Enterprise Products Partners (EPD)

Esta MLP (Master Limited Partnership) es la mayor del sector midstream (procesado, almacenaje, transporte y comercialización de petróleo, gas y derivados) en USA. Actualmente tiene un yield del 6.4% (el promedio de los últimos cinco años es del 5%) y un dividend growth rate del 5.7% durante la última década.

M* le da 4* con un FV de 30.00$ (a día de hoy cotiza a 25.10$). Lleva 19 años consecutivos aumentando el dividendo, tiene una calificación crediticia de BBB+ y muchos la consideran la MLP más fiable (junto a Magellan Midstream Partners).

Estoy planteándome rotar mi posición en KMI (con pérdidas del 30%) hacia este valor. Además el hecho de que Interactive Brokers solo nos retenga el 15% en este tipo de compañías (como confirmó Luis G. no hace mucho) la hace especialmente atractiva. ¿Opiniones, riesgos,…?

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Un ejemplo para hacernos una idea de la complejidad fiscal que tienen los accionistas de MLPs en Estados Unidos. Nosotros consideramos todas las distribuciones como un dividendo ordinario cuando la realidad es que el 80-90% de los pagos son retorno de capital. Con los REITs sucede algo parecido aunque no tan extremo (el retorno de capital suele ser un 15% de los pagos)

Typically, somewhere around 80% to 90% of MLP distributions are considered a ‘return
of capital’ because of depreciation. You don’t pay taxes immediately on ‘return of capital’ distributions.

Returns of capital reduce your cost basis in the MLP. You are not taxed until you sell the units.

For example, imagine you buy 10 units of an MLP at $100 a unit for a total investment of
$1,000. Now imagine you hold for 5 years.

The MLP unit price has increased to $120. Your investment is now worth $1,200.
It also paid out $37.50 per unit in distributions over this time, with 80% of that being a
return of capital ($37.50 x 80% = $30 return of capital).

The 20% of distributions that were not returns of capital would be taxed at your ordinary
income tax rate, which is up to 39.6%. These taxes would be due the year they are
accrued.

Your cost basis would be $700 (initial investment amount of $1,000 less return of capital
of $30 per unit or $300 total). The amount of long-term capital gains tax you owe
(assuming you are in the 20% tax bracket) is $100.

Math Behind Example: Sale price of $1,200 less cost basis of $700 = $500 in capital
gains. $500 in capital gains x 20% tax bracket = $100.

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Cobrado el primer dividendo de EPD en el día de ayer a través de Interactive Brokers con retención en el origen de tan solo el 15% (tal y como había predecido Luis G.). Ha renacido mi interés por las MLPs :wink:

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Ya me gustaría poder predecir qué va a pasar ?

Está el mercado interesante, con USA en máximos y empresas aristócratas del dividendo y clásicas en mínimos de 52 semanas y bajando.

Movimientos bruscos de mercado con subidas bajadas 10% en algunas empresas…

Sólo queda elegir bien y sentarse a recibir dividendos (y si sólo quitan 15%, mejor).

Este 2017 todo lo que es potencialmente “amazonable” parece estar dando buenas oportunidades. Ahí están GWW, GPC, TGT, GIS, SJM, HRL, AMS:AD, CVS, WBA, CAH, VFC, HD, LOW y tantas otras.

Se confirma que Interactive Brokers realiza una reclasificación del dividendo de las MLPs aproximadamente dos meses después del “pay date” y aumenta la retención en el origen hasta el 39,56%. Al menos así lo hemos podido comprobar algunos foreros que tenemos acciones de EPD y ETP en cartera. Se acabaron los duros a cuatro pesetas :frowning:

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Resultados del primer trimestre de 2019:

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Enterprise Reports Record Results for Second Quarter 2019 (31/07/2019)

  • Gross operating margin, operating income and net income attributable to limited partners for the second quarters of 2019 and 2018 included $13 million and $322 million, respectively, of non-cash, mark-to-market losses on financial instruments used in our hedging activities, primarily related to crude oil regional price spreads.
  • Adjusted EBITDA, which excludes non-cash, mark-to-market gains and losses associated with hedging activities, increased 18 percent to a record $2.1 billion for the second quarter of 2019 compared to the second quarter of 2018.
  • Enterprise increased its cash distribution with respect to the second quarter of 2019 by 2.3 percent to $0.44per unit compared to the distribution paid with respect to the second quarter of 2018. The distribution will be paid August 13, 2019 to unitholders of record as of the close of business on July 31, 2019.
  • Enterprise reported a 21 percent increase in DCF to a record $1.7 billion for the second quarter of 2019, which provided a record 1.8 times coverage of the $0.44 per unit cash distribution and resulted in $753 million of retained DCF. Likewise, DCF of $3.4 billion for the first six months of 2019 provided 1.7 times coverage of the aggregate $0.8775 per unit cash distribution and resulted in $1.4 billion of retained DCF.
  • CFFO increased 38 percent to a record $2.0 billion for the second quarter of 2019, which supported a 47 percent payout ratio for the second quarter of 2019. FCF for the second quarter of 2019 also increased 38 percent to $947 million, and for the 12-month period ending June 30, 2019, FCF increased 96 percent to $2.2 billion compared to $1.1 billion reported for the comparable period ending June 30, 2018.

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Acabo de cobrar el dividendo de Enterprise Products Partners (EPD) y me han hecho unas cuentas que no entiendo, en origen dicen que me retienen un 37% ¡¡¡!!!. ¿Sábeis si eso es así o debe ser un error? es el primer dividendo que cobro de esta empresa y no lo entiendo.

Me contesto yo mismo. Acabo de ver que es una empresa LP, es decir, que retienen un 37%. :pleading_face:

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Enterprise reports results for third quarter 2019 (28/10/2019)

  • Net income for the third quarter of 2019 included unrealized mark-to-market losses of $86 million, or a loss of $0.04 per fully diluted unit, primarily related to activities to hedge interest rates for future issuances of debt. Net income for the third quarter of 2018 included unrealized mark-to-market gains of $204 million, or a gain of $0.09 per fully diluted unit, primarily from hedging activities related to our Midland-to-ECHO 1 crude oil pipeline. In addition, net income for the third quarter of 2019 also included non-cash, asset impairment and related charges of $39 million, or a loss of $0.02 per fully diluted unit.
  • Enterprise increased its cash distribution with respect to the third quarter of 2019 by 2.3 percent to $0.4425 per unit compared to the distribution paid for the third quarter of 2018. The distribution will be paid November 12, 2019 to unitholders of record as of the close of business on October 31, 2019.
  • CFFO increased 4 percent to $1.6 billion for the third quarter of 2019 compared to the third quarter of 2018. The distribution with respect to the third quarter of 2019 represents a 59 percent payout ratio of CFFO for the third quarter of 2019. FCF for the third quarter of 2019 increased 115 percent to $1.0 billion from $477 million in the third quarter of 2018, primarily as a result of the initial contribution of $441 million for a noncontrolling interest in the Shin Oak NGL pipeline. FCF for the 12-month period ending September 30, 2019, increased 28 percent to $2.7 billion compared to $2.1 billion reported for the comparable period ending September 30, 2018.
  • Enterprise reported DCF of $1.6 billion for the third quarter of 2019, which provided 1.7 times coverage of the $0.4425 per unit cash distribution and resulted in $665 million of retained DCF. DCF for the first nine months of 2019 was $5.0 billion, which also provided 1.7 times coverage of the aggregate $1.32 per unit of cash distributions for that period and resulted in $2.1 billion of retained DCF. Retained DCF is available to reinvest in growth capital projects and reduces our need to issue additional equity.
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Record 2019 Results (30/01/2020)

Enterprise reported record net income attributable to limited partners for the full year 2019 of $4.6 billion, or $2.09 per unit on a fully diluted basis, which represents a 9 percent increase from $1.91 per unit on a fully diluted basis reported for 2018. Net income for 2019 was reduced by non-cash, asset impairment and related charges of approximately $133 million, or $0.06 per unit, primarily related to the Centennial liquids pipeline.

Net cash flow provided by operating activities, or cash flow from operations (“CFFO”), for 2019 increased 6 percent to a record $6.5 billion compared to 2018. Free cash flow (“FCF”), which is defined as CFFO less cash used in investing activities plus net cash contributions from noncontrolling interests, for 2019 increased 24 percent to $2.5 billion when compared to 2018. Distributions declared with respect to 2019 increased 2.3 percent to $1.765 per unit compared to 2018. Enterprise’s distributions with respect to 2019 represent a 59 percent payout ratio of CFFO.

Distributable cash flow (“DCF”) increased 11 percent compared to 2018 to a record $6.6 billion in 2019, and provided 1.7 times coverage of the distributions declared with respect to 2019. Enterprise retained $2.7 billion of DCF for 2019, a 24 percent increase compared to 2018.

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Acabo de ver que he cobrado el dividendo y me han retenido un 37% con Degiro.
Así que el Div yield del 10% se queda en mucho menos