CHEMTRADE LOGISTICS INCOME FUND $17.15 (Toronto symbol CHE.UN; TSINetwork Rating: Speculative) (416-496-5856; www.chemtradelogistics- .com; Units outstanding: 41.7 million; Market cap: $710.0 million; Dividend yield: 7.1%) is one of North America’s largest providers of removal services for resource firms, such as oil refineries and base-metal processors. These companies create sulphur, acid and other by-products as part of their activities. Chemtrade converts these substances into useful chemicals, like sulphuric acid.
Chemtrade’s Marsulex subsidiary provides a range of environmental services, including improving air quality and treating and handling industrial waste.
In the three months ended December 31, 2012, Chemtrade’s revenue fell 9.8%, to $223.0 million from $247.2 million a year earlier. The decline mostly reflects lower prices for sulphuric acid on international markets. However, cash flow per unit rose 13.1%, to $0.69 from $0.61.
High distribution looks safe
Chemtrade will continue as an income trust. That’s because it believes it is structured in such a way that its earnings will be subject to a Canadian tax rate of no more than 10%. That will help it keep its distributions high. Chemtrade currently has a 7.0% yield and pays out just 60% of its cash flow to unitholders.
The trust’s exposure to cyclical commodity and chemical prices adds risk. It also needs sustained economic growth to keep demand for its services high. However, increasingly strict environmental regulations should keep spurring sales of Chemtrade’s removal services. As well, the company lowers its risk by signing long-term contracts with its customers.
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Privacy Policy and Terms of Use
The Successful Investor Inc. and its affiliate Successful Investor Wealth Management (referred to hereafter as TSI Network) know that you care how information about you is used and shared, and we appreciate your trust that we will do so carefully and sensibly. This notice describes our privacy policy. By visiting websites owned by or associated with TSI Network, you are accepting the practices described in this Privacy Policy.
This privacy policy is applicable to all TSI Network Visitors, Clients, Employees, Suppliers, Web sites, Management, and all other interested parties. Any links to or from our site are not covered by this policy. We encourage you to read the privacy policies of every site that you visit.
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We do not collect or disclose personal information, except when it is provided to us voluntarily by the site/store visitor with their consent.
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What personal information do we collect?
The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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Does TSI Network Use the Information It Receives?
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Changes to this Policy
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