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 8 of 151 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
035810.KQEASY HOLDINGS Co., Ltd.9.64%$435.2887.39%
0623.HKSinoMedia Holding Limited9.64%$0.1944.98%
ITSA3.SAItaúsa S.A.9.64%$1.1780.68%
MFG.AXMagellan Financial Group Limited9.64%$0.9634.94%
PMTA.BKPM Thoresen Asia Holdings Public Company Limited9.64%$0.9860.98%
2989.TTokaido REIT, Inc.9.63%$11,143.4889.54%
SBMO.ASSBM Offshore N.V.9.63%$2.3853.44%
0576.HKZhejiang Expressway Co., Ltd.9.62%$0.6974.90%
INVEST.HEInvestors House Oyj9.62%$0.3663.41%
MFEC.BKMFEC Public Company Limited9.62%$0.5094.79%
PIKK.MEPJSC PIK-specialized homebuilder9.61%$45.9431.14%
6868.HKTenfu (Cayman) Holdings Company Limited9.60%$0.2693.07%
601077.SSChongqing Rural Commercial Bank Co., Ltd.9.58%$0.6286.18%
SIQ.AXSmartgroup Corporation Ltd9.58%$0.8777.09%
5012.KLTa Ann Holdings Berhad9.57%$0.4093.61%
PAC.AXPacific Current Group Limited9.57%$0.9623.44%
MTO.AXMotorCycle Holdings Limited9.56%$0.3068.86%
HME.VHemisphere Energy Corporation9.55%$0.1957.92%
0382.HKEdvantage Group Holdings Limited9.54%$0.1412.43%
0OQQ.LInfotel S.A.9.54%$4.0386.81%
VIE.PAVeolia Environnement S.A.9.53%$2.8797.23%
0QJX.LEFG International AG9.52%$1.8196.44%
601998.SSChina CITIC Bank Corporation Limited9.51%$0.7368.88%
0752.HKPico Far East Holdings Limited9.50%$0.2545.55%
MRN.PAMersen S.A.9.50%$2.3045.40%
MTS.AXMetcash Limited9.50%$0.3164.02%
SYNE3.SASYN prop e tech S.A.9.50%$0.4659.20%
TEXF.BRTexaf S.A.9.50%$3.4063.35%
601997.SSBank of Guiyang Co.,Ltd.9.49%$0.5639.86%
WMA.AXWam Alternative Assets Limited9.49%$0.109.12%
0135.HKKunlun Energy Company Limited9.48%$0.7052.47%
SC-R.BKSC Asset Corporation Public Company Limited9.47%$0.1648.63%
0DLI.LAcomo N.V.9.45%$2.4067.74%
AFYAAfya Limited9.45%$1.4117.69%
BBRI.JKPT Bank Rakyat Indonesia (Persero) Tbk9.44%$343.6092.61%
TEKA.BKTeka Construction Public Company Limited9.44%$0.1696.55%
8964.TFrontier Real Estate Investment Corporation9.39%$8,736.6196.39%
ALLA.BKAlla Public Company Limited9.39%$0.1177.39%
4333.SRTaleem REIT Fund9.38%$0.9670.19%
SHL.AXSonic Healthcare Limited9.38%$2.1198.90%
TQM-R.BKTQM Alpha Public Company Limited9.37%$1.0882.74%
0882.HKTianjin Development Holdings Limited9.36%$0.2321.27%
0O84.LDNB Bank ASA9.36%$17.5255.97%
4339.SRDerayah Financial - Derayah Reit Fund9.36%$0.4982.63%
601390.SSChina Railway Group Limited9.35%$0.5150.32%
CPACopa Holdings, S.A.9.35%$11.3970.44%
BRSR3.SABanco do Estado do Rio Grande do Sul S.A.9.34%$1.5649.87%
RET.BRRetail Estates N.V.9.34%$5.9746.68%
0265.HKGangyu Smart Urban Services Holdings Limited9.33%$0.1868.15%
KGKC.MEPJSC Kurgan Generation Company9.33%$4.0370.77%