Columbia Pipeline Partners (NYSE:CPPL)

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Member Avatar notyouagain (43.13) Submitted: 9/16/2015 4:19:46 PM : Outperform Start Price: $14.98 CPPL Score: -14.06

Beginning start price $16.20

I've had no luck learning to analyze the financials of pipelines. Here's what I've learned. They defy conventional analysis. They can have payout ratios hundreds of percent in excess of earnings...and continue to raise their dividends at a phenomenal rate for years anyway. Especially in the beginning.

They can bury themselves deep in debt and it doesn't seem to matter.

They are REQUIRED to distribute 90% of their cash flow. (Or is it earnings? Doesn't matter...often there appear to be little or no earnings and the dividend keeps growing like a monster anyway).

And it's early in this baby's life. CPPL just paid its first dividend on 5/20/2015. The payment was $0.0912 per share.
CPPL paid its second quarterly payout on 8/20/2015....$0.1675 per share.

That's 83.66% dividend growth so far. From what I've observed as far as pipelines go, this is probably just the beginning of a great ride.

And so far, this particular pipeline doesn't defy conventional analysis yet... although I'm sure it will later.

......................................BUT FOR NOW........................

I often use Morningstar.com to look up information. Morningstar consensus analyst rating for CPPL is "5.0" ...("1.0" = "strong sell" and "5.0 = "buy")

Stopping there to hop over to Yahoo!Finance, it lists a consensus analyst rating of "1.9"...(at Yahoo!Finance "1.0" is a "strong buy" and "5.0" is a "strong sell."

Sounds real good so far. And like I said, so far it doesn't defy my ability to understand the analytics...(wonder how long that will last).

CPPL is selling at just 2.9 times trailing twelve months earnings according to Morningstar. 2.9!!

Its payout ratio is only 14%! What! WHAT?

Its quick ratio, the ability to pay its current liabilities with just its cash and short-term assets easily converted to cash, is "1.60."

Its current ratio, (current assets/current liabilities) is "1.80."

The Fool lists interest coverage of "10.20."

Morningstar lists interest coverage of "9.31."

The remaining figures I'll list are from Morningstar.

As I said, Morningstar lists the PE as 2.9 times trailing twelve months earnings.
It also lists the industry average PE...of 31.9 times trailing twelve months earnings.

Net margin listed as 42.1% for the trailing twelve months.
Industry average net margin is 4.3 for the trailing twelve months.

Return on assets for the trailing twelve months is 6.6%.
Industry average ROA for the trailing twelve months is 2.2%.

Return on equity for the trailing twelve months is 20.9%.
Industry average ROE for the trailing twelve months is 7.4%.

Debt/equity for the most recent quarter is 0.5.
Industry average debt/equity is 1.4.

I bet this dividend takes off and surges for quite awhile. Naturally, the price will too. And if my observations about pipelines are any guide, it'll last long after their financial statements stop making any sense to me.

Leaderboard

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Score Leader

OklaBoston

OklaBoston (62.20) Score: +18.55

The Score Leader is the player with the highest score across all their picks in CPPL.

Top
Pick
Member Name Member
Rating
Start
Date
Call Time
Frame
Start
Price
Stock
Gain
Index
Gain
Score Commentary
GoHorns12 37.76 10/23/2015 Outperform 5Y $12.70 +35.04% +24.12% +10.92 0 Comment
notyouagain 43.13 9/16/2015 Outperform 5Y $14.98 +14.50% +28.56% -14.06 2 Comments
FlyinBlind 43.67 4/15/2015 Outperform 1Y $24.40 -29.73% +22.40% -52.13 0 Comment
webmind 26.83 2/23/2015 Outperform 5Y $24.72 -30.64% +21.89% -52.52 0 Comment
GreatCormorant < 20 4/9/2015 Outperform 5Y $24.46 -29.88% +23.54% -53.42 0 Comment

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