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Plains GP Holdings

DB:PG81
Snowflake Description

Undervalued average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PG81
DB
$1B
Imp Market Cap
  1. Home
  2. DE
  3. Energy
Company description

Plains GP Holdings, L.P. owns and operates midstream energy infrastructure in the United States and Canada. The last earnings update was 41 days ago. More info.


Add to Portfolio Compare Print
  • Plains GP Holdings has significant price volatility in the past 3 months.
PG81 Share Price and Events
7 Day Returns
12.1%
DB:PG81
8.7%
DE Oil and Gas
4.3%
DE Market
1 Year Returns
-74.8%
DB:PG81
34.4%
DE Oil and Gas
-14.2%
DE Market
PG81 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Plains GP Holdings (PG81) 12.1% -26.6% -68.8% -74.8% -81.7% -92.2%
DE Oil and Gas 8.7% -2.8% -19.4% 34.4% -14.7% 157%
DE Market 4.3% -9% -21.6% -14.2% -19.6% -25.6%
1 Year Return vs Industry and Market
  • PG81 underperformed the Oil and Gas industry which returned 34.4% over the past year.
  • PG81 underperformed the Market in Germany which returned -14.2% over the past year.
Price Volatility
PG81
Industry
5yr Volatility vs Market

PG81 Value

 Is Plains GP Holdings 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 Plains GP Holdings 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 Plains GP Holdings.

DB:PG81 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.5%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

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 DB:PG81
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.97
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.972 (1 + (1- 21%) (725.46%))
4.714
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (2 * 5.44%)
10.49%

Discounted Cash Flow Calculation for DB:PG81 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Plains GP Holdings 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.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:PG81 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 10.49%)
2020 560.33 Analyst x3 507.13
2021 824.00 Analyst x3 674.97
2022 1,170.00 Analyst x2 867.40
2023 938.00 Analyst x1 629.38
2024 1,010.00 Analyst x1 613.35
2025 1,032.19 Est @ 2.2% 567.31
2026 1,046.86 Est @ 1.42% 520.75
2027 1,056.05 Est @ 0.88% 475.45
2028 1,061.30 Est @ 0.5% 432.45
2029 1,063.76 Est @ 0.23% 392.29
Present value of next 10 years cash flows $5,680.00
DB:PG81 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $1,063.76 × (1 + -0.39%) ÷ (10.49% – -0.39%)
$9,739.04
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $9,739.04 ÷ (1 + 10.49%)10
$3,591.59
DB:PG81 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $5,680.00 + $3,591.59
$9,271.59
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $9,271.59 / 247.92
$37.4
DB:PG81 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:PG81 represents 0.93035x of NYSE:PAGP
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.93035x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 37.40 x 0.93035
€34.79
Value per share (EUR) From above. €34.79
Current discount Discount to share price of €5.40
= -1 x (€5.40 - €34.79) / €34.79
84.5%

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

Current Discount
Amount off the current price Plains GP Holdings is available for.
Intrinsic value
>50%
Share price is €5.4 vs Future cash flow value of €34.79
Current Discount Checks
For Plains GP Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Plains GP Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Plains GP Holdings'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 Plains GP Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Plains GP Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:PG81 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $1.97
NYSE:PAGP Share Price ** NYSE (2020-04-08) in USD $5.8
Europe Oil and Gas Industry PE Ratio Median Figure of 104 Publicly-Listed Oil and Gas Companies 6.5x
Germany Market PE Ratio Median Figure of 402 Publicly-Listed Companies 17.07x

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

** Primary Listing of Plains GP Holdings.

DB:PG81 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 5.8 ÷ 1.97

2.94x

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

  • Plains GP Holdings is good value based on earnings compared to the Europe Oil and Gas industry average.
  • Plains GP Holdings is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Plains GP Holdings's expected growth come at a high price?
Raw Data
DB:PG81 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 2.94x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
-61.6%per year
Europe Oil and Gas Industry PEG Ratio Median Figure of 66 Publicly-Listed Oil and Gas Companies 0.32x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.24x

*Line of best fit is calculated by linear regression .

DB:PG81 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 2.94x ÷ -61.6%

-0.05x

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

  • Plains GP Holdings earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Plains GP Holdings's assets?
Raw Data
DB:PG81 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $11.83
NYSE:PAGP Share Price * NYSE (2020-04-08) in USD $5.8
Germany Oil and Gas Industry PB Ratio Median Figure of 6 Publicly-Listed Oil and Gas Companies 1.01x
Germany Market PB Ratio Median Figure of 573 Publicly-Listed Companies 1.47x
DB:PG81 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 5.8 ÷ 11.83

0.49x

* Primary Listing of Plains GP Holdings.

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

  • Plains GP Holdings is good value based on assets compared to the DE Oil and Gas industry average.
X
Value checks
We assess Plains GP Holdings'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 Oil and Gas 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 Oil and Gas industry average (and greater than 0)? (1 check)
  5. Plains GP Holdings 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.

PG81 Future Performance

 How is Plains GP Holdings expected to perform in the next 1 to 3 years based on estimates from 6 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
-61.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Plains GP Holdings expected to grow at an attractive rate?
  • Plains GP Holdings's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Plains GP Holdings's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Plains GP Holdings's revenues are expected to decrease over the next 1-3 years, this is below the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:PG81 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:PG81 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts -61.6%
DB:PG81 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts -12.5%
Europe Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 13.8%
Europe Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 1.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*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
DB:PG81 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:PG81 Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 15,783 1
2023-12-31 15,492 1
2022-12-31 26,674 2,248 3 3
2021-12-31 31,164 2,030 152 6
2020-12-31 31,812 2,433 171 5
2020-04-08
DB:PG81 Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 33,669 2,500 331
2019-09-30 33,301 3,086 463
2019-06-30 34,205 3,059 503
2019-03-31 34,032 3,116 444
2018-12-31 34,055 2,604 334
2018-09-30 32,874 1,873 -646
2018-06-30 29,956 2,050 -752
2018-03-31 27,954 2,201 -735
2017-12-31 26,223 2,496 -731
2017-09-30 24,569 1,997 61
2017-06-30 23,867 1,798 81
2017-03-31 22,738 902 99

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Plains GP Holdings's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Plains GP Holdings'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
DB:PG81 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Plains GP Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:PG81 Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 1.93 2.88 0.97 2.00
2021-12-31 0.80 0.98 0.57 4.00
2020-12-31 0.87 1.03 0.63 4.00
2020-04-08
DB:PG81 Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 1.97
2019-09-30 2.85
2019-06-30 3.14
2019-03-31 2.80
2018-12-31 2.11
2018-09-30 -4.13
2018-06-30 -4.84
2018-03-31 -4.76
2017-12-31 -5.04
2017-09-30 0.46
2017-06-30 0.69
2017-03-31 0.94

*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.
  • Plains GP Holdings is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Plains GP Holdings'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 Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe 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.
Plains GP Holdings has a total score of 1/6, 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.

PG81 Past Performance

  How has Plains GP Holdings 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 Plains GP Holdings's growth in the last year to its industry (Oil and Gas).
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.
  • Plains GP Holdings's year on year earnings growth rate has been positive over the past 5 years.
  • Plains GP Holdings's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Plains GP Holdings's 1-year earnings growth is negative, it can't be compared to the Europe Oil and Gas industry average.
Earnings and Revenue History
Plains GP Holdings'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 Plains GP Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:PG81 Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 33,669.00 331.00 302.00
2019-09-30 33,301.00 463.00 314.00
2019-06-30 34,205.00 503.00 313.00
2019-03-31 34,032.00 444.00 317.00
2018-12-31 34,055.00 334.00 320.00
2018-09-30 32,874.00 -646.00 302.00
2018-06-30 29,956.00 -752.00 296.00
2018-03-31 27,954.00 -735.00 279.00
2017-12-31 26,223.00 -731.00 274.00
2017-09-30 24,569.00 61.00 277.00
2017-06-30 23,867.00 81.00 280.00
2017-03-31 22,738.00 99.00 289.00
2016-12-31 20,182.00 94.00 282.00
2016-09-30 19,227.00 127.00 274.00
2016-06-30 19,607.00 135.00 263.00
2016-03-31 21,321.00 123.00 270.00
2015-12-31 23,152.00 118.00 281.00
2015-09-30 27,615.00 118.00 290.00
2015-06-30 33,191.00 102.00 309.00
2015-03-31 37,722.00 87.00 320.00
2014-12-31 43,464.00 70.00 331.00
2014-09-30 44,637.00 54.00 344.00
2014-06-30 44,212.00 39.00 345.00
2014-03-31 43,313.00 25.00 344.00
2013-12-31 42,249.00 12.00 360.00
2013-09-30 41,056.00 4.00 341.00
2013-06-30 39,708.00 4.00 343.00

*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.
  • Plains GP Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Plains GP Holdings used its assets less efficiently than the Europe Oil and Gas industry average last year based on Return on Assets.
  • Plains GP Holdings has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Plains GP Holdings'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 Oil and Gas 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.
Plains GP Holdings 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.

PG81 Health

 How is Plains GP Holdings'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 Plains GP Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Plains GP Holdings's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Plains GP Holdings's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Plains GP Holdings'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 0.5x 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 Plains GP Holdings Company Filings, last reported 3 months ago.

DB:PG81 Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 14,519.00 9,668.00 47.00
2019-09-30 14,442.00 10,265.00 611.00
2019-06-30 14,362.00 9,638.00 428.00
2019-03-31 14,022.00 9,301.00 439.00
2018-12-31 13,355.00 9,218.00 69.00
2018-09-30 12,730.00 9,569.00 33.00
2018-06-30 12,215.00 9,909.00 37.00
2018-03-31 12,424.00 9,824.00 26.00
2017-12-31 12,380.00 9,931.00 40.00
2017-09-30 12,538.00 11,417.00 36.00
2017-06-30 12,730.00 11,154.00 50.00
2017-03-31 12,863.00 11,263.00 41.00
2016-12-31 10,739.00 11,889.00 50.00
2016-09-30 10,392.00 11,723.00 34.00
2016-06-30 10,289.00 11,534.00 37.00
2016-03-31 10,765.00 10,597.00 40.00
2015-12-31 9,234.00 11,981.00 30.00
2015-09-30 9,526.00 11,267.00 25.00
2015-06-30 10,014.00 10,620.00 30.00
2015-03-31 10,148.00 10,019.00 460.00
2014-12-31 9,381.00 10,595.00 404.00
2014-09-30 8,687.00 9,135.00 35.00
2014-06-30 8,684.00 8,711.00 28.00
2014-03-31 8,367.00 8,219.00 32.00
2013-12-31 8,279.00 8,343.00 43.00
2013-09-30 7,206.00 8,180.00 34.00
2013-06-30 7,451.00 7,470.00 18.00
  • Plains GP Holdings's level of debt (66.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (112.8% vs 66.6% today).
  • Debt is well covered by operating cash flow (25.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.7x coverage).
X
Financial health checks
We assess Plains GP Holdings'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. Plains GP Holdings 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.

PG81 Dividends

 What is Plains GP Holdings'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
24.83%
Current annual income from Plains GP Holdings dividends. Estimated to be 22.77% next year.
If you bought €2,000 of Plains GP Holdings shares you are expected to receive €497 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?
  • Plains GP Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.63%).
  • Plains GP Holdings's dividend is above the markets top 25% of dividend payers in Germany (4.61%).
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
DB:PG81 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 6 Analyst Estimates (S&P Global) See Below
Europe Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 68 Stocks 8.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 314 Stocks 3.6%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.6%
Germany Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

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

DB:PG81 Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2024-12-31 1.76 2.00
2023-12-31 1.60 3.00
2022-12-31 1.44 6.00
2021-12-31 1.19 13.00
2020-12-31 1.27 14.00
2020-04-08
DB:PG81 Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-01-08 1.440 14.478
2019-10-07 1.440 7.728
2019-07-03 1.440 6.322
2019-04-04 1.440 5.964
2019-01-08 1.200 5.039
2018-10-05 1.200 5.473
2018-07-09 1.200 4.838
2018-04-09 1.200 4.881
2018-01-08 1.200 5.438
2017-11-09 1.200 5.654
2017-11-06 1.200 5.563
2017-07-05 2.200 9.712
2017-02-23 2.330 8.095
2017-02-07 2.330 7.252
2017-01-09 1.219 3.668
2016-09-30 2.200 6.421
2016-07-11 2.461 8.112
2016-04-07 2.461 9.465
2016-01-12 2.461 12.197
2015-10-07 2.461 8.134
2015-07-07 2.418 4.497
2015-04-07 2.365 3.174
2015-01-08 2.162 2.961
2014-10-08 2.032 2.910
2014-07-09 1.954 2.414
2014-05-13 1.817 2.351
2014-05-07 1.817 2.422
2014-01-15 1.332 1.828

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

  • Plains GP Holdings has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Plains GP Holdings only paid a dividend in the past 6 years.
Current Payout to shareholders
What portion of Plains GP Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.4x coverage).
X
Income/ dividend checks
We assess Plains GP Holdings'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 Plains GP Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Plains GP Holdings has a total score of 4/6, see the detailed checks below.


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

PG81 Management

 What is the CEO of Plains GP Holdings'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
Willie Chiang
COMPENSATION $3,306,860
AGE 58
CEO Bio

Mr. Wilfred C. W. Chiang, also known as Willie, serves as Chief Executive Officer and Director of PAA GP Holdings LLC at Plains GP Holdings LP and also serves as Chairman of the Board since January 1, 2020. He served as Executive Vice President and Chief Operating Officer of PAA GP Holdings LLC since August 2015 and January 5, 2018 respectively. Mr. Chiang served as Executive Vice President of Plains All American GP LLC from August 2015 to October 1, 2018. He serves as Chief Executive Officer of Plains All American GP LLC. He has been Director of Plains All American GP LLC since February 2017. He serves as the Chairman of Plains All American GP LLC. He had been Chief Operating Officer of Plains All American GP LLC from January 5, 2018 to October 1, 2018. He served as its Chief Operating Officer (U.S.) from August 2015 to December 2017. He served as Executive Vice President and Chief Operating Officer of US at Plains Pipeline, L.P. He serves as Chairman of the Board and Chief Executive Officer at PAA GP Holdings LLC since January 1, 2020. He was Chief Operating Officer (U.S.) of PAA GP Holdings LLC from August 2015 through December 2017. Mr. Chiang has been a Director of PAA GP Holdings LLC, General Partner of Plains GP Holdings, L.P. since February 2017. Mr. Chiang joined PAA Natural Gas Storage, L.P. in 2015 from Occidental Petroleum Corporation where he served as Executive Vice President of Operations from 2012 to 2015. From 1996 to 2012, he served in various positions at ConocoPhillips, including Senior Vice President – Refining, Marketing, Transportation, and Commercial. He serves as a Director of Chevron Phillips Chemical. He served as a Director of DCP Midstream GP, LLC. He served as a Director of DCP Midstream, LP from December 19, 2007 to October 16, 2008. He has been extensively involved in the American Petroleum Institute. He serves in Director roles on the United Way of Greater Houston Board, and Society for the Performing Arts, as well as the Board of Trustees for the South Dakota School of Mines and Technology Foundation. Mr. Chiang holds a bachelor’s degree in Mechanical Engineering from the South Dakota School of Mines and Technology and completed the Advanced Management Program at the University of Pennsylvania’s Wharton School of Business.

CEO Compensation
  • Willie's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Insufficient data for Willie to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Plains GP Holdings management team in years:

6.8
Average Tenure
54
Average Age
  • The average tenure for the Plains GP Holdings management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Willie Chiang

TITLE
Chairman & CEO of PAA GP Holdings LLC
COMPENSATION
$3M
AGE
58

Harry Pefanis

TITLE
President
COMPENSATION
$367K
AGE
62

Al Swanson

TITLE
Executive VP & CFO of PAA GP Holdings LLC
COMPENSATION
$2M
AGE
55
TENURE
6.8 yrs

Chris Chandler

TITLE
Executive VP & COO of PAA GP Holdings LLC
AGE
47
TENURE
1.1 yrs

Chris Herbold

TITLE
Senior VP & Chief Accounting Officer of PAA GP Holdings LLC
AGE
47
TENURE
6.8 yrs

Roy Lamoreaux

TITLE
Vice President

Richard McGee

TITLE
Executive VP
COMPENSATION
$4M
AGE
58
TENURE
6.8 yrs

Brad Leone

TITLE
Director of Communications for PAA GP Holdings LLC

Jeremy Goebel

TITLE
Executive Vice President of Commercial - PAA GP Holdings LLC
AGE
41
TENURE
1.1 yrs

Sharon Spurlin

TITLE
Senior VP & Treasurer
AGE
53
Board of Directors Tenure

Average tenure and age of the Plains GP Holdings board of directors in years:

3.4
Average Tenure
65
Average Age
  • The tenure for the Plains GP Holdings board of directors is about average.
Board of Directors

Harry Pefanis

TITLE
President
COMPENSATION
$367K
AGE
62
TENURE
3.2 yrs

Bob Sinnott

TITLE
Director of PAA GP Holdings LLC
AGE
70
TENURE
6.5 yrs

Willie Chiang

TITLE
Chairman & CEO of PAA GP Holdings LLC
COMPENSATION
$3M
AGE
58
TENURE
0.3 yrs

Bobby Shackouls

TITLE
Lead Independent Director of PAA GP Holdings LLC
AGE
68
TENURE
0.3 yrs

Victor Burk

TITLE
Director of PAA GP Holdings LLC
AGE
69
TENURE
6.3 yrs

John Raymond

TITLE
Director of PAA GP Holdings LLC
AGE
48
TENURE
6.5 yrs

Greg Armstrong

TITLE
Director
COMPENSATION
$43K
AGE
61

Chris Temple

TITLE
Director of PAA GP Holdings LLC
AGE
51
TENURE
3.4 yrs

Gary Petersen

TITLE
Director of PAA GP Holdings LLC
AGE
73
TENURE
3.4 yrs

J. Symonds

TITLE
Director of PAA GP Holdings LLC
AGE
80
TENURE
3.4 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Plains GP Holdings individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
18. Mar 20 Buy Robert Sinnott Individual 16. Mar 20 18. Mar 20 125,000 €5.44 €484,984
18. Mar 20 Buy Wilfred Chiang Individual 16. Mar 20 16. Mar 20 41,600 €5.21 €216,796
18. Mar 20 Buy Gregory Armstrong Individual 18. Mar 20 18. Mar 20 100,000 €3.51 €350,702
16. Mar 20 Buy Gregory Armstrong Individual 12. Mar 20 12. Mar 20 20,000 €6.78 €131,037
12. Mar 20 Buy Harry Pefanis Individual 12. Mar 20 12. Mar 20 20,000 €6.65 €132,934
27. Feb 20 Buy Harry Pefanis Individual 26. Feb 20 26. Feb 20 30,000 €13.23 €396,942
25. Feb 20 Buy Wilfred Chiang Individual 24. Feb 20 25. Feb 20 65,000 €14.67 €945,381
24. Feb 20 Buy Gregory Armstrong Individual 24. Feb 20 24. Feb 20 70,187 €14.65 €1,028,450
20. Nov 19 Buy Wilfred Chiang Individual 20. Nov 19 20. Nov 19 60,000 €15.49 €929,148
20. Nov 19 Buy Gregory Armstrong Individual 20. Nov 19 20. Nov 19 60,000 €15.49 €929,577
19. Nov 19 Buy Everardo Goyanes Individual 18. Nov 19 18. Nov 19 20,000 €16.16 €323,145
25. Sep 19 Sell Occidental Petroleum Corporation Company 23. Sep 19 23. Sep 19 -15,000,000 €19.86 €-297,919,440
29. May 19 Sell EMG Fund II Management, L.P. Company 28. May 19 28. May 19 -7,328,291 €20.67 €-151,474,896
16. May 19 Sell Everardo Goyanes Individual 15. May 19 15. May 19 -20,000 €21.96 €-439,154
X
Management checks
We assess Plains GP Holdings'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. Plains GP Holdings 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.

PG81 News

Simply Wall St News

PG81 Company Info

Description

Plains GP Holdings, L.P. owns and operates midstream energy infrastructure in the United States and Canada. It operates through three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment engages in the transportation of crude oil and natural gas liquids (NGLs) on pipelines, gathering systems, trucks, and barges. As of December 31, 2019, it owned and leased assets comprising 18,535 miles of crude oil and NGL pipelines and gathering systems; 35 million barrels of above-ground tank capacity; 825 trailers; 50 transport and storage barges; and 20 transport tugs. The Facilities segment engages in the provision of storage, terminalling, and throughput services primarily for crude oil, NGLs, and natural gas; NGL fractionation and isomerization services; and natural gas and condensate processing services. This segment owned and operated approximately 79 million barrels of crude oil storage capacity; 34 million barrels of NGL storage capacity; 63 billion cubic feet of natural gas storage capacity; 25 billion cubic feet of base gas; seven natural gas processing plants; a condensate processing facility; eight fractionation plants; 30 crude oil and NGL rail terminals; six marine facilities; and 430 miles of pipelines. The Supply and Logistics segment engages in merchant-related activities, including purchase of crude oil, as well as NGL from producers, refiners, processors, and other marketers; storage of NGL and natural gas; and resale and transport of crude oil and NGL. This segment owned 16 million barrels of crude oil and NGL linefill; 4 million barrels of crude oil and NGL linefill in pipelines owned by third parties and other inventory; 760 trucks and 900 trailers; and 8,000 crude oil and NGL railcars. The company offers logistics services, primarily for crude oil, NGLs, and natural gas. PAA GP Holdings LLC operates as a general partner of the company. Plains GP Holdings, L.P. was founded in 2013 and is headquartered in Houston, Texas.

Details
Name: Plains GP Holdings, L.P.
PG81
Exchange: DB
Founded: 2013
$1,293,018,412
$949,921,241
247,924,294
Website: http://www.plainsallamerican.com
Address: Plains GP Holdings, L.P.
333 Clay Street,
Suite 1600,
Houston,
Texas, 77002,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE PAGP Class A Shares New York Stock Exchange US USD 16. Oct 2013
DB PG81 Class A Shares Deutsche Boerse AG DE EUR 16. Oct 2013
DB PG81 LTD PARTNER INT CL A NEW INT(POST SPLIT) Deutsche Boerse AG DE EUR 08. Apr 2020
Number of employees
Current staff
Staff numbers
0
Plains GP Holdings employees.
Industry
Oil and Gas Storage and Transportation
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/08 22:19
End of day share price update: 2020/04/08 00:00
Last estimates confirmation: 2020/04/08
Last earnings filing: 2020/02/27
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


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.