | 43.580 | 42.737 | 27.810 | 23.741 | 22.204 | 15.565 | 13.858 | 2.603 | |||
| Important Numbers | ||||||||||||
| Total DCF dollars | 52.861 | 41.880 | 40.051 | 27.452 | 22.606 | 21.131 | 15.650 | 13.565 | 2.581 | |||
| GP's DCF dollars | 2.248 | 1.612 | 1.357 | 0.852 | 0.381 | 0.351 | 0.244 | 0.210 | 0.041 | |||
| Net DCF dollars | 50.613 | 40.268 | 38.694 | 26.600 | 22.225 | 20.780 | 15.406 | 13.775 | 2.540 | |||
| Units | 62.814 | 59.488 | 59.488 | 58.216 | 57.581 | 57.581 | 57.580 | 57.582 | 57.580 | |||
| DCF/unit | $0.8058 | $0.6769 | $0.6505 | $0.4569 | $0.3859 | $0.3609 | $0.2676 | $0.2392 | $0.0441 | |||
| Upcoming Distrib. | $0.3200 | $0.3075 | $0.2925 | $0.2775 | $0.266 | $0.240 | $0.2225 | $0.2125 | $0.037 | |||
| Calculated Coverage | 2.52 | 2.20 | 2.22 | 1.64 | 1.45 | 1.50 | 1.20 | 1.12 | 1.19 | |||
| Reported Coverage | 2.33 | 2.08 | 2.17 | 1.59 | 1.43 | 1.50 | 1.20 | 1.09 | 1.19 | |||
| Broker1 DCF/unit | x | $1.14 | $1.09 | $0.82 | $0.83 | $0.72 | $0.64 | $0.46 | ||||
| Broker2 DCF/unit | x | $0.xx | $0.43 | $0.38 | $0.36 | $0.27 | $0.23 | |||||
| Broker3 DCF/unit | x | $0.68 | $0.66 | $0.46 | $0.38 | $0.36 | $0.27 | $0.23 | ||||
| The Broker1 DCF calculation subtracted funds from undistributed cash flow as belonging to the GP - AND - Broker1 did not include subordinated units in its unit count | ||||||||||||
The analyst numbers from Broker1 are evidence that you are not well served delegating the task of doing the numbers - or getting your numbers from a single source. You are (OTCQB:ALSO) not well served by the obfuscation of many MLP earnings releases - which makes it relatively difficult to calculate your own numbers.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.