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Gold/Mining/Energy : transcanada pipelines (TRP)
TRP 53.49+0.7%Jan 8 4:00 PM EST
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To: Obelix who wrote (204)12/1/1999 10:50:00 AM
From: SofaSpud  Read Replies (1) of 292
 
I'm not sure how well covered TA's dividend is. Nine-month earnings were 88 cents, before a retroactive adjustment for 1999 allowed ROR. That is, those earnings assume the 1998 allowed ROR. I don't know what kind of a charge we are looking at here, but it won't take much before your earnings coverage on a $1 dividend is pretty skimpy. Add to that the committment to spend, what, $1 billion on Centralia? And that they can't issue capital in this market, and so will have to carry increased interest expense? Sorry, but IMHO you gotta price in a dividend cut.
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