Our analysis is based on comparing Alliance Holdings GP LP with the following peers – CONSOL Energy Inc., Alliance Resource Partners, L.P., Natural Resource Partners L.P., Westmoreland Resource Partners LP and Hallador Energy Co (CNX-US, ARLP-US, NRP-US, WMLP-US and HNRG-US).
Dividend Quality Overview
- Over the last twelve months (prior to September 30, 2017), AHGP-US paid a high quality dividend, which represents a yield of 9.14% at the current price.
- Dividend quality trend has not been consistent over the last five years. Dividends were paid during each of these years — of these 4 were high quality and 1 was low quality.
- The ending cash balance is less than the last full year dividend payment and cannot be relied on to cushion any significant reduction of cash flows in the future.
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Over the last twelve months (prior to September 30, 2017), AHGP-US paid a high quality dividend.
The source of the company’s cash to support the dividend paid over the last twelve months is operating cash flow (coverage of 4.73x), investing cash flow (coverage of -1.70x), issuance cash flow (coverage of -2.05x) and twelve-month prior cash (coverage of 0.18x), for a total dividend coverage of 1.16x.
AHGP-US’s issuance cash flow includes outflows from net debt repayment (coverage of -1.45x).
These coverage ratio factors imply that the firm’s dividends are wholly paid from operating and investing cash flows net of any debt repayments, which suggests a high dividend quality.
|Dividend Yield (%)||5.72||5.28||5.64||18.69||9.29||9.85|
|Dividend Payout (%)||83||79.16||72.37||106.87||83.92||72.12|
A complete list of metrics and analysis is available on the company page.
Alliance Holdings GP LP is a limited partnership company, which is engaged in the production and marketing of coal to major United States utilities and industrial users. It operates through the following segments: Illinois Basin, Appalachia, and Other and Corporate. The Illinois Basin segment is comprised of multiple operating, including the following mining complexes: Webster County Coal’s Dotiki, Gibson County, Warrior’s, River View’s and the Hamilton. The Appalachia segment is comprised of multiple operating segments, including the Mettiki mining complex, the Tunnel Ridge mining complex and the MC Mining mining complex. The Other and Corporate segment includes marketing and administrative expenses, ASI and its subsidiaries included in the Matrix Group, ASI’s ownership of aircraft, Mt. Vernon’s dock activities; coal brokerage activity, MAC’s manufacturing and sales of rock dust, certain activities of Alliance Resource Properties. Alliance Holdings was founded in November 2005 and is headquartered in Tulsa, OK.
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