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Recent Articles
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Energy Transfer Ups Adjusted EBITDA Guidance for 2024
May 13, 2024
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Image: Energy Transfer’s financials are in much better shape than they were years ago.
Energy Transfer's cash flow from operations during the first quarter of 2024 was $3.772 while the firm spent $795 million in capital spending, resulting in traditional free cash flow of ~$2.98 billion, far in excess of distributions paid to partners, noncontrolling interests, and redeemable noncontrollable interests. We like Energy Transfer’s EBITDA growth, free cash flow coverage of the distribution, and improved credit quality. The pipeline operator has come a long way in the past decade.
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Disney Expects Strong Adjusted EPS Growth, Free Cash Flow
May 13, 2024
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Image: Disney’s shares have struggled, but management is working hard to get back on track.
Thanks in part to the strength of its fiscal second quarter, Disney expects its adjusted earnings per share to come in at 25% growth for the full year. Management also noted that it remains on track to generate roughly $14 billion in operating cash flow and north of $8 billion in free cash flow during the fiscal year. We think Disney’s turnaround is largely already in its stock price, and we view shares as fairly valued at the time of this writing.
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Qualcomm’s Dividend Strength Is Undeniable
May 10, 2024
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Image: Qualcomm remains a tremendous free cash flow generator.
For the six months ended March 24, Qualcomm hauled in ~$6.5 billion in operating cash flow and spent $398 million in capex, resulting in $6.1 billion in free cash flow, well ahead of the $1.79 billion it spent on dividends over the same time period. Qualcomm’s forward estimated dividend yield of ~1.9% is quite healthy.
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Main Street’s Dividend May Be Worth a Look
May 10, 2024
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Image: Shares of Main Street have caught a bid recently, and commentary from management remains encouraging.
Main Street Capital has been doing a lot of things right of late, and the company’s total dividend yield isn’t shabby by any stretch. Though we’re not huge fans of business development companies, more generally, commentary from Main Street Capital’s press release suggests this high yielder is definitely worth a look. Shares are up nicely over the past 52 weeks.
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