CHEMTRADE LOGISTICS INCOME FUND $20.95 (Toronto symbol CHE.UN; TSINetwork Rating: Speculative) (416-496-5856; www.chemtradelogistics.com; Units outstanding: 60.2 million; Market cap: $1.3 billion; Dividend yield: 5.7%) is one of North America’s largest providers of removal services for resource firms, such as oil refineries and basemetal processors. These companies create by-products like sulphur and acid, which Chemtrade turns into useful chemicals like sulphuric acid.
In the three months ended June 30, 2014, Chemtrade’s revenue rose 30.4%, to $318.1 million from $217.5 million a year earlier.
The gain was largely due to General Chemical Corp., which Chemtrade bought for $860.9 million U.S. in January 2014. General makes a range of chemicals, including aluminum sulphate, aluminum chlorohydrate and ferric sulphate (all of which are used in water treatment), as well as ingredients for prescription drugs, nutritional supplements and veterinary products.
Cash flow rose 47.1%, to $44.6 million from $30.3 million. However, cash flow per unit gained just 1.4%, to $0.74 from $0.73, on more units outstanding after the General Chemical purchase. Buying General increased the trust’s long-term debt to $723.6 million, or a high 56% of its market cap, but its strong cash flow should let it pay down that debt. As well, Chemtrade will soon receive $120 million from the recent sale of its Montreal facility to Suncor.
The trust will need sustained economic growth to keep demand for its services high. However, environmental regulations are getting stricter, which should keep lifting sales of Chemtrade’s removal services. The trust yields a high 5.7%. It pays out just 41% of its cash flow as distributions, so that high payout looks safe.
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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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We are continuously in the process of improving our sites and services. If any new features or policies require a change to this current policy, we will post a clear notice of this change on pages of our site where the privacy policy appears. The principle behind this privacy policy is to collect information with your knowledge and consent.
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:
Information You Give Us: We receive and store any information you enter on our website or give us in any other way through sign-up forms or ordering forms for publications and services. You can choose not to provide certain information, but then you might not be able to take advantage of many of our services and features. We use the information that you provide for such purposes as responding to your requests, customizing your web browsing experience for you, improving our website, and communicating with you.
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Does TSI Network Use the Information It Receives?
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Changes to this Policy
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TSI Network may revise this Policy from time to time.
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