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 5,024 - -
Change - 41.55% 64.23% 78.24% 15.84% 12.54% - -
Enterprise Value (EV) 1 3,491 4,199 5,368 7,321 8,234 8,612 8,456 8,345
Change - 20.27% 27.84% 36.38% 12.47% 4.58% -1.81% -1.31%
P/E 15.7x 14.9x 15.2x 14.9x 12.1x 13.9x 13.3x 12.8x
PBR 34.3x 29.3x 21x 15.2x 12.6x 16.1x 16.9x 17.2x
PEG - 1x 4.36x 0.8x 0.8x -9.3x 3.09x 3.1x
Capitalization / Revenue 0.77x 1.03x 1.6x 2.58x 2.75x 3.12x 3.01x 2.91x
EV / Revenue 2.9x 3.29x 3.98x 4.9x 5.08x 5.35x 5.06x 4.83x
EV / EBITDA 3.84x 4.27x 5.25x 6.44x 6.65x 6.91x 6.56x 6.32x
EV / EBIT 4.8x 5.31x 6.57x 7.97x 8.17x 8.57x 8.03x 7.64x
EV / FCF 5.98x 6.74x 8.65x 11.2x 10.6x 9.56x 9.04x 8.81x
FCF Yield 16.7% 14.8% 11.6% 8.95% 9.46% 10.5% 11.1% 11.3%
Dividend per Share 2 1.984 2.237 2.438 2.705 2.966 3.179 3.372 3.543
Rate of return 7.18% 7.48% 7.71% 7.31% 8.6% 8.12% 8.62% 9.05%
EPS 2 1.76 2.01 2.08 2.49 2.86 2.817 2.938 3.06
Distribution rate 113% 111% 117% 109% 104% 113% 115% 116%
Net sales 1 1,204 1,275 1,349 1,496 1,621 1,611 1,670 1,729
EBITDA 1 908.5 982.9 1,022 1,136 1,238 1,246 1,290 1,321
EBIT 1 727.2 791.2 816.9 919 1,008 1,005 1,053 1,092
Net income 1 46.4 83.9 118.6 223.1 352.9 379.9 398.7 427.3
Net Debt 1 2,561 2,882 3,206 3,468 3,770 3,588 3,432 3,321
Reference price 2 27.63 29.92 31.63 37.03 34.50 39.14 39.14 39.14
Nbr of stocks (in thousands) 33,663 44,003 68,358 1,04,071 1,29,392 1,28,351 - -
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.($)
13.89x5.35x6.91x8.12% 502.37Cr
24.09x3.23x13.02x5.59% 11TCr
28.4x9.74x13.92x2.99% 8.62TCr
12.67x1.84x10.54x5.9% 8.21TCr
20.27x5.55x11.2x3.85% 6.9TCr
21.31x9.35x12.58x4.1% 6.47TCr
26.63x4.44x14.09x1.67% 6.41TCr
13.65x6.43x11.61x7.79% 5.92TCr
16.03x2.16x10.89x4.61% 5.88TCr
14.58x4.16x11.69x4.69% 3.31TCr
Average 19.15x 5.22x 11.65x 4.93% 6.33TCr
Weighted average by Cap. 20.45x 5.20x 12.24x 4.62%

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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