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

Plains All American Pipeline, L.P. (PAA)

Company Dividend Discount ModelIndustry: Oil & Gas MidstreamSector: Energy

Valuation Snapshot

Stable Growth$10.85 - $15.48$13.12
Multi-Stage$19.63 - $21.47$20.53
Blended Fair Value$16.83
Current Price$17.06
Upside-1.38%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-2.36%-0.47%1.271.060.830.730.931.431.241.971.511.54
YoY Growth--19.12%28.08%12.96%-21.07%-34.76%15.27%-37.16%30.51%-1.76%15.74%
Dividend Yield--6.33%6.00%6.65%6.83%10.23%27.02%5.01%8.94%4.77%7.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,130.00
(-) Cash Dividends Paid (M)1,025.00
(=) Cash Retained (M)105.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)226.00141.2584.75
Cash Retained (M)105.00105.00105.00
(-) Cash Required (M)-226.00-141.25-84.75
(=) Excess Retained (M)-121.00-36.2520.25
(/) Shares Outstanding (M)703.75703.75703.75
(=) Excess Retained per Share-0.17-0.050.03
LTM Dividend per Share1.461.461.46
(+) Excess Retained per Share-0.17-0.050.03
(=) Adjusted Dividend1.281.401.49
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-2.47%-1.47%-0.47%
Fair Value$10.85$13.12$15.48
Upside / Downside-36.42%-23.09%-9.27%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,130.001,113.391,097.021,080.891,065.001,049.341,080.82
Payout Ratio90.71%90.57%90.42%90.28%90.14%90.00%92.50%
Projected Dividends (M)1,025.001,008.35991.98975.86960.01944.41999.76

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-2.47%-1.47%-0.47%
Year 1 PV (M)915.03924.42933.80
Year 2 PV (M)816.86833.70850.71
Year 3 PV (M)729.23751.89775.01
Year 4 PV (M)650.99678.10706.05
Year 5 PV (M)581.14611.55643.22
PV of Terminal Value (M)10,118.4610,647.9511,199.37
Equity Value (M)13,811.7214,447.6015,108.16
Shares Outstanding (M)703.75703.75703.75
Fair Value$19.63$20.53$21.47
Upside / Downside15.04%20.34%25.84%

High-Yield Dividend Screener

« Prev Page 6 of 30 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
FFord Motor Company5.53%$0.7463.45%
LCNBLCNB Corp.5.48%$0.8953.03%
PPBIPacific Premier Bancorp, Inc.5.48%$1.3492.42%
VGRVector Group Ltd.5.48%$0.8263.35%
DLXDeluxe Corporation5.43%$1.2166.43%
BAFNBayFirst Financial Corp.5.41%$0.4321.50%
IPGThe Interpublic Group of Companies, Inc.5.41%$1.3388.72%
PEBOPeoples Bancorp Inc.5.39%$1.6256.40%
OKEONEOK, Inc.5.38%$4.0075.29%
BUSEFirst Busey Corporation5.37%$1.2875.92%
OASOasis Petroleum Inc.5.37%$5.8765.40%
EIXEdison International5.36%$3.2639.45%
0R1X.LGeneral Mills, Inc.5.35%$2.4545.62%
FIBKFirst Interstate BancSystem, Inc.5.35%$1.8979.54%
FNCBFNCB Bancorp, Inc.5.33%$0.3651.41%
DHILDiamond Hill Investment Group, Inc.5.31%$9.0552.46%
SLRCSLR Investment Corp.5.31%$0.8249.67%
EPSNEpsilon Energy Ltd.5.30%$0.2491.92%
UVVUniversal Corporation5.28%$2.7862.64%
FLICThe First of Long Island Corporation5.27%$0.6386.64%
AUBAtlantic Union Bankshares Corporation5.22%$1.8576.04%
SAFESafehold Inc.5.20%$0.7145.17%
GAB-PGThe Gabelli Equity Trust Inc. PFD-G5.19%$1.0881.70%
HPQHP Inc.5.19%$1.1543.02%
SOISolaris Oilfield Infrastructure, Inc.5.18%$0.7025.64%
MBINOMerchants Bancorp5.17%$1.2924.09%
0JXQ.LMain Street Capital Corporation5.13%$3.1752.63%
EMNEastman Chemical Company5.12%$3.2954.36%
EMBCEmbecta Corp.5.10%$0.5936.96%
AMAntero Midstream Corporation5.09%$0.9193.18%
CZNCCitizens & Northern Corporation5.09%$1.0257.64%
FMNBFarmers National Banc Corp.5.09%$0.6846.83%
0J66.LHost Hotels & Resorts, Inc.5.08%$0.9084.69%
GLPIGaming and Leisure Properties, Inc.5.07%$2.2582.42%
PFISPeoples Financial Services Corp.5.07%$2.4446.22%
TBBAT&T Inc. 5.35% GLB NTS 665.07%$1.1436.88%
KFRCKforce Inc.5.02%$1.5768.10%
TTPTortoise Pipeline & Energy Fund, Inc.5.02%$2.3920.11%
STAR-PGiStar Inc.4.94%$1.2434.23%
PFSProvident Financial Services, Inc.4.93%$0.9761.13%
UBFOUnited Security Bancshares4.92%$0.4873.45%
DDTDillards Capital Trust I CAP SECS 7.5%4.90%$1.293.46%
SGUStar Group, L.P.4.89%$0.5836.90%
AGRAvangrid, Inc.4.88%$1.7660.70%
KMBKimberly-Clark Corporation4.88%$4.9583.80%
OCFCOceanFirst Financial Corp.4.86%$0.8761.98%
0I0J.LThe Clorox Company4.85%$4.8976.11%
FNLCThe First Bancorp, Inc.4.83%$1.2845.40%
RILYZB. Riley Financial, Inc. 5.25% Senior Notes due 20284.83%$0.5856.91%
BSETBassett Furniture Industries, Incorporated4.82%$0.8089.43%