Dies ist die "alte" Diskussion zwischen u.a. cubanpete und mir. Ja, Dividenden müssen aus dem FCF bezahlt werden. Ja, Versorger sind aber eben kein gewöhnliches Unternehmen, sie haben "garantierte" (regulierte) Einnahmen via Monopolstellung.
Ich schrieb mal Brian Bollinger diesbezüglich damals an und hier, in Auszügen, seine Antwort:
"... Great question. Many utilities do not generate free cash flow and depend on issuing equity and debt to fund their capital intensive projects.
Regulated utilities often have no trouble raising external capital (especially in today's low-yield world) because the projects they invest in have a guaranteed profit (determined by state regulators), so long as the utility delivers its projects on time and on budget.
Our scores therefore place a lot of emphasis on a utility's financial leverage, as well as its long-term dividend track record (a decent way to gauge management's conservatism and how friendly regulators have been in its service territories over time).
....
Best wishes,
Brian!"
SSD schaut also auf EPS payout ratio, da der Charakter der regulierten Einnahmen eine Garantie darstellt. EPS payout ratio NEE ca. 58%. Neben dem fast perfekten SSD score 99/100 ist auch das S&P Rating mit A-
Ich schrieb mal Brian Bollinger diesbezüglich damals an und hier, in Auszügen, seine Antwort:
"... Great question. Many utilities do not generate free cash flow and depend on issuing equity and debt to fund their capital intensive projects.
Regulated utilities often have no trouble raising external capital (especially in today's low-yield world) because the projects they invest in have a guaranteed profit (determined by state regulators), so long as the utility delivers its projects on time and on budget.
Our scores therefore place a lot of emphasis on a utility's financial leverage, as well as its long-term dividend track record (a decent way to gauge management's conservatism and how friendly regulators have been in its service territories over time).
....
Best wishes,
Brian!"
SSD schaut also auf EPS payout ratio, da der Charakter der regulierten Einnahmen eine Garantie darstellt. EPS payout ratio NEE ca. 58%. Neben dem fast perfekten SSD score 99/100 ist auch das S&P Rating mit A-
