Energy Transfer仍然具有吸引力；尽管近期价格上涨，强劲的股息覆盖率支持未来的增长。
逐段跳播
Energy Transfer 回报率约为 29%。我们以 Energy Transfer 为例。如果回到 Seeking Alpha，看看 Energy Transfer 过去 5 年的表现，它上涨了 132%，还不包括股息。
而且请记住，在过去 5 年的多个时间点，这只股票的股息率在很多情况下超过 9%，在某些情况下也超过 8%。所以，总回报非常强劲。
Energy Transfer returned about 29% Let's just use Energy Transfer for example. If we jump back over to Seeking Alpha, look at Energy Transfer over the last 5 years. It's up 132% not including dividends. And keep in mind, at multiple points over the last 5 years, this was a stock yielding over 9% in a lot of instances, over 8% in some instances as well. So, total returns have been incredibly strong.
我们用来评估 MLP 的关键指标之一是 EV/EBITDA，即企业价值与息税折旧摊销前利润的比率。你会注意到，目前它的交易价格高于其 5 年平均水平。事实上，通过查看该 MLP 的不同估值比率，我们可以相对简单地看到这一点。它的交易价格高于其历史平均水平。
One of the key metrics we use to value MLPs is enterprise value to EBITDA, earnings before interest, taxes, depreciation, and amortization. And what you'll notice is right now it is trading above its 5-year average. And in fact, we can see that relatively simply when looking at the different valuation ratios for this MLP. It's trading above its historic average.
如果转到我们的股息贴现模型，同样，这是根据股票支付的股息以及未来股息的增长来评估股票的价值。从历史上看，Energy Transfer 一直以相对健康的速度增长股息，3 年股息增长率为约 4.24%，根据我的研究，管理层预计未来股息增长约为 3% 至 5%。
所以，我们假设长期来看处于低端。在 3% 的股息增长下，这只股票的价值约为 24.63 美元，意味着较当前价格有约 15% 的上涨空间。
If we jump over to our dividend discount model, again, this is valuing the stock based on how much it's paying out in dividends and how much that dividend will grow in the future. Now, historically, Energy Transfer has continued to grow dividends at a relatively healthy rate with a 3-year dividend growth rate of about 4.24%, and from my research, management is guiding towards around 3 to 5% dividend growth moving forward. So, let's just assume the low end of that over the long term. At 3% dividend growth, this would be a stock worth around $24.63, implying around 15% upside from current prices. Energy Transfer 6.3%,
再次以 Energy Transfer 为例，你可以看到他们的分配覆盖得很好。在谈论 MLP 时，我们分析股息可持续性的方式是看每股可分配现金流和他们支付的股息。因此，在 2026 年，他们预计将产生约 2.91 美元的每股可分配现金流，而每股股息仅为 1.37 美元。
所以，股息覆盖得很好。这就是为什么他们能够以健康的速度继续增长，同时仍然在内部为增长提供资金，这最终将继续推动每股可分配现金流上升，这意味着内在价值将继续攀升，这再次总结起来就是为什么尽管过去 5 年上涨了 132%，该股票看起来仍然有吸引力。
Now again, if we use Energy Transfer as an example, you can see their distributions are very well covered. Again, when talking about MLPs, the way we analyze dividend sustainability is by looking at distributable cash flow per share and the dividends they're paying out. And so in 2026, they're projected to produce around $2.91 in distributable cash flow per share, while the dividend per share is only $1.37. So, the dividend is very well covered. And this is why they're able to continue to grow at out a healthy rate while still funding growth internally, which ultimately will continue to drive distributable cash flow per share higher, which means intrinsic value is going to continue to climb, which again ultimately to summarize is why the stock still looks attractive despite the fact over the last 5 years it's up 132%.
这个频道对 $ET 的历次判断
Dividendology 在这只股票上只有这一条判断。