Valuentum Exclusive Analysis for the Discerning Investor

S&P Global: "Enterprise's shift on cash flow reflects 'metamorphosis' of US pipeline firms"
S&P Global: "While several major U.S. energy pipeline companies spent 2018 shedding cash-leaking habits and forging a more conventional financial structure as stocks languished, adopting reporting practices that are more accessible to the investing public could be a gradual process for the industry, if it takes flight at all."

Jan 25, 2019

Dividend Increases/Decreases for the Week Ending January 25
Let's take a look at companies that raised/lowered their dividend this week.

Oct 26, 2018

Dividend Increases/Decreases for the Week Ending October 26
Let's take a look at companies that raised/lowered their dividend this week.

Oct 22, 2018

Hi-Crush and EnLink Join Growing List of MLP Simplifications
Image Source: EnLink transaction presentation.A number of master limited partnerships continue to transition to more simplified structures as they attempt to become increasingly nimble organizations.

Sep 18, 2018

Midstreams Going C-Corp, Should SEC Disallow the Measure Distributable Cash Flow?
It’s important to differentiate the concept of enterprise free cash flow valuation and the idea of capital-market dependence. The uncertainty of the MLP business model remains, as it is clear operators are shunning the MLP business model preferring C-Corps instead. According to work from Global X Funds, now 40% of the energy infrastructure market cap consists of C-Corps, up considerably from just 15% at the end of 2014. Though many simplifications have come with implied distribution cuts, the primary reason for the rise in C-Corps across the midstream space has been the rationalizing of excess MLP valuations to enterprise free cash flow assessments. We encourage the SEC to consider disallowing the use of distributable cash flow, as it is confusing to investors.

Jul 27, 2018

Dividend Increases/Decreases for the Week Ending July 27
We provide a list of firms that raised/lowered their dividends during the week ending July 27. The dividend reports of covered firms on this list will be updated shortly with the new information. To access our dividend reports use the ‘Symbol’ search box in our website header.

Jun 1, 2018

The Free Cash Flow Shortfall in the Master Limited Partnership Space
With the recent acceleration of master limited partnership simplification transactions, we find it appropriate to revisit the internally-generated cash flow shortfall present throughout much of the space. The table provides a breakdown of traditional free cash flow (cash from operating activities less all capital spending) relative to distributions paid, as well as a measure of the elevated financial leverage often found within the group.

Apr 27, 2018

Dividend Increases/Decreases for the Week Ending April 27
Let's take a look at companies that raised/lowered their dividend this week.

Jan 27, 2018

Dividend Increases/Decreases for the Week Ending January 26
Let's take a look at companies that raised/lowered their dividend this week.

Dec 27, 2017

Objectivity in Analysis and the MLP Enigma
President of Investment Research Brian Nelson talks about how financial statement analysis keeps analysts objective. He also goes into how the distribution yields of MLPs may not reflect underlying business dynamics. Nelson also explains an inconsistency in the use of financing that supports the idea that MLPs are using external capital market issuances to fund distributions. Running time: ~15 minutes.

Valuentum Exclusive Analysis for the Discerning Investor Symbol Keyword

Member Login

Newsletters/Portfolios

Dividend Cushion

Stock Screens

Products & Tools

Value Trap

The Buying Index, VBI

Dividend Changes

Valuentum Exclusive Analysis for the Discerning Investor