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

Holly Energy Partners, L.P. (HEP)

Company Dividend Discount ModelIndustry: Oil & Gas MidstreamSector: Energy

Valuation Snapshot

Stable Growth$21.17 - $34.40$27.10
Multi-Stage$27.42 - $29.95$28.66
Blended Fair Value$27.88
Current Price$21.96
Upside26.96%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2022202120202019201820172016201520142013
DPS-6.24%-7.82%1.341.181.382.162.101.864.041.831.221.10
YoY Growth--13.76%-14.34%-36.15%3.11%12.96%-54.08%121.06%49.39%10.89%-63.65%
Dividend Yield--7.74%6.68%7.22%15.40%7.72%6.73%11.31%5.40%3.89%3.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)239.26
(-) Cash Dividends Paid (M)177.25
(=) Cash Retained (M)62.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)47.8529.9117.94
Cash Retained (M)62.0062.0062.00
(-) Cash Required (M)-47.85-29.91-17.94
(=) Excess Retained (M)14.1532.1044.06
(/) Shares Outstanding (M)126.44126.44126.44
(=) Excess Retained per Share0.110.250.35
LTM Dividend per Share1.401.401.40
(+) Excess Retained per Share0.110.250.35
(=) Adjusted Dividend1.511.661.75
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate1.80%2.80%3.80%
Fair Value$21.17$27.10$34.40
Upside / Downside-3.62%23.40%56.66%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)239.26245.95252.84259.92267.19274.67282.91
Payout Ratio74.08%77.27%80.45%83.63%86.82%90.00%92.50%
Projected Dividends (M)177.25190.04203.41217.38231.97247.20261.69

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate1.80%2.80%3.80%
Year 1 PV (M)172.53174.22175.92
Year 2 PV (M)167.65170.96174.30
Year 3 PV (M)162.65167.49172.42
Year 4 PV (M)157.57163.85170.32
Year 5 PV (M)152.44160.08168.02
PV of Terminal Value (M)2,654.202,787.152,925.38
Equity Value (M)3,467.033,623.753,786.36
Shares Outstanding (M)126.44126.44126.44
Fair Value$27.42$28.66$29.95
Upside / Downside24.87%30.51%36.37%

High-Yield Dividend Screener

« Prev Page 17 of 151 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
PBY-UN.TOCanso Credit Trust - Canso Credit Income Fund6.89%$1.1043.72%
002267.SZShaanxi Provincial Natural Gas Co.,Ltd6.88%$0.5285.38%
0590.HKLuk Fook Holdings (International) Limited6.88%$1.6433.93%
0QPD.LAllreal Holding AG6.88%$14.0066.23%
8967.TJapan Logistics Fund, Inc.6.88%$7,165.6791.03%
3356.TWGeoVision Inc.6.87%$3.2561.01%
OPUS.BDOPUS GLOBAL Nyrt.6.87%$37.7385.10%
INK.WAInstal Kraków S.A.6.86%$2.5241.25%
NLB.ILNova Ljubljanska Banka d.d.6.86%$2.4749.72%
0148.HKKingboard Holdings Limited6.85%$2.0345.96%
3592.TWRaydium Semiconductor Corporation6.85%$15.1468.63%
ABEV3.SAAmbev S.A.6.85%$0.9391.30%
ETER3.SAEternit S.A.6.85%$0.2835.41%
HTC-R.BKHaad Thip Public Company Limited6.85%$1.0269.98%
PBAPembina Pipeline Corporation6.85%$2.6486.47%
2527.TWHung Ching Development & Construction Co., Ltd.6.84%$2.0048.52%
3466.TLaSalle LOGIPORT REIT6.84%$10,849.3675.97%
KLINIQ.BKThe Klinique Medical Clinic Public Company Limited6.82%$1.4690.74%
LPF.BKLotus's Retail Growth Freehold and Leasehold Property Fund6.82%$0.7383.53%
CLWTEuro Tech Holdings Company Limited6.81%$0.0824.63%
TMD.BKThai Metal Drum Manufacturing Public Company Limited6.80%$1.7775.56%
FID.AXFiducian Group Ltd6.79%$0.7974.24%
NNND.FTencent Holdings Limited6.79%$4.6820.82%
RIC.AXRidley Corporation Limited6.79%$0.1867.95%
8961.TMORI TRUST Sogo Reit, Inc.6.78%$5,291.8468.53%
CENCOSHOPP.SNCencosud Shopping S.A.6.78%$94.9375.52%
COVH.PACovivio Hotels6.78%$1.5487.52%
FLOYD.BKFloyd Public Company Limited6.78%$0.0834.43%
ALGIR.PASignaux Girod S.A.6.77%$1.0032.73%
0144.HKChina Merchants Port Holdings Company Limited6.76%$1.0329.79%
0512.HKGrand Pharmaceutical Group Limited6.76%$0.5341.13%
TOG.BKThai Optical Group Public Company Limited6.76%$0.4566.31%
SSF.BKSurapon Foods Public Company Limited6.75%$0.3466.42%
0RU6.LSpareBank 1 Ostlandet6.74%$13.9853.75%
2313.HKShenzhou International Group Holdings Limited6.74%$4.1853.04%
600188.SSYankuang Energy Group Company Limited6.74%$0.8977.55%
0QO2.LBurkhalter Holding AG6.73%$9.3188.33%
82331.HKLi Ning Company Limited6.73%$1.1350.46%
TBR.AXTribune Resources Limited6.73%$0.4055.86%
200512.SZTsann Kuen (China) Enterprise Co., Ltd.6.72%$0.2174.88%
C07.SIJardine Cycle & Carriage Limited6.72%$2.2847.91%
GISS.QAGulf International Services Q.P.S.C.6.72%$0.1745.22%
MELG.OLMelhus Sparebank6.72%$13.5025.36%
SGP.AXStockland6.72%$0.3982.32%
UNI.AXUniversal Store Holdings Limited6.72%$0.5481.02%
0R6M.LIntershop Holding AG6.71%$11.0031.38%
CEEB3.SACompanhia de Eletricidade do Estado da Bahia - COELBA6.71%$3.0237.99%
017940.KSE1 Corporation6.70%$5,410.2182.17%
3080.SREastern Province Cement Company6.70%$1.6056.11%
CNQCanadian Natural Resources Limited6.70%$2.3071.45%