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Sisecam Resources 배당 및 자사주 매입
배당 기준 점검 4/6
Sisecam Resources 수익으로 충분히 충당되는 현재 수익률 7.9% 보유한 배당금 지급 회사입니다.
핵심 정보
7.9%
배당 수익률
-0.04%
자사주 매입 수익률
| 총 주주 수익률 | 7.9% |
| 미래 배당 수익률 | n/a |
| 배당 성장률 | -3.3% |
| 다음 배당 지급일 | n/a |
| 배당락일 | n/a |
| 주당 배당금 | n/a |
| 배당 성향 | 60% |
최근 배당 및 자사주 매입 업데이트
Recent updates
Seeking Alpha • Feb 09
Sisecam Resources goes ex-dividend tomorrow
Sisecam Resources (NYSE:SIRE) declared $0.50/share quarterly dividend, in line with previous. Payable Feb. 23; for shareholders of record Feb. 13; ex-div Feb. 10. See SIRE Dividend Scorecard, Yield Chart, & Dividend Growth.Seeking Alpha • Feb 01
Sisecam Resources GAAP EPS of $0.83, revenue of $177.1M
Sisecam Resources press release (NYSE:SIRE): Q4 GAAP EPS of $0.83. Revenue of $177.1M (+13.5% Y/Y).Seeking Alpha • Dec 17
Sisecam Resources: Has Blowout Quarter - Focusing On Reducing Risk
Summary Domestic and international demand drive SIRE's prices much higher. While demand was high, sales volume was a little down; something to look at closer if pricing power starts to decline. With growth continuing on, management is focusing on risk reduction related to inflation, rising interest rates, supply chain issues and the recession. For the type of company it is, Sisecam Resources LP (SIRE) has been trading somewhat volatile over the last 15 months or so, starting to climb from a little over $13.00 per share on September 27, 2021, to a 52-week high of $23.99 on October 31, 2022, after it had its big quarter. Since then, it has pulled back a little, but is trading at $21.50 as I write. It's latest earnings report was a big one, as demand from the domestic and international markets produced a favorable pricing environment that saw revenue and earnings soar in the quarter, even though sales volume was slightly down. Looking ahead, as long as demand remains high, the company should be able to maintain high prices levels. But if sales volume starts to consistently show weakness, it could result in downward pressure on its prices. That said, it's hard to determine why sales volume went down a little. It could be from some smaller customers being priced out of the market because of demand from higher players that were willing and able to pay for product. I'm not concerned about it at this time, but it's worth watching in the quarters ahead to see if it's an anomaly or a slow reversal in trend. In this article we'll look at its recent big quarter, what the company is thinking of in terms of risk reduction, and how things look going forward. Some of the numbers Revenue in the third quarter was $190.5 million, up 40.5 percent year-over-year, primarily from high domestic and international demand that allowed the company to raise prices at levels above rising input costs, especially in relationship to ocean freight inflation associated with supply chain constraints. Revenue for the first nine months of 2022 was $543 million, compared to the $384 million in revenue generated in the first nine months of 2021. Investor Presentation Net income in the third quarter was $31.1 million, or $0.76 per unit, compared to net income of $15.4 million, or $0.36 per unit in the third quarter of 2021. Net income for the first nine months of 2022 was $94.1 million, or $2.30 per unit, compared to net income of $27.8 million, or $0.63 per unit in the first nine months of 2021. Adjusted EBITDA in the quarter was $40.6 million, up 68.5 percent year-over-year, with adjusted EBITDA for the first nine months of 2022 of $120.1 million, a gain of 114.1 percent over the first nine months of 2021. Cash and cash equivalents at the end of the quarter were $14.9 million. Distributable cash flow in the quarter was $16.8 million, up 104.9 percent year-over-year. Distributable cash flow for the first nine months of 2022 was $48.1 million, up 204.4 percent from the first nine months of 2021. Investor Presentation The soda ash market If you're not familiar with Sisecam Resources LP, it participates in the business of mining trona ore which is then processed into soda ash, which is used in a wide variety of applications across a number of products. While volume for soda ash in the quarter was down 4.6 percent from the third quarter of 2021, as shown above, demand drove the price up significantly in the reporting period. Even though the volume of soda ash sold was slightly down by 1.5 percent year-over-year, domestic and international demand drove prices up. At first glance this may not make sense, but when looking at the geographic footprint of SIRE, it's highly probable that demand from a specific market was down, while the remaining markets had high demand for soda ash. More than likely, it comes from the ongoing conflict between Russia and Ukraine, which accounted for about 9 percent of revenue in the first half of 2022. Investor Presentation Risk management In light of the consistently strong performance of SIRE over the years, I think management, when considering the macro-economic risk it faces going forward, is now focusing more on risk control in the quarters ahead, considering it has the pieces in place to meet demand in the market. Citing "higher interest rates, inflation, supply chain pressures and a possible recession," the company taking steps to mitigate future risks by making its balance sheet a priority by incorporating a conservative capital structure that will allow the company to continue to meet future cash flow requirements. Among the things it's doing to that end are maintaining leverage at a conservative net debt/EBITDA level, limit derivative to hedging alone, have its Fx position be limited to no more than 20 percent of shareholder equity, and have enough liquidity in order to meet short-term funding and finance Capex. Investor Presentation Conclusion Over the last 5 years, SIRE has grown revenue, EBITDA and adjusted EBITDA on a steady and consistent basis, even though its share price corrected starting in February 2017, when it was trading at approximately $31.50 per share. TradingView Since then, it took to April 2022 before it started hitting a bottom of about $9.50 per share before starting an upward run that led to its recent 52-week high of $23.99 per share. My point in bringing that up is even though SIRE was improving its performance during that time, its share price didn't immediately reflect it, and that included pre-COVID-19 effects, which of course brought it further down, starting in February 2022.Seeking Alpha • Oct 31
Sisecam Resources declares $0.50 dividend
Sisecam Resources (NYSE:SIRE) declares $0.50/share quarterly dividend, in line with previous. Forward yield 8.85% Payable Nov. 17; for shareholders of record Nov. 8; ex-div Nov. 7. See SIRE Dividend Scorecard, Yield Chart, & Dividend Growth.Seeking Alpha • Aug 01
Sisecam Resources LP: Unitholders Should Reject Lowball Offer
Sisecam Resources LP (previously Ciner Resources LP) produces soda ash in Wyoming, using a cost-advantaged, energy-efficient process. On July 6, the majority owner offered to buy out the minority unitholders at a price of $17.90, which does not reflect the value of the partnership, in our opinion. The business benefits from secular tailwinds and should command a unit price in the region of $30. Conflicts of interest have been frequent in the Master Limited Partnership (MLP) space, but sometimes unitholders manage to protect their rights. The name Sisecam Resources LP (SIRE) ("Sisecam") may not sound familiar to readers, but this is actually the new name of Ciner Resources LP, which I discussed numerous times on this website. I've always liked the cost advantaged nature of the business, which consists in the production of soda ash from natural trona in Wyoming, but I warned that its partnership structure could create conflicts of interest between the majority owner and the common unitholders. One such conflict of interest may have just arisen, with the parent's offer to buy out minority holders at a price of $17.9 per unit (6x our estimate for 2022 net earnings) - which in my opinion is far from reflecting the value of the business. In fact, Sisecam's business has been firing on all cylinders, and its prospects are supported by secular tailwinds, derived from growing demand and a strengthening cost advantage. The Offer After a rather difficult couple of years, during which distribution cuts (to fund a future capacity expansion) and Covid-19 weighed on the unit price, things were looking up for unitholders. Strong performance since H2 '21 enabled the resumption of distributions, and the unit price started to recover. However, on July 6, the majority owner announced a buyout offer which, if it materialized, has the potential to deprive minority investors of the upside: On July 6, 2022, Sisecam Chemicals Resources LLC (“SCR”), delivered a non-binding proposal (the “Proposal”) to the Board of Directors of Sisecam Resource Partners LLC, the General Partner of Sisecam Resources LP (SIRE) (the “Issuer”) to acquire all of the outstanding common units, representing limited partner interests in the Issuer not already owned by SCR or its affiliates, in exchange for $17.90 per issued and outstanding publicly held common unit of the Partnership, which represents the thirty day volume weighted average per share, as of July 5, 2022. We will discuss valuation later in this article, but let us first take a look at the organization chart: Sisecam Resources 10K The public, including this author, owns about 26% of the MLP (which in turn owns a majority stake in the operational entity Sisecam Wyoming LLC). The other 74% of the MLP units are controlled by two Turkish groups, Ciner and Sisecam, through their joint venture Sisecam Chemicals Resources LLC (in detail, they own a 72% limited partner interest and a 2% interest as the General Partner). My understanding is that, at this stage, the offer (which remains to be confirmed) is not compulsory. However, based on the Partnership Agreement, if the Turkish groups (acting as the General Partner) were to gain ownership of 80% of the units, they could use their Limited call right to force minority holders to sell their units: If at any time our general partner and its affiliates own more than 80% of the outstanding common units, our general partner will have the right, but not the obligation, to purchase all of the remaining common units at a price equal to the greater of: • the average of the daily closing price of the common units over the 20 trading days preceding the date three days before notice of exercise of the call right is first mailed; and • the highest per-unit price paid by our general partner or any of its affiliates for common units during the 90-day period preceding the date such notice is first mailed. Please see "The Partnership Agreement—Limited Call Right." Source: Partnership Agreement Can they get to 80%? Among the 24% not currently owned by the General Partner, a few institutions will surely be aware of the lowball nature of the offer - however this cannot be considered as an indicator of whether or not they will sell their stake. Yahoo Finance Why The Offer Does Not Reflect The Fundamentals It's no coincidence that the buy-out offer comes just as the business is starting to live up to its potential - the General Partner is fully aware of the tremendous value offered by the units at this point. A look at the H1 '22 results confirms this: earnings for the half-year reached $1.54 per unit on a net income basis (and a similar amount of distributable cash flow per unit). Sisecam Resources LP 10Q On an annualized basis, net earnings should be in the region of $3 per unit. On that basis, the offer price of $17.90 equates to an outrageously cheap 6x net income multiple. Moreover, what's interesting in this release is that the numbers provide evidence of the tailwinds that will support Sisecam going forward: the already sizable advantage of the natural process (soda ash from trona ore) over the synthetic production is getting bigger. Indeed, the synthetic process most global producers resort to is energy-intensive, which in the current context of high energy prices puts them at a huge cost disadvantage against the Green River basin producers like Sisecam (not to mention environmental considerations). As a result, Sisecam can export its low-cost production and enjoy global prices that have soared since the same period last year: Sisecam Resources LP 10Q Could it be that we are seeing peak demand and that soda ash is cyclical, like most commodities? Actually, this doesn't seem to be the case, as shown by the track record of the MLP's earnings (2020 was an outlier). Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 June 2022 YTD Earnings per unit $2.23 $2.58 $2.06 $2.07 $2.48 $2.46 $0.58 $1.21 $1.54Seeking Alpha • Jul 06
Sisecam Chemicals Resources offers to acquire units of Sisecam Resources LP
Sisecam Chemicals Resources LLC has offered to the board of Sisecam Resource Partners LLC to acquire all of the outstanding common units, representing limited partner interests in the latter's general partner Sisecam Resources LP (NYSE:SIRE), that Sisecam Chemicals Resources or its affiliates does not already own. The non-binding proposal involves acquisition in exchange for $17.90 per issued and outstanding publicly held common unit of the partnership. Source: Press ReleaseSeeking Alpha • Apr 12
Sisecam Resources: Starting 2022 With Record Distributions, But Unlikely To Last
Sisecam Resources saw a strong end to 2021 as the soda ash market recovered, and as a result, they started 2022 by declaring a record quarterly distribution. When looking ahead further into 2022, the prospects for the economy to keep running hot makes for a supportive outlook. Although given the inverted yield curve, it seems that risks lay ahead in the following years with an economic downturn quite possible. This would hinder their financial performance, thereby seeing much lower distributions given the economic sensitivity of soda ash. Regardless, it remains uncertain whether they could sustain their record distributions even with good economic conditions, and thus, I believe that maintaining my hold rating is appropriate.Seeking Alpha • Dec 07
Ciner Resources: Distributions Roar Back With A 8% Yield But Risks Remain
Ciner Resources has recently reinstated their former distributions, thereby providing a high 8% yield but risks remain. This has been helped along by their operating cash flow recovering with their underlying result excluding temporary working capital movements hitting a post-Covid-19 record. Whilst their reinstated distributions are a positive development, it will also see their distributions to non-controlling interests reinstated in tandem. Unless they keep their capital expenditure low, it remains unlikely that their common distributions will be covered by free cash flow. Since this uncertainty makes their distributions risky, I believe that maintaining my neutral rating is appropriate.Seeking Alpha • Sep 29
Ciner Resources: Market Conditions Are Improving, But The Wait Is Far From Over
Conditions in the soda ash market have improved markedly in recent months, which bodes well for Green River, WY-based producer Ciner Resources LP's ("Ciner") 2022 sales contracts. Distributions to unitholders, which were scrapped in 2020, are unlikely to be reinstated anytime soon as Ciner needs to accrue money ahead of a planned capacity expansion. The business is cost-advantaged but governance remains a question mark. The jury is still out on the marketing agreement with the Turkish parent company, in particular. I remain invested, but I think a return to the $25 zone will require a multi-year investment horizon.Seeking Alpha • Aug 08
Ciner Resources: Dark Clouds Could Already Derail Their Fragile Recovery
Ciner Resources was heavily impacted by the Covid-19 pandemic and its resulting economic downturn. Thankfully, they finally saw clear signs of a recovery during the second quarter of 2021, as was expected by my previous analysis. Whilst this sounds bullish, sadly there are dark clouds on the horizon that could already detail their fragile recovery just as it starts. It has been very concerning to see new Covid-19 cases soar across the United States during the last few months, which paints a concerning outlook. Due to these mounting risks of another Covid-19 wave impacting performance, I believe that downgrading to a neutral rating is now appropriate.지급의 안정성과 성장
배당 데이터 가져오는 중
안정적인 배당: SIRE 10년 미만 동안 배당금을 지급해 왔으며 이 기간 동안 지급액은 휘발성이었습니다.
배당금 증가: SIRE 9 년 동안만 배당금을 지급해 왔으며 그 이후로 지급액이 증가하지 않았습니다.
배당 수익률 vs 시장
| Sisecam Resources 배당 수익률 vs 시장 |
|---|
| 구분 | 배당 수익률 |
|---|---|
| 회사 (SIRE) | 7.9% |
| 시장 하위 25% (US) | 1.4% |
| 시장 상위 25% (US) | 4.2% |
| 업계 평균 (Chemicals) | 1.7% |
| 분석가 예측 (SIRE) (최대 3년) | n/a |
주목할만한 배당금: SIRE 의 배당금( 7.9% )은 US 시장에서 배당금 지급자의 하위 25%( 1.39% )보다 높습니다.
고배당: SIRE 의 배당금( 7.9% )은 US 시장( 4.21% )
주주 대상 이익 배당
수익 보장: 합리적인 지급 비율 ( 59.9% )을 통해 SIRE 의 배당금 지급은 수익으로 충당됩니다.
주주 현금 배당
현금 흐름 범위: 합리적으로 낮은 현금 지급 비율 ( 32.4% )로 SIRE 의 배당금 지급은 현금 흐름으로 잘 충당됩니다.
높은 배당을 제공하는 우량 기업 찾기
기업 분석 및 재무 데이터 상태
| 데이터 | 최종 업데이트 (UTC 시간) |
|---|---|
| 기업 분석 | 2023/05/28 03:16 |
| 종가 | 2023/05/25 00:00 |
| 수익 | 2023/03/31 |
| 연간 수익 | 2022/12/31 |
데이터 소스
당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.
| 패키지 | 데이터 | 기간 | 미국 소스 예시 * |
|---|---|---|---|
| 기업 재무제표 | 10년 |
| |
| 분석가 컨센서스 추정치 | +3년 |
|
|
| 시장 가격 | 30년 |
| |
| 지분 구조 | 10년 |
| |
| 경영진 | 10년 |
| |
| 주요 개발 | 10년 |
|
* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.
별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.
분석 모델 및 스노우플레이크
이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.
Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.
산업 및 섹터 지표
산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.
분석가 소스
Sisecam Resources LP는 6명의 분석가가 다루고 있습니다. 이 중 명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.
| 분석가 | 기관 |
|---|---|
| Lucas Pipes | B. Riley Securities, Inc. |
| Charles Fratt | D.A. Davidson & Co. |
| Brian Maguire | Goldman Sachs |