For those that don’t understand accounting- dividend I rarely post on Stockhouse, but thought I would educate those who don't understand financial statements.
Operating cash flows INCLUDE depreciation. For example, if you make 200 million and have 100 million of depreciation, your operating cash flow is 100 million. If your dividend payout is 100 million, you would think your payout is 100%. But this is so wrong.
The MOST important metric for asset heavy industries like Reits and Utilties is Adjusted Funds from Operations (AFFO).
The example above, the AFFO would be about 200 million because DEPRECIATION is an accounting expense to LOWER taxes, but doesn't remove a CENT from the bank. You still have 200 million in cash in the bank.
if you think AQN is going to cut when the payout of actual AFFO is 55%, then keep selling.