GNE - Genesis Energy

[Beagle]

https://www.anzsecurities.co.nz/Dire...atchlists.aspx

Looks solid. Gross yield at $2.56 inclusive of 80% imputation credits 8.5%.

[percy]

Happy as...……………...lol.

[Beagle]

Happy as...……………...lol.

Its certainly more solid than the NZX platform it trades on lol

[Jantar]

https://www.anzsecurities.co.nz/Dire...atchlists.aspx

Looks solid. Gross yield at $2.56 inclusive of 80% imputation credits 8.5%.

Doesn't look solid to me:
NPAT $20 million, 86% decline on FY17 of $119 million

[Beagle]

Doesn't look solid to me:
NPAT $20 million, 86% decline on FY17 of $119 million

Got to get with the program mate, its all about normalised profit and in the case of gentailiers, cash flow. EBITDA is the key figure to concentrate on.
Looking ahead its easy enough to make a case that those looking through the near term dividend are investing based on a 9%+ gross yield.
$2.54 less the near term dividend 8.6 cps due back shortly gives a net investment of $2.454 taking a FY19 and beyond view. Gross divvies expected next year (8.6 + 8.6) plus inflation..(board has a policy of matching inflation with growth in divvies), gives about 17.5 cps assuming 1.5% inflation in FY19 and if this is 80% imputed as before this gives 17.5 / 0.776 = 22.55 cps gross.
22.55 / 245.4 = 9.19% gross yield taking a FY19 investment case perspective. That gross yield grows in line with inflation going forward so you can see why this is an attractive stock from a yield perspective.

Most people tend to look at the stock and work the historical yield. I like to look through near term dividends and extrapolate out and look at the forward yield to see what the forward investment case really looks like.

[horus1]

When impairments are taken it usually means feorward cash flows are expected to reduce . Bad news.

[Beagle]

When impairments are taken it usually means feorward cash flows are expected to reduce . Bad news.

EDITDA guidance is $350 - $370m next year and aiming for $400m plus by 2021. Sorry I'm not seeing it.

[horus1]

The cash flows are usually on a 10 year forward base . I do not own any

[MauroNZ]

Got to get with the program mate, its all about normalised profit and in the case of gentailiers, cash flow. EBITDA is the key figure to concentrate on.
Looking ahead its easy enough to make a case that those looking through the near term dividend are investing based on a 9%+ gross yield.
$2.54 less the near term dividend 8.6 cps due back shortly gives a net investment of $2.454 taking a FY19 and beyond view. Gross divvies expected next year (8.6 + 8.6) plus inflation..(board has a policy of matching inflation with growth in divvies), gives about 17.5 cps assuming 1.5% inflation in FY19 and if this is 80% imputed as before this gives 17.5 / 0.776 = 22.55 cps gross.
22.55 / 245.4 = 9.19% gross yield taking a FY19 investment case perspective. That gross yield grows in line with inflation going forward so you can see why this is an attractive stock from a yield perspective.

Most people tend to look at the stock and work the historical yield. I like to look through near term dividends and extrapolate out and look at the forward yield to see what the forward investment case really looks like.

Thanks Beagle, that makes it a lot clearer.

[Beagle]

https://www.nzherald.co.nz/business/...ectid=12115833