Financials Energy Transfer LP Nyse

Equities

ET.PRI

US29273V7047

Oil & Gas Transportation Services

Market Closed - Nyse Other stock markets 01:40:00 21/06/2024 am IST			5-day change	1st Jan Change
11.22 ^USD	-0.29%		-0.44%	+13.33%

18/06	Mizuho Securities Adjusts Energy Transfer Price Target to $20 From $19, Maintains Buy Rating	MT
10/06	Morgan Stanley Adjusts Price Target on Energy Transfer to $20 From $19, Maintains Overweight Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	34,443	16,672	25,361	36,660	43,402	52,168	-	-
Enterprise Value (EV) ¹	85,206	67,743	74,727	84,665	95,629	1,05,547	1,03,588	1,01,697
P/E ratio	9.43 x	-25.8 x	4.35 x	8.48 x	12.7 x	10.6 x	9.11 x	8.83 x
Yield	9.51%	14.8%	7.69%	8.42%	9.02%	8.22%	8.56%	9.03%
Capitalization / Revenue	0.64 x	0.43 x	0.38 x	0.41 x	0.55 x	0.59 x	0.58 x	0.56 x
EV / Revenue	1.57 x	1.74 x	1.11 x	0.94 x	1.22 x	1.2 x	1.15 x	1.1 x
EV / EBITDA	7.6 x	6.43 x	5.73 x	6.47 x	6.98 x	6.85 x	6.46 x	6.14 x
EV / FCF	41.7 x	30.4 x	8.96 x	14.9 x	14.9 x	17.5 x	15.5 x	13.8 x
FCF Yield	2.4%	3.29%	11.2%	6.7%	6.71%	5.73%	6.44%	7.26%
Price to Book	1.54 x	0.9 x	0.74 x	1.11 x	1.2 x	1.51 x	1.44 x	1.36 x
Nbr of stocks (in thousands)	26,84,596	26,97,716	30,81,577	30,88,475	31,45,066	33,70,023	-	-
Reference price ²	12.83	6.180	8.230	11.87	13.80	15.70	15.70	15.70
Announcement Date	19/02/20	17/02/21	16/02/22	15/02/23	14/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	54,213	38,954	67,417	89,876	78,586	87,855	89,962	92,515
EBITDA ¹	11,214	10,531	13,046	13,093	13,698	15,409	16,033	16,572
EBIT ¹	7,277	5,860	8,851	7,738	8,295	9,867	10,483	11,166
Operating Margin	13.42%	15.04%	13.13%	8.61%	10.56%	11.23%	11.65%	12.07%
Earnings before Tax (EBT) ¹	5,094	377	6,871	6,072	5,597	7,488	8,092	8,169
Net income ¹	3,588	-647	5,179	4,330	3,469	5,349	6,157	6,516
Net margin	6.62%	-1.66%	7.68%	4.82%	4.41%	6.09%	6.84%	7.04%
EPS ²	1.360	-0.2400	1.890	1.400	1.090	1.484	1.722	1.779
Free Cash Flow ¹	2,043	2,231	8,340	5,670	6,421	6,044	6,673	7,382
FCF margin	3.77%	5.73%	12.37%	6.31%	8.17%	6.88%	7.42%	7.98%
FCF Conversion (EBITDA)	18.22%	21.19%	63.93%	43.31%	46.88%	39.22%	41.62%	44.54%
FCF Conversion (Net income)	56.94%	-	161.03%	130.95%	185.1%	112.99%	108.39%	113.29%
Dividend per Share ²	1.220	0.9150	0.6325	1.000	1.245	1.291	1.344	1.418
Announcement Date	19/02/20	17/02/21	16/02/22	15/02/23	14/02/24	-	-	-

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	18,657	20,491	25,945	22,939	20,501	18,995	18,320	20,739	20,532	21,629	21,394	21,886	22,253	24,349	25,412
EBITDA ¹	2,811	3,340	3,228	3,088	3,437	3,433	3,122	3,541	3,602	3,880	3,695	3,825	3,949	3,941	3,855
EBIT ¹	1,729	1,846	2,113	1,973	1,806	2,062	1,835	2,233	2,165	2,380	2,343	2,441	2,529	2,587	2,237
Operating Margin	9.27%	9.01%	8.14%	8.6%	8.81%	10.86%	10.02%	10.77%	10.54%	11%	10.95%	11.15%	11.36%	10.62%	8.8%
Earnings before Tax (EBT) ¹	1,181	1,478	1,708	1,404	1,482	1,518	1,341	1,124	1,614	1,781	1,657	1,833	1,940	1,785	1,788
Net income ¹	820	1,162	1,326	899	1,049	1,003	797	466	1,203	1,089	1,338	1,392	1,491	1,427	1,207
Net margin	4.4%	5.67%	5.11%	3.92%	5.12%	5.28%	4.35%	2.25%	5.86%	5.03%	6.26%	6.36%	6.7%	5.86%	4.75%
EPS ²	0.2900	0.3700	0.3900	0.2900	0.3400	0.3200	0.2500	0.1500	0.3700	0.3200	0.3498	0.3642	0.3978	0.3772	0.3259
Dividend per Share ²	0.1750	0.2000	0.2300	0.2650	0.3050	0.3075	0.3100	0.3125	0.3150	0.3175	0.3206	0.3232	0.3268	0.3314	0.3338
Announcement Date	16/02/22	04/05/22	03/08/22	01/11/22	15/02/23	02/05/23	02/08/23	01/11/23	14/02/24	08/05/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	50,763	51,071	49,366	48,005	52,227	53,379	51,420	49,530
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.527 x	4.85 x	3.784 x	3.666 x	3.813 x	3.464 x	3.207 x	2.989 x
Free Cash Flow ¹	2,043	2,231	8,340	5,670	6,421	6,044	6,673	7,382
ROE (net income / shareholders' equity)	16.9%	2.46%	21%	14.6%	9.95%	14.6%	16.1%	17%
ROA (Net income/ Total Assets)	3.83%	0.51%	5.21%	4.45%	3.16%	5.1%	6.2%	6.8%
Assets ¹	93,564	-1,26,121	99,451	97,411	1,09,671	1,04,883	99,301	95,821
Book Value Per Share ²	8.310	6.860	11.10	10.70	11.50	10.40	10.90	11.50
Cash Flow per Share ²	3.030	2.730	4.070	2.920	3.010	4.130	4.100	-
Capex ¹	5,960	5,130	2,822	3,381	3,134	3,346	3,100	2,972
Capex / Sales	10.99%	13.17%	4.19%	3.76%	3.99%	3.81%	3.45%	3.21%
Announcement Date	19/02/20	17/02/21	16/02/22	15/02/23	14/02/24	-	-	-

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 Energy Transfer LP

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

15.7 USD

Average target price

19.02 USD

Spread / Average Target

+21.12%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Natural Gas Pipeline

	1st Jan change	Capi.
SNAM S.P.A.	-6.49%	15.43B
DT MIDSTREAM, INC.	+26.73%	6.67B
EQUITRANS MIDSTREAM CORPORATION	+29.76%	5.8B
NEXTDECADE CORPORATION	+64.36%	1.97B
OQ GAS NETWORKS SAOC	-7.19%	1.6B
SHAANXI PROVINCIAL NATURAL GAS CO.,LTD	+2.05%	1.17B
S.N.T.G.N. TRANSGAZ S.A.	+27.78%	984M
PETROVIETNAM LOW PRESSURE GAS DISTRIBUTION	-7.63%	140M
JINHONG HOLDING GROUP CO., LTD.	-39.48%	138M

Natural Gas Pipeline