Company Valuation: Targa Resources Corp.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 11,961 16,639 19,370 38,924 39,605 59,285 - -
Change - 39.1% 16.42% 100.95% 1.75% 49.69% - -
Enterprise Value (EV) 1 18,400 27,956 32,182 52,942 56,871 79,277 79,948 79,379
Change - 51.93% 15.12% 64.51% 7.42% 39.4% 0.85% -0.71%
P/E ratio -746x 18.9x 23.7x 31.1x 21.7x 26x 23.4x 19.9x
PBR 5.72x 5.9x 7.06x 15x 12.9x 15.7x 12.1x 9.65x
PEG - -0x -4.18x 0.5x 0.5x 1x 2.1x 1.1x
Capitalization / Revenue 0.71x 0.79x 1.21x 2.38x 2.33x 2.94x 2.61x 2.44x
EV / Revenue 1.09x 1.34x 2x 3.23x 3.34x 3.93x 3.53x 3.27x
EV / EBITDA 8.97x 9.64x 9.12x 12.8x 11.5x 13.7x 12.8x 11.5x
EV / EBIT 21.3x 16.2x 12.3x 19.6x 17.1x 20.7x 19.3x 16.7x
EV / FCF 10.2x 26.7x 82x 378x 106x -669x 61.5x 26.4x
FCF Yield 9.77% 3.74% 1.22% 0.26% 0.95% -0.15% 1.63% 3.79%
Dividend per Share 2 0.75 1.4 2 3 4 4.987 5.895 6.913
Rate of return 1.44% 1.9% 2.3% 1.68% 2.17% 1.81% 2.13% 2.5%
EPS 2 -0.07 3.88 3.66 5.74 8.49 10.62 11.81 13.86
Distribution rate -1,071% 36.1% 54.6% 52.3% 47.1% 46.9% 49.9% 49.9%
Net sales 1 16,950 20,930 16,060 16,382 17,028 20,171 22,676 24,268
EBITDA 1 2,052 2,901 3,530 4,142 4,957 5,804 6,248 6,877
EBIT 1 864.8 1,729 2,626 2,695 3,331 3,830 4,145 4,755
Net income 1 -16.1 896.8 835.8 1,279 1,852 2,259 2,501 2,943
Net Debt 1 6,439 11,317 12,812 14,017 17,266 19,992 20,664 20,094
Reference price 2 52.24 73.50 86.87 178.50 184.50 276.20 276.20 276.20
Nbr of stocks (in thousands) 2,28,972 2,26,375 2,22,976 2,18,063 2,14,659 2,14,644 - -
Announcement Date 24/02/22 22/02/23 15/02/24 20/02/25 19/02/26 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
26x3.93x13.66x1.81% 5.93TCr
26.17x4.22x13.8x4.97% 12TCr
33.88x10.63x15.6x2.66% 9.71TCr
13.74x2.17x11.1x5.68% 8.6TCr
23.62x6.1x12.56x3.47% 7.63TCr
24.84x10.11x13.71x3.67% 7.23TCr
16.61x2.41x11.19x4.53% 6TCr
12.82x6.24x11.11x8.21% 5.64TCr
16.37x3.86x11.6x5.03% 3.09TCr
22.78x6.39x12.47x4.28% 2.88TCr
Average 21.68x 5.61x 12.68x 4.43% 6.91TCr
Weighted average by Cap. 22.77x 5.75x 12.96x 4.36%

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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