Financials Enterprise Products Partners L.P.

Equities

EPD

US2937921078

Oil & Gas Transportation Services

Market Closed - Nyse Other stock markets 21:00:02 30/04/2024 BST			5-day change	1st Jan Change
28.08 ^USD	-1.78%		-2.87%	+6.57%

04-30	Sector Update: Energy Stocks Decline Premarket Tuesday	MT
04-30	Enterprise Products Partners' Q1 Earnings, Revenue Increase	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	60,977	-	-
Enterprise Value (EV) ¹	88,937	71,470	74,635	80,564	85,657	89,118	89,912	90,174
P/E ratio	13.5 x	11.5 x	10.5 x	9.65 x	10.5 x	10.5 x	9.97 x	9.81 x
Yield	6.27%	9.11%	8.27%	7.9%	7.61%	7.51%	7.91%	8.36%
Capitalization / Revenue	1.88 x	1.57 x	1.17 x	0.9 x	1.15 x	1.13 x	1.08 x	1.04 x
EV / Revenue	2.71 x	2.63 x	1.83 x	1.38 x	1.72 x	1.65 x	1.6 x	1.54 x
EV / EBITDA	11 x	8.87 x	8.9 x	8.65 x	9.19 x	9.08 x	8.83 x	8.58 x
EV / FCF	36 x	26.8 x	11.9 x	13.1 x	20.1 x	19 x	16.2 x	13.8 x
FCF Yield	2.78%	3.74%	8.44%	7.64%	4.97%	5.26%	6.17%	7.25%
Price to Book	2.49 x	1.76 x	1.89 x	1.97 x	2.06 x	2.12 x	2.01 x	1.94 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	28.08	28.08	28.08
Announcement Date	30/01/20	03/02/21	01/02/22	01/02/23	01/02/24	-	-	-

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	52,137	56,242	58,410
EBITDA ¹	8,117	8,056	8,381	9,309	9,318	9,906	10,186	10,511
EBIT ¹	6,079	5,035	6,104	6,907	6,929	7,354	7,634	7,707
Operating Margin	18.54%	18.51%	14.96%	11.87%	13.94%	14.1%	13.57%	13.19%
Earnings before Tax (EBT) ¹	4,733	3,761	4,825	5,697	5,701	6,181	6,378	6,285
Net income ¹	4,591	3,775	4,634	5,487	5,529	5,946	6,173	6,296
Net margin	14%	13.88%	11.36%	9.43%	11.12%	11.4%	10.98%	10.78%
EPS ²	2.090	1.710	2.100	2.500	2.520	2.773	2.835	2.862
Free Cash Flow ¹	2,472	2,670	6,297	6,159	4,256	4,686	5,465	6,541
FCF margin	7.54%	9.82%	15.43%	10.59%	8.56%	8.99%	9.72%	11.2%
FCF Conversion (EBITDA)	30.45%	33.15%	75.13%	66.16%	45.68%	47.3%	53.65%	62.24%
FCF Conversion (Net income)	53.83%	70.74%	135.88%	112.25%	76.98%	78.8%	88.53%	103.89%
Dividend per Share ²	1.765	1.785	1.815	1.905	2.005	2.110	2.220	2.348
Announcement Date	30/01/20	03/02/21	01/02/22	01/02/23	01/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	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
Net sales ¹	10,831	11,370	13,008	16,060	15,468	13,650	12,444	10,651	11,998	14,622	14,760	14,173	14,564	14,919	15,631
EBITDA ¹	2,015	2,112	2,257	2,418	2,258	2,376	2,321	2,171	2,327	2,499	2,469	2,365	2,462	2,550	2,508
EBIT ¹	1,513	1,404	1,666	1,764	1,712	1,765	1,734	1,579	1,695	1,921	1,822	1,754	1,864	1,950	1,925
Operating Margin	13.97%	12.34%	12.81%	10.98%	11.07%	12.93%	13.93%	14.82%	14.13%	13.14%	12.34%	12.37%	12.8%	13.07%	12.32%
Earnings before Tax (EBT) ¹	1,198	1,077	1,350	1,457	1,410	1,480	1,432	1,296	1,372	1,601	1,504	1,360	1,514	1,632	1,572
Net income ¹	1,153	1,028	1,296	1,411	1,360	1,420	1,390	1,253	1,318	1,568	1,456	1,377	1,485	1,563	1,512
Net margin	10.65%	9.04%	9.96%	8.79%	8.79%	10.4%	11.17%	11.76%	10.99%	10.72%	9.86%	9.72%	10.2%	10.47%	9.67%
EPS ²	0.5200	0.4700	0.5900	0.6400	0.6200	0.6500	0.6300	0.5700	0.6000	0.7200	0.6600	0.6341	0.6787	0.7216	0.6969
Dividend per Share ²	0.4500	0.4650	0.4650	0.4750	0.4750	0.4900	0.4900	0.5000	0.5000	0.5150	0.5167	0.5278	0.5278	0.5417	0.5450
Announcement Date	02/11/21	01/02/22	02/05/22	03/08/22	01/11/22	01/02/23	02/05/23	01/08/23	31/10/23	01/02/24	30/04/24	-	-	-	-

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	28,141	28,935	29,197
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.362 x	3.564 x	3.188 x	3.017 x	3.051 x	2.866 x	2.842 x	2.779 x
Free Cash Flow ¹	2,472	2,670	6,297	6,159	4,256	4,685	5,548	6,541
ROE (net income / shareholders' equity)	19.5%	15.4%	18.7%	21.1%	20.4%	20.6%	20.6%	20.3%
ROA (Net income/ Total Assets)	7.74%	6%	7.04%	8.09%	7.95%	7.7%	7.6%	7.7%
Assets ¹	59,319	62,920	65,816	67,817	69,545	75,886	80,369	81,769
Book Value Per Share ²	11.30	11.10	11.60	12.30	12.80	13.20	14.00	14.50
Cash Flow per Share ²	2.960	2.680	3.860	3.660	3.450	3.820	4.050	4.170
Capex ¹	4,532	3,288	2,223	1,964	3,266	3,836	3,355	3,425
Capex / Sales	13.82%	12.09%	5.45%	3.38%	6.57%	7.08%	5.97%	5.86%
Announcement Date	30/01/20	03/02/21	01/02/22	01/02/23	01/02/24	-	-	-

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

28.08 USD

Average target price

32.68 USD

Spread / Average Target

+16.37%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Transportation Services

	1st Jan change	Capi.
ENTERPRISE PRODUCTS PARTNERS L.P.	+6.57%	62.08B
ENBRIDGE INC.	+2.62%	76.53B
WILLIAMS COMPANIES	+10.13%	47.77B
ONEOK, INC..	+12.67%	47.52B
MPLX LP	+13.83%	42.41B
KINDER MORGAN, INC.	+3.63%	41.28B
TC ENERGY CORPORATION	-4.71%	37.36B
TARGA RESOURCES CORP.	+31.30%	26.08B
CHENIERE ENERGY PARTNERS, L.P.	-2.69%	24.4B
PEMBINA PIPELINE CORPORATION	+6.18%	20.93B

Other Oil & Gas Transportation Services