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 5,178 - -
Change - 41.55% 64.23% 78.24% 15.84% 15.99% - -
Enterprise Value (EV) 1 3,491 4,199 5,368 7,321 8,234 8,818 8,661 8,547
Change - 20.27% 27.84% 36.38% 12.47% 7.09% -1.79% -1.32%
P/E 15.7x 14.9x 15.2x 14.9x 12.1x 14.8x 13.9x 13.3x
PBR 34.3x 29.3x 21x 15.2x 12.6x 16.6x 16.8x 16.2x
PEG - 1x 4.36x 0.8x 0.8x -3.37x 2.16x 3.37x
Capitalization / Revenue 0.77x 1.03x 1.6x 2.58x 2.75x 3.21x 3.07x 2.96x
EV / Revenue 2.9x 3.29x 3.98x 4.9x 5.08x 5.46x 5.14x 4.88x
EV / EBITDA 3.84x 4.27x 5.25x 6.44x 6.65x 7.13x 6.73x 6.43x
EV / EBIT 4.8x 5.31x 6.57x 7.97x 8.17x 8.86x 8.21x 7.76x
EV / FCF 5.98x 6.74x 8.65x 11.2x 10.6x 10x 9.25x 8.77x
FCF Yield 16.7% 14.8% 11.6% 8.95% 9.46% 9.98% 10.8% 11.4%
Dividend per Share 2 1.984 2.237 2.438 2.705 2.966 3.188 3.38 3.549
Rate of return 7.18% 7.48% 7.71% 7.31% 8.6% 7.9% 8.38% 8.8%
EPS 2 1.76 2.01 2.08 2.49 2.86 2.734 2.91 3.025
Distribution rate 113% 111% 117% 109% 104% 117% 116% 117%
Net sales 1 1,204 1,275 1,349 1,496 1,621 1,614 1,686 1,752
EBITDA 1 908.5 982.9 1,022 1,136 1,238 1,237 1,287 1,329
EBIT 1 727.2 791.2 816.9 919 1,008 995.4 1,054 1,102
Net income 1 46.4 83.9 118.6 223.1 352.9 368.2 396.9 419.7
Net Debt 1 2,561 2,882 3,206 3,468 3,770 3,641 3,483 3,369
Reference price 2 27.63 29.92 31.63 37.03 34.50 40.34 40.34 40.34
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.($)
14.75x5.46x7.13x7.9% 517.77Cr
27.39x4.23x14.01x4.89% 12TCr
31.15x9.98x14.63x2.87% 8.97TCr
13.23x2.11x10.77x5.91% 8.26TCr
25.45x10.23x13.85x3.59% 7.27TCr
21.97x5.8x11.64x3.68% 7.19TCr
26.24x3.98x13.78x1.76% 6.07TCr
16.37x2.4x11.02x4.6% 5.89TCr
13.27x6.4x11.38x7.93% 5.79TCr
16.73x3.75x11.31x5.12% 3.02TCr
Average 20.66x 5.43x 11.95x 4.83% 6.54TCr
Weighted average by Cap. 22.36x 5.58x 12.70x 4.45%

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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