Definitive Analysis | Institutional-Grade Financial Research
Definitive Analysis
Get Full Access
See Pricing Start Free Trial

Equitrans Midstream Corporation (ETRN)

Company Dividend Discount ModelIndustry: Oil & Gas MidstreamSector: Energy

Valuation Snapshot

Stable Growth$7.33 - $10.55$8.90
Multi-Stage$12.58 - $13.77$13.16
Blended Fair Value$11.03
Current Price$12.82
Upside-13.97%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202320222021202020192018201720162015
DPS0.00%0.00%0.720.720.720.811.130.000.000.000.000.00
YoY Growth--0.08%0.05%-10.97%-28.07%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--5.77%12.51%8.56%9.94%22.43%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)455.69
(-) Cash Dividends Paid (M)318.59
(=) Cash Retained (M)137.10
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)91.1456.9634.18
Cash Retained (M)137.10137.10137.10
(-) Cash Required (M)-91.14-56.96-34.18
(=) Excess Retained (M)45.9680.14102.92
(/) Shares Outstanding (M)440.18440.18440.18
(=) Excess Retained per Share0.100.180.23
LTM Dividend per Share0.720.720.72
(+) Excess Retained per Share0.100.180.23
(=) Adjusted Dividend0.830.910.96
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-2.00%-1.00%0.00%
Fair Value$7.33$8.90$10.55
Upside / Downside-42.86%-30.60%-17.74%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)455.69451.13446.62442.16437.73433.36446.36
Payout Ratio69.91%73.93%77.95%81.97%85.98%90.00%92.50%
Projected Dividends (M)318.59333.53348.13362.42376.38390.02412.88

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)302.68305.76308.85
Year 2 PV (M)286.71292.59298.53
Year 3 PV (M)270.86279.24287.78
Year 4 PV (M)255.27265.85276.76
Year 5 PV (M)240.06252.56265.57
PV of Terminal Value (M)4,179.744,397.394,624.01
Equity Value (M)5,535.325,793.396,061.51
Shares Outstanding (M)440.18440.18440.18
Fair Value$12.58$13.16$13.77
Upside / Downside-1.91%2.66%7.41%

High-Yield Dividend Screener

Page 1 of 30 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
ARDCAres Dynamic Credit Allocation Fund, Inc.19.91%$2.6577.10%
JGHNuveen Global High Income Fund19.71%$2.4870.08%
BSLBlackstone / GSO Senior Floating Rate Term Fund19.66%$2.6595.83%
RGTRoyce Global Value Trust, Inc.19.58%$2.5637.89%
AIKIAIkido Pharma Inc.19.55%$0.7010.85%
PFNPIMCO Income Strategy Fund II19.43%$1.4672.85%
JLSNuveen Mortgage and Income Fund19.40%$3.5384.31%
ACVVirtus Diversified Income & Convertible Fund19.28%$5.0772.66%
BGBBlackstone/GSO Strategic Credit Fund19.19%$2.2686.72%
PHKPIMCO High Income Fund19.11%$0.9386.61%
DTWDTE Energy Company JR SUB DB 2017 E19.03%$4.0887.19%
EMDWestern Asset Emerging Markets Debt Fund Inc.18.84%$2.0378.17%
SR-PASpire Inc.18.76%$4.5498.60%
SRVNXG Cushing Midstream Energy Fund18.74%$7.5366.75%
CIKCredit Suisse Asset Management Income Fund, Inc.18.41%$0.5282.82%
DHYCredit Suisse High Yield Bond Fund, Inc.18.39%$0.3788.67%
MNRMach Natural Resources LP18.30%$2.0689.28%
PFLPIMCO Income Strategy Fund18.22%$1.5484.57%
EADWells Fargo Advantage Funds - Allspring Income Opportunities Fund18.08%$1.2352.27%
SPESpecial Opportunities Fund, Inc.18.03%$2.6644.19%
AIFApollo Tactical Income Fund Inc.17.93%$2.6660.44%
GABThe Gabelli Equity Trust Inc.17.77%$1.0881.70%
HPFJohn Hancock Preferred Income Fund II17.73%$2.8678.50%
MPVBarings Participation Investors17.65%$2.9395.78%
GBABGuggenheim Taxable Municipal Bond & Investment Grade Debt Trust17.43%$2.5974.37%
TEITempleton Emerging Markets Income Fund17.42%$1.1464.65%
ISDPGIM High Yield Bond Fund, Inc.17.40%$2.5296.64%
HIXWestern Asset High Income Fund II Inc.17.39%$0.7396.11%
NXGNXG NextGen Infrastructure Income Fund17.31%$8.7983.58%
HPIJohn Hancock Preferred Income Fund17.11%$2.7976.40%
RCSPIMCO Strategic Income Fund, Inc.17.08%$1.0075.51%
DUKBDuke Energy Corporation 5.625%16.95%$4.1965.28%
FGBFirst Trust Specialty Finance and Financial Opportunities Fund16.75%$0.7050.91%
RQICohen & Steers Quality Income Realty Fund, Inc.16.75%$1.9287.08%
FPFFirst Trust Intermediate Duration Preferred & Income Fund16.57%$3.0970.83%
EVVEaton Vance Limited Duration Income Fund16.43%$1.6364.70%
AIZNAssurant, Inc. 5.25% Subordinat16.41%$3.2219.47%
NMLNeuberger Berman MLP and Energy Income Fund Inc.16.37%$1.4040.22%
PGPPIMCO Global StocksPLUS & Income Fund16.31%$1.5060.66%
CHWCalamos Global Dynamic Income Fund16.07%$1.2066.54%
BGYBlackRock Enhanced International Dividend Trust15.99%$0.9499.21%
GABBXGabelli Dividend Growth AAA15.98%$2.8540.22%
BDJBlackRock Enhanced Equity Dividend Trust15.90%$1.4972.30%
DSLDoubleLine Income Solutions Fund15.85%$1.7854.50%
PDTJohn Hancock Premium Dividend Fund15.76%$2.0162.66%
TSQTownsquare Media, Inc.15.55%$0.7970.58%
EODWells Fargo Advantage Funds - Allspring Global Dividend Opportunity Fund15.39%$0.9052.51%
LGILazard Global Total Return and Income Fund, Inc.15.37%$2.6882.52%
BSTZBlackRock Science and Technology Trust II15.35%$3.5465.39%
FPIFarmland Partners Inc.15.34%$1.4893.00%