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Westlake Chemical Partners

NYSE:WLKP
Snowflake Description

Undervalued with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
WLKP
NYSE
$859M
Market Cap
  1. Home
  2. US
  3. Materials
Company description

Westlake Chemical Partners LP acquires, develops, and operates ethylene production facilities and related assets in the United States. The last earnings update was 48 days ago. More info.


Add to Portfolio Compare Print
  • Westlake Chemical Partners is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
WLKP Share Price and Events
7 Day Returns
-0.1%
NYSE:WLKP
-0.3%
US Chemicals
0.1%
US Market
1 Year Returns
-1.8%
NYSE:WLKP
-11.8%
US Chemicals
1.2%
US Market
WLKP Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Westlake Chemical Partners (WLKP) -0.1% 9.2% 7.2% -1.8% 21.6% -
US Chemicals -0.3% 0.9% -7.2% -11.8% 16.6% 5.7%
US Market 0.1% 0.6% 0.9% 1.2% 36.7% 37.9%
1 Year Return vs Industry and Market
  • WLKP outperformed the Chemicals industry which returned -11.8% over the past year.
  • WLKP underperformed the Market in United States of America which returned 1.2% over the past year.
Price Volatility
WLKP
Industry
5yr Volatility vs Market

WLKP Value

 Is Westlake Chemical Partners undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Westlake Chemical Partners to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Westlake Chemical Partners.

NYSE:WLKP Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.1%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:WLKP
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Chemicals Unlevered Beta Simply Wall St/ S&P Global 0.87
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.874 (1 + (1- 21%) (70.16%))
1.24
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.24
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.24 * 5.96%)
10.12%

Discounted Cash Flow Calculation for NYSE:WLKP using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Westlake Chemical Partners is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:WLKP DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 10.12%)
2019 500.00 Analyst x2 454.06
2020 418.00 Analyst x2 344.71
2021 408.50 Analyst x2 305.92
2022 423.00 Analyst x1 287.67
2023 410.18 Est @ -3.03% 253.32
2024 404.83 Est @ -1.3% 227.04
2025 404.45 Est @ -0.09% 205.99
2026 407.50 Est @ 0.75% 188.47
2027 412.99 Est @ 1.35% 173.46
2028 420.26 Est @ 1.76% 160.29
Present value of next 10 years cash flows $2,600.92
NYSE:WLKP DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $420.26 × (1 + 2.73%) ÷ (10.12% – 2.73%)
$5,843.23
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $5,843.23 ÷ (1 + 10.12%)10
$2,228.66
NYSE:WLKP Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $2,600.92 + $2,228.66
$4,829.58
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $4,829.58 / 35.19
$137.25
NYSE:WLKP Discount to Share Price
Calculation Result
Value per share (USD) From above. $137.25
Current discount Discount to share price of $24.40
= -1 x ($24.40 - $137.25) / $137.25
82.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Westlake Chemical Partners is available for.
Intrinsic value
>50%
Share price is $24.4 vs Future cash flow value of $137.25
Current Discount Checks
For Westlake Chemical Partners to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Westlake Chemical Partners's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Westlake Chemical Partners's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Westlake Chemical Partners's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Westlake Chemical Partners's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:WLKP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.61
NYSE:WLKP Share Price ** NYSE (2019-06-18) in USD $24.4
United States of America Chemicals Industry PE Ratio Median Figure of 68 Publicly-Listed Chemicals Companies 17.68x
United States of America Market PE Ratio Median Figure of 3,092 Publicly-Listed Companies 17.63x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Westlake Chemical Partners.

NYSE:WLKP PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:WLKP Share Price ÷ EPS (both in USD)

= 24.4 ÷ 1.61

15.14x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Westlake Chemical Partners is good value based on earnings compared to the US Chemicals industry average.
  • Westlake Chemical Partners is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Westlake Chemical Partners's expected growth come at a high price?
Raw Data
NYSE:WLKP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.14x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
4.6%per year
United States of America Chemicals Industry PEG Ratio Median Figure of 49 Publicly-Listed Chemicals Companies 1.25x
United States of America Market PEG Ratio Median Figure of 2,126 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

NYSE:WLKP PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.14x ÷ 4.6%

3.27x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Westlake Chemical Partners is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Westlake Chemical Partners's assets?
Raw Data
NYSE:WLKP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $14.84
NYSE:WLKP Share Price * NYSE (2019-06-18) in USD $24.4
United States of America Chemicals Industry PB Ratio Median Figure of 94 Publicly-Listed Chemicals Companies 2.05x
United States of America Market PB Ratio Median Figure of 5,244 Publicly-Listed Companies 1.79x
NYSE:WLKP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:WLKP Share Price ÷ Book Value per Share (both in USD)

= 24.4 ÷ 14.84

1.64x

* Primary Listing of Westlake Chemical Partners.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Westlake Chemical Partners is good value based on assets compared to the US Chemicals industry average.
X
Value checks
We assess Westlake Chemical Partners's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Chemicals industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Chemicals industry average (and greater than 0)? (1 check)
  5. Westlake Chemical Partners has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

WLKP Future Performance

 How is Westlake Chemical Partners expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
4.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Westlake Chemical Partners expected to grow at an attractive rate?
  • Westlake Chemical Partners's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Westlake Chemical Partners's earnings growth is positive but not above the United States of America market average.
  • Westlake Chemical Partners's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:WLKP Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:WLKP Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 4.6%
NYSE:WLKP Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts -1.7%
United States of America Chemicals Industry Earnings Growth Rate Market Cap Weighted Average 11.5%
United States of America Chemicals Industry Revenue Growth Rate Market Cap Weighted Average 4.7%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:WLKP Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:WLKP Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 945 472 1
2021-12-31 1,395 456 112 3
2020-12-31 1,329 464 178 4
2019-12-31 1,269 545 162 4
NYSE:WLKP Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 1,300 443 52
2018-12-31 1,286 436 49
2018-09-30 1,259 465 52
2018-06-30 1,192 496 52
2018-03-31 1,180 495 49
2017-12-31 1,173 537 47
2017-09-30 1,158 512 43
2017-06-30 1,091 365 38
2017-03-31 1,012 324 38
2016-12-31 987 288 41
2016-09-30 941 299 41
2016-06-30 961 408 42

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Westlake Chemical Partners's earnings are expected to grow by 4.6% yearly, however this is not considered high growth (20% yearly).
  • Westlake Chemical Partners's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:WLKP Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Westlake Chemical Partners Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:WLKP Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 2.74 2.85 2.64 2.00
2020-12-31 2.29 2.50 2.06 3.00
2019-12-31 2.06 2.20 1.96 3.00
NYSE:WLKP Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.61
2018-12-31 1.51
2018-09-30 1.99
2018-06-30 2.11
2018-03-31 1.65
2017-12-31 1.66
2017-09-30 1.58
2017-06-30 1.42
2017-03-31 1.41
2016-12-31 1.50
2016-09-30 1.51
2016-06-30 1.56

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Westlake Chemical Partners is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Westlake Chemical Partners's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Westlake Chemical Partners has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

WLKP Past Performance

  How has Westlake Chemical Partners performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Westlake Chemical Partners's growth in the last year to its industry (Chemicals).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Westlake Chemical Partners's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Westlake Chemical Partners's 1-year earnings growth exceeds its 5-year average (6.1% vs -33.7%)
  • Westlake Chemical Partners's earnings growth has not exceeded the US Chemicals industry average in the past year (6.1% vs 9.2%).
Earnings and Revenue History
Westlake Chemical Partners's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Westlake Chemical Partners Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:WLKP Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,300.44 52.01 27.43
2018-12-31 1,285.62 48.61 27.59
2018-09-30 1,258.54 51.66 28.16
2018-06-30 1,191.67 52.14 29.05
2018-03-31 1,179.81 49.03 28.57
2017-12-31 1,172.98 47.00 29.26
2017-09-30 1,158.27 42.78 28.67
2017-06-30 1,090.85 38.46 27.66
2017-03-31 1,011.58 38.11 26.62
2016-12-31 986.74 40.66 24.89
2016-09-30 941.31 40.74 23.46
2016-06-30 960.57 42.27 23.50
2016-03-31 1,001.43 43.41 23.65
2015-12-31 1,007.22 39.83 23.55
2015-09-30 1,032.26 -323.73 24.28
2015-06-30 1,175.65 -265.20 27.31
2015-03-31 1,448.08 -121.80 27.48
2014-12-31 1,749.70 13.58 29.26
2014-09-30 2,038.10 510.56 28.93
2014-06-30 2,186.22 574.51 26.46
2014-03-31 2,186.84 569.70 27.06
2013-12-31 2,127.75 546.55 25.45
2012-12-31 2,249.10 395.92 24.10

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Westlake Chemical Partners has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Westlake Chemical Partners used its assets less efficiently than the US Chemicals industry average last year based on Return on Assets.
  • Westlake Chemical Partners's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Westlake Chemical Partners's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Chemicals industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Westlake Chemical Partners has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

WLKP Health

 How is Westlake Chemical Partners's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Westlake Chemical Partners's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Westlake Chemical Partners is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Westlake Chemical Partners's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Westlake Chemical Partners's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Westlake Chemical Partners Company Filings, last reported 2 months ago.

NYSE:WLKP Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 979.95 602.39 84.62
2018-12-31 934.08 477.61 19.74
2018-09-30 949.13 477.61 17.04
2018-06-30 964.47 477.61 28.48
2018-03-31 975.32 477.61 24.98
2017-12-31 998.75 473.96 27.01
2017-09-30 993.48 477.12 17.25
2017-06-30 895.80 588.28 104.94
2017-03-31 907.99 600.21 122.97
2016-12-31 920.96 594.63 88.90
2016-09-30 891.98 595.20 75.01
2016-06-30 863.75 515.84 151.26
2016-03-31 865.22 443.84 178.68
2015-12-31 847.17 384.01 169.56
2015-09-30 836.47 330.67 154.26
2015-06-30 826.38 280.99 137.29
2015-03-31 830.62 257.83 144.92
2014-12-31 834.95 227.64 133.75
2014-09-30 797.29 188.52 89.99
2014-06-30 376.54 364.59
2014-03-31 739.20 122.05 55.42
2013-12-31 455.43 252.97
2012-12-31 273.81 253.00
  • Westlake Chemical Partners's level of debt (61.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (17% vs 61.3% today).
  • Debt is well covered by operating cash flow (73.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 15.5x coverage).
X
Financial health checks
We assess Westlake Chemical Partners's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Westlake Chemical Partners has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

WLKP Dividends

 What is Westlake Chemical Partners's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
7.3%
Current annual income from Westlake Chemical Partners dividends. Estimated to be 8.08% next year.
If you bought $2,000 of Westlake Chemical Partners shares you are expected to receive $146 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Westlake Chemical Partners's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • Westlake Chemical Partners's dividend is above the markets top 25% of dividend payers in United States of America (3.72%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:WLKP Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
United States of America Chemicals Industry Average Dividend Yield Market Cap Weighted Average of 54 Stocks 2.3%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2011 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:WLKP Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 2.02 1.00
2021-12-31 2.17 3.00
2020-12-31 1.96 4.00
2019-12-31 1.85 5.00
NYSE:WLKP Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-30 1.781 7.753
2019-03-01 1.731 7.674
2019-02-19 1.731 7.536
2018-10-31 1.683 7.407
2018-07-31 1.635 6.520
2018-04-30 1.590 6.670
2018-01-29 1.546 6.722
2017-11-01 1.502 6.480
2017-08-01 1.460 6.237
2017-05-01 1.420 5.787
2017-01-27 1.380 5.504
2016-10-31 1.341 6.288
2016-07-28 1.304 5.758
2016-04-27 1.267 6.019
2016-02-01 1.232 6.838
2015-11-04 1.198 6.472
2015-11-03 1.198 6.579
2015-07-29 1.164 6.174
2015-04-30 1.132 5.084
2015-01-30 1.100 4.069
2014-10-28 1.100 3.960

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Westlake Chemical Partners has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Westlake Chemical Partners only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of Westlake Chemical Partners's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1x coverage).
X
Income/ dividend checks
We assess Westlake Chemical Partners's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Westlake Chemical Partners afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Westlake Chemical Partners has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

WLKP Management

 What is the CEO of Westlake Chemical Partners's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Albert Chao
COMPENSATION $0
AGE 68
TENURE AS CEO 14.9 years
CEO Bio

Mr. Albert Yuan Chao serves as the Chief Executive Officer, President and Managing Director of Vinnolit GmbH & Co. KG. Mr. Chao has been President, Chief Executive Officer and Director of Westlake Chemical Partners GP LLC, a General Partner of Westlake Chemical Partners LP since March 2014 and a director of OpCo's general partner since its formation. Additionally, Mr. Chao has been Westlake's President since May 1996 and a director since June 2003. Mr. Chao became Westlake's Chief Executive Officer in July 2004. Mr. Chao serves as the President of Westlake C A & O Corporation. He has over 40 years of international experience in the petrochemical industry. In 1985, he assisted in founding Westlake and served as its Executive Vice President until May 1996. He served positions in the Controllers Group of Mobil Oil Corporation, in the Technical Department of Hercules Incorporated and in the Plastics Group of Gulf Oil Corporation. He served as Assistant to the Chairman of China General Plastics Group and Deputy Managing Director of a plastics fabrication business in Singapore. Mr. Chao has been a Director of Westlake Chemical Corp. since June 2003. He serves as a Director at Suzhou Huasu Plastics Co., Ltd. and North American Pipe Corporation. He serves as a Trustee of Asia Society and Rice University. He serves as a Director of Greater Houston Partnership, Inc. He serves on the boards of Greater Houston Partnership, Junior Achievement of Southeast Texas, Houston Grand Opera and Houston Methodist Research Institute. He served as a Director of Titan Chemicals Corp. Sdn. Bhd. He served as a Non Independent Non-Executive Director of Lotte Chemical Titan Holding Sdn. Bhd. Mr. Chao holds a Master's Degree in Business Administration from Columbia University and B. A. from Brandeis University.

CEO Compensation
  • Insufficient data for Albert to compare compensation growth.
  • Albert's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Westlake Chemical Partners management team in years:

5.3
Average Tenure
61
Average Age
  • The average tenure for the Westlake Chemical Partners management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Albert Chao

TITLE
President
AGE
68
TENURE
14.9 yrs

Steve Bender

TITLE
Senior VP
AGE
61
TENURE
11.3 yrs

George Mangieri

TITLE
VP & Chief Accounting Officer of Westlake Chemical Partners GP LLC
AGE
67
TENURE
5.3 yrs

Ben Benjamin Ederington

TITLE
VP, General Counsel
AGE
47
TENURE
5.3 yrs

Skip Teel

TITLE
Executive Vice President
AGE
59
TENURE
4.9 yrs

Jeff Holy

TITLE
VP & Treasurer of Westlake Chemical Partners GP LLC
TENURE
1.6 yrs
Board of Directors Tenure

Average tenure and age of the Westlake Chemical Partners board of directors in years:

5.3
Average Tenure
63
Average Age
  • The tenure for the Westlake Chemical Partners board of directors is about average.
Board of Directors

James Chao

TITLE
Chairman of Westlake Chemical Partners GP LLC
AGE
70
TENURE
4.9 yrs

Albert Chao

TITLE
President
AGE
68
TENURE
16 yrs

Steve Bender

TITLE
Senior VP
AGE
61
TENURE
5.3 yrs

Ben Benjamin Ederington

TITLE
VP, General Counsel
AGE
47
TENURE
5.3 yrs

Max Lukens

TITLE
Director of Westlake Chemical Partners GP LLC
COMPENSATION
$185K
AGE
69
TENURE
14.8 yrs

David Lumpkins

TITLE
Director of Westlake Chemical Partners GP LLC
COMPENSATION
$185K
AGE
63
TENURE
4.4 yrs

Angela Minas

TITLE
Director of Westlake Chemical Partners GP LLC
COMPENSATION
$181K
AGE
54
TENURE
2.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
01. Apr 19 Buy TTWF LP Company 29. Mar 19 29. Mar 19 1,401,869 $21.40 $29,999,997
03. Dec 18 Buy David Lumpkins Individual 30. Nov 18 30. Nov 18 4,000 $22.56 $90,240
26. Nov 18 Buy Angela Minas Individual 26. Nov 18 26. Nov 18 5,000 $22.75 $113,750
20. Nov 18 Buy Albert Chao Individual 19. Nov 18 19. Nov 18 10,386 $23.24 $241,371
19. Nov 18 Buy Albert Chao Individual 15. Nov 18 16. Nov 18 14,944 $23.27 $347,577
15. Nov 18 Buy Albert Chao Individual 13. Nov 18 14. Nov 18 17,605 $23.37 $410,634
14. Nov 18 Buy James Chao Individual 12. Nov 18 12. Nov 18 10,000 $22.77 $227,700
13. Nov 18 Buy David Lumpkins Individual 12. Nov 18 12. Nov 18 4,000 $22.83 $91,313
X
Management checks
We assess Westlake Chemical Partners's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Westlake Chemical Partners has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

WLKP News

Simply Wall St News

Does Westlake Chemical Partners LP's (NYSE:WLKP) Past Performance Indicate A Stronger Future?

Examining how Westlake Chemical Partners LP (NYSE:WLKP) is performing as a company requires looking at more than just a years' earnings. … Below, I will run you through a simple sense check to build perspective on how Westlake Chemical Partners is doing by comparing its most recent earnings with its historical trend, in addition to the performance of its chemicals industry peers. … Check out our latest analysis for Westlake Chemical Partners?

Simply Wall St -

Is Westlake Chemical Partners LP (NYSE:WLKP) A Smart Pick For Income Investors?

Over the past 4 years, Westlake Chemical Partners LP (NYSE:WLKP) has returned an average of 6.00% per year to shareholders in terms of dividend yield. … Does Westlake Chemical Partners tick all the boxes of a great dividend stock? … View out our latest analysis for Westlake Chemical Partners

Simply Wall St -

Westlake Chemical Partners LP (NYSE:WLKP) Delivered A Better ROE Than The Industry, Here’s Why

and looking to gauge the potential return on investment in Westlake Chemical Partners LP (NYSE:WLKP). … With an ROE of 35.65%, Westlake Chemical Partners LP (NYSE:WLKP) outpaced its own industry which delivered a less exciting 13.93% over the past year. … But ROE does not capture any debt, so we only see high profits and low equity, which is great on the surface

Simply Wall St -

June Fundamental Stock Pick: Westlake Chemical Partners LP (NYSE:WLKP)

Attractive stocks have exceptional fundamentals. … In the case of Westlake Chemical Partners LP (NYSE:WLKP), there's

Simply Wall St -

May Top Materials Dividend Stock

Westlake Chemical Partners LP (NYSE:WLKP) WLKP has a juicy dividend yield of 6.88% and pays 72.74% of it’s earnings as dividends , with analysts expecting the payout ratio in three years to be 88.31%. … (NASDAQ:SCHN) SCHN has a decent dividend yield of 2.50% and is distributing 22.02% of earnings as dividends , with analysts expecting the payout ratio in three years to be 25.59%. … NasdaqGS:SCHN Historical Dividend Yield May 27th 18 For more solid dividend paying companies to add to your portfolio, explore this interactive list of top dividend payers.

Simply Wall St -

May Top Undervalued Materials Stocks

Currently, Westlake Chemical Partners and Graphic Packaging Holding are materials industry companies I've identified as potentially undervalued, meaning their share price is below what these companies are actually worth. … NYSE:WLKP PE PEG Gauge May 6th 18 Graphic Packaging Holding Company (NYSE:GPK) Graphic Packaging Holding Company, together with its subsidiaries, provides paper-based packaging solutions to food, beverage, and other consumer products companies. … Moreover, GPK’s PE ratio is currently around 14.97x relative to its Packaging peer level of, 18.12x suggesting that relative to its peers, you can purchase GPK’s stock for a lower price right now.

Simply Wall St -

Top Materials Dividend Picks For The Day

Westlake Chemical Partners LP (NYSE:WLKP) WLKP has a sumptuous dividend yield of 6.62% and is paying out 89.51% of profits as dividends. … Plus, a 6.62% yield places it amidst the market’s top dividend payers. … NYSE:GLT Historical Dividend Yield Apr 22nd 18 For more solid dividend paying companies to add to your portfolio, explore this interactive list of top dividend payersP

Simply Wall St -

What Are Analysts Saying About Westlake Chemical Partners LP's (NYSE:WLKP) Future?

Below is my commentary, albeit very simple and high-level, on how market analysts perceive Westlake Chemical Partners's earnings growth outlook over the next few years and whether the future looks even brighter than the past. … See our latest analysis for Westlake Chemical Partners Market analysts' consensus outlook for next year seems positive, with earnings growth more than doubling. … This means that, we can presume Westlake Chemical Partners will grow its earnings by 31.70% every year for the next couple of years.

Simply Wall St -

High Growth NYSE Stocks

Since net income isn’t artificially inflated by one-off initiatives such as cost-cutting, we know this profit growth is more likely to be sustainable. … NYSE:WLKP Future Profit Mar 29th 18 BP Midstream Partners LP (NYSE:BPMP) BP Midstream Partners LP owns, acquires, operates, and develops pipelines and other midstream assets. … NasdaqGS:FANG Future Profit Mar 29th 18 For more financially robust companies with high growth potential to enhance your portfolio, explore this interactive list of fast growing companies.

Simply Wall St -

Flavor Of The Month: Westlake Chemical Partners And More

Westlake Chemical Partners and Olin are materials industry stocks on my list that are potentially undervalued, which means their current share prices are trading well-below what the companies are actually worth. … With the stock's market cap sitting at USD $752.74M, it comes under the small-cap group WLKP's shares are now floating at around -76% lower than its intrinsic value of $96.02, at the market price of US$23.35, based on my discounted cash flow model. … TX's shares are currently hovering at around -32% lower than its value of $47.67, at a price tag of US$32.62, according to my discounted cash flow model.

Simply Wall St -

WLKP Company Info

Description

Westlake Chemical Partners LP acquires, develops, and operates ethylene production facilities and related assets in the United States. The company’s ethylene production facilities primarily convert ethane into ethylene. It also sells ethylene co-products, including propylene, crude butadiene, pyrolysis gasoline, and hydrogen directly to third parties on a spot or contract basis. Westlake Chemical Partners GP LLC serves as the general partner of the company. The company was founded in 2014 and is headquartered in Houston, Texas.

Details
Name: Westlake Chemical Partners LP
WLKP
Exchange: NYSE
Founded: 2014
$858,591,811
35,188,189
Website: http://www.wlkpartners.com
Address: Westlake Chemical Partners LP
2801 Post Oak Boulevard,
Suite 600,
Houston,
Texas, 77056,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE WLKP Common Units New York Stock Exchange US USD 31. Jul 2014
DB 15W Common Units Deutsche Boerse AG DE EUR 31. Jul 2014
Number of employees
Current staff
Staff numbers
0
Westlake Chemical Partners employees.
Industry
Commodity Chemicals
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/19 00:43
End of day share price update: 2019/06/18 00:00
Last estimates confirmation: 2019/06/10
Last earnings filing: 2019/05/02
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.