Company Valuation: Hess Midstream LP

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 930.1 1,317 2,162 3,854 4,464 5,025 - -
Change - 41.55% 64.23% 78.24% 15.84% 12.56% - -
Enterprise Value (EV) 1 3,491 4,199 5,368 7,321 8,234 8,665 8,562 8,398
Change - 20.27% 27.84% 36.38% 12.47% 5.23% -1.18% -1.92%
P/E 15.7x 14.9x 15.2x 14.9x 12.1x 14.9x 13.3x 13x
PBR 34.3x 29.3x 21x 15.2x 12.6x 16.1x 16.3x 15.7x
PEG - 1x 4.36x 0.8x 0.8x -1.9x 1.2x 4.45x
Capitalization / Revenue 0.77x 1.03x 1.6x 2.58x 2.75x 3.11x 2.98x 2.87x
EV / Revenue 2.9x 3.29x 3.98x 4.9x 5.08x 5.36x 5.08x 4.79x
EV / EBITDA 3.84x 4.27x 5.25x 6.44x 6.65x 6.99x 6.64x 6.31x
EV / EBIT 4.8x 5.31x 6.57x 7.97x 8.17x 8.71x 8.13x 7.63x
EV / FCF 5.98x 6.74x 8.65x 11.2x 10.6x 9.85x 9.14x 8.62x
FCF Yield 16.7% 14.8% 11.6% 8.95% 9.46% 10.2% 10.9% 11.6%
Dividend per Share 2 1.984 2.237 2.438 2.705 2.966 3.185 3.364 3.533
Rate of return 7.18% 7.48% 7.71% 7.31% 8.6% 8.14% 8.59% 9.02%
EPS 2 1.76 2.01 2.08 2.49 2.86 2.636 2.934 3.019
Distribution rate 113% 111% 117% 109% 104% 121% 115% 117%
Net sales 1 1,204 1,275 1,349 1,496 1,621 1,615 1,686 1,752
EBITDA 1 908.5 982.9 1,022 1,136 1,238 1,239 1,289 1,331
EBIT 1 727.2 791.2 816.9 919 1,008 994.9 1,053 1,100
Net income 1 46.4 83.9 118.6 223.1 352.9 357.9 482.7 507.2
Net Debt 1 2,561 2,882 3,206 3,468 3,770 3,640 3,538 3,373
Reference price 2 27.63 29.92 31.63 37.03 34.50 39.15 39.15 39.15
Nbr of stocks (in thousands) 33,663 44,003 68,358 104,071 129,392 128,351 - -
Announcement Date 26/01/22 25/01/23 31/01/24 29/01/25 02/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.48x5.29x6.89x8.34% 5.02B
26.18x4.11x13.68x5.12% 120B
31.17x10.2x14.7x2.89% 91.82B
12.51x2.04x10.38x6.2% 81.43B
21.51x5.7x11.54x3.75% 72.28B
25.19x10.1x13.68x3.69% 71.73B
13.23x6.39x11.35x8.02% 58.36B
24.64x3.81x13.1x1.87% 58.77B
15.29x2.28x10.56x4.93% 57.14B
16.34x3.72x11.27x5.15% 30.83B
Average 20.05x 5.36x 11.72x 5% 64.76B
Weighted average by Cap. 21.71x 5.56x 12.47x 4.6%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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