Financials Enterprise Products Partners L.P.

Equities

EPD

US2937921078

Oil & Gas Transportation Services

Real-time Estimate Cboe BZX Other stock markets 04:00:01 2024-05-28 pm EDT			5-day change	1st Jan Change
28.14 ^USD	-0.27%		-2.13%	+6.53%

May. 10	Calumet Specialty Products Partners' Q1 Swings to Loss as Sales Decline	MT
May. 10	Earnings Flash (CLMT) CALUMET SPECIALTY PRODUCTS PARTNERS L.P. Reports Q1 Revenue $1.01B, vs. Street Est of $900.8M	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	61,647	42,763	47,920	52,475	57,229	61,260	-	-
Enterprise Value (EV) ¹	88,937	71,470	74,635	80,564	85,657	90,491	90,510	88,620
P/E ratio	13.5 x	11.5 x	10.5 x	9.65 x	10.5 x	10.5 x	9.84 x	9.7 x
Yield	6.27%	9.11%	8.27%	7.9%	7.61%	7.48%	7.87%	8.3%
Capitalization / Revenue	1.88 x	1.57 x	1.17 x	0.9 x	1.15 x	1.1 x	1.05 x	1.01 x
EV / Revenue	2.71 x	2.63 x	1.83 x	1.38 x	1.72 x	1.62 x	1.55 x	1.47 x
EV / EBITDA	11 x	8.87 x	8.9 x	8.65 x	9.19 x	9.16 x	8.83 x	8.41 x
EV / FCF	36 x	26.8 x	11.9 x	13.1 x	20.1 x	18.9 x	17.5 x	12.9 x
FCF Yield	2.78%	3.74%	8.44%	7.64%	4.97%	5.29%	5.71%	7.77%
Price to Book	2.49 x	1.76 x	1.89 x	1.97 x	2.06 x	2.14 x	2.05 x	1.96 x
Nbr of stocks (in thousands)	2,189,170	2,182,881	2,182,130	2,175,570	2,171,879	2,171,558	-	-
Reference price ²	28.16	19.59	21.96	24.12	26.35	28.21	28.21	28.21
Announcement Date	1/30/20	2/3/21	2/1/22	2/1/23	2/1/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	32,789	27,200	40,807	58,186	49,715	55,854	58,420	60,478
EBITDA ¹	8,117	8,056	8,381	9,309	9,318	9,876	10,248	10,537
EBIT ¹	6,079	5,035	6,104	6,907	6,929	7,395	7,743	7,838
Operating Margin	18.54%	18.51%	14.96%	11.87%	13.94%	13.24%	13.25%	12.96%
Earnings before Tax (EBT) ¹	4,733	3,761	4,825	5,697	5,701	6,093	6,463	6,513
Net income ¹	4,591	3,775	4,634	5,487	5,529	5,902	6,228	6,443
Net margin	14%	13.88%	11.36%	9.43%	11.12%	10.57%	10.66%	10.65%
EPS ²	2.090	1.710	2.100	2.500	2.520	2.689	2.866	2.910
Free Cash Flow ¹	2,472	2,670	6,297	6,159	4,256	4,789	5,164	6,884
FCF margin	7.54%	9.82%	15.43%	10.59%	8.56%	8.57%	8.84%	11.38%
FCF Conversion (EBITDA)	30.45%	33.15%	75.13%	66.16%	45.68%	48.49%	50.39%	65.34%
FCF Conversion (Net income)	53.83%	70.74%	135.88%	112.25%	76.98%	81.15%	82.91%	106.86%
Dividend per Share ²	1.765	1.785	1.815	1.905	2.005	2.109	2.219	2.341
Announcement Date	1/30/20	2/3/21	2/1/22	2/1/23	2/1/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	11,370	13,008	16,060	15,468	13,650	12,444	10,651	11,998	14,622	14,760	14,029	14,335	14,682	15,119	15,541
EBITDA ¹	2,112	2,257	2,418	2,258	2,376	2,321	2,171	2,327	2,499	2,469	2,401	2,476	2,538	2,497	2,485
EBIT ¹	1,404	1,666	1,764	1,712	1,765	1,734	1,579	1,695	1,921	1,822	1,773	1,869	1,954	1,909	1,786
Operating Margin	12.34%	12.81%	10.98%	11.07%	12.93%	13.93%	14.82%	14.13%	13.14%	12.34%	12.63%	13.04%	13.31%	12.63%	11.49%
Earnings before Tax (EBT) ¹	1,077	1,350	1,457	1,410	1,480	1,432	1,296	1,372	1,601	1,504	1,342	1,490	1,631	1,585	1,422
Net income ¹	1,028	1,296	1,411	1,360	1,420	1,390	1,253	1,318	1,568	1,456	1,383	1,488	1,571	1,522	1,408
Net margin	9.04%	9.96%	8.79%	8.79%	10.4%	11.17%	11.76%	10.99%	10.72%	9.86%	9.86%	10.38%	10.7%	10.07%	9.06%
EPS ²	0.4700	0.5900	0.6400	0.6200	0.6500	0.6300	0.5700	0.6000	0.7200	0.6600	0.6439	0.6807	0.7212	0.6921	0.6712
Dividend per Share ²	0.4650	0.4650	0.4750	0.4750	0.4900	0.4900	0.5000	0.5000	0.5150	-	0.5278	0.5278	0.5417	0.5450	0.5520
Announcement Date	2/1/22	5/2/22	8/3/22	11/1/22	2/1/23	5/2/23	8/1/23	10/31/23	2/1/24	4/30/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	27,290	28,708	26,716	28,089	28,428	29,231	29,250	27,360
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.362 x	3.564 x	3.188 x	3.017 x	3.051 x	2.96 x	2.854 x	2.597 x
Free Cash Flow ¹	2,472	2,670	6,297	6,159	4,256	4,789	5,164	6,885
ROE (net income / shareholders' equity)	19.5%	15.4%	18.7%	21.1%	20.4%	20.8%	20.9%	20.5%
ROA (Net income/ Total Assets)	7.74%	6%	7.04%	8.09%	7.95%	8%	8.1%	7.8%
Assets ¹	59,319	62,920	65,816	67,817	69,545	73,772	76,887	82,598
Book Value Per Share ²	11.30	11.10	11.60	12.30	12.80	13.20	13.80	14.40
Cash Flow per Share ²	2.960	2.680	3.860	3.660	3.450	3.920	4.170	4.120
Capex ¹	4,532	3,288	2,223	1,964	3,266	3,890	3,528	3,147
Capex / Sales	13.82%	12.09%	5.45%	3.38%	6.57%	6.96%	6.04%	5.2%
Announcement Date	1/30/20	2/3/21	2/1/22	2/1/23	2/1/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Enterprise Products Partners L.P.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

28.21 USD

Average target price

32.95 USD

Spread / Average Target

+16.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Transportation Services

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MPLX LP	+9.50%	41.1B
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TARGA RESOURCES CORP.	+31.55%	25.34B
CHENIERE ENERGY PARTNERS, L.P.	-1.35%	23.78B
PEMBINA PIPELINE CORPORATION	+9.07%	21.14B

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