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 4,958 - -
Change - 41.55% 64.23% 78.24% 15.84% 11.07% - -
Enterprise Value (EV) 1 3,491 4,199 5,368 7,321 8,234 8,600 8,500 8,338
Change - 20.27% 27.84% 36.38% 12.47% 4.44% -1.17% -1.91%
P/E 15.7x 14.9x 15.2x 14.9x 12.1x 14.7x 13.2x 12.8x
PBR 34.3x 29.3x 21x 15.2x 12.6x 15.9x 16.1x 15.5x
PEG - 1x 4.36x 0.8x 0.8x -1.81x 1.2x 4.39x
Capitalization / Revenue 0.77x 1.03x 1.6x 2.58x 2.75x 3.07x 2.94x 2.83x
EV / Revenue 2.9x 3.29x 3.98x 4.9x 5.08x 5.33x 5.05x 4.76x
EV / EBITDA 3.84x 4.27x 5.25x 6.44x 6.65x 6.94x 6.6x 6.27x
EV / EBIT 4.8x 5.31x 6.57x 7.97x 8.17x 8.64x 8.07x 7.58x
EV / FCF 5.98x 6.74x 8.65x 11.2x 10.6x 9.78x 9.07x 8.56x
FCF Yield 16.7% 14.8% 11.6% 8.95% 9.46% 10.2% 11% 11.7%
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% 8.25% 8.71% 9.15%
EPS 2 1.76 2.01 2.08 2.49 2.86 2.628 2.926 3.011
Distribution rate 113% 111% 117% 109% 104% 121% 115% 117%
Net sales 1 1,204 1,275 1,349 1,496 1,621 1,614 1,684 1,750
EBITDA 1 908.5 982.9 1,022 1,136 1,238 1,238 1,288 1,329
EBIT 1 727.2 791.2 816.9 919 1,008 994.9 1,053 1,100
Net income 1 46.4 83.9 118.6 223.1 352.9 356.4 481.2 505.6
Net Debt 1 2,561 2,882 3,206 3,468 3,770 3,642 3,541 3,379
Reference price 2 27.63 29.92 31.63 37.03 34.50 38.63 38.63 38.63
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.($)
14.7x5.33x6.94x8.25% 495.82Cr
26.68x4.14x13.78x5.02% 12TCr
32.12x10.43x15.03x2.81% 9.17TCr
12.83x2.07x10.56x6.05% 8.06TCr
21.8x5.76x11.64x3.7% 7.15TCr
25.25x10.12x13.7x3.68% 7.03TCr
25.53x3.88x13.43x1.8% 5.87TCr
13.24x6.39x11.36x8.02% 5.78TCr
15.7x2.34x10.75x4.79% 5.67TCr
16.66x3.78x11.42x5.05% 3.06TCr
Average 20.45x 5.42x 11.86x 4.92% 6.42TCr
Weighted average by Cap. 22.17x 5.62x 12.63x 4.52%

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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