Financials Western Midstream Partners, LP

Equities

WES

US9586691035

Oil & Gas Refining and Marketing

Market Closed - Nyse Other stock markets 01:30:02 04/05/2024 am IST			5-day change	1st Jan Change
35.53 ^USD	+1.43%		-0.95%	+21.43%

02/05	Biggest oil and gas sector deals since start of the century	RE
19/04	Sector Update: Energy Stocks Edge Higher Premarket Friday	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,920	5,752	9,095	10,339	11,105	13,519	-	-
Enterprise Value (EV) ¹	16,772	13,162	15,799	16,838	18,733	20,464	20,431	19,798
P/E ratio	12.4 x	11.7 x	10.2 x	8.95 x	11.3 x	10.8 x	10.2 x	9.47 x
Yield	12.5%	9%	5.77%	7.45%	7.86%	9.56%	9.66%	10.2%
Capitalization / Revenue	3.25 x	2.07 x	3.16 x	3.18 x	3.57 x	3.89 x	3.74 x	3.25 x
EV / Revenue	6.11 x	4.75 x	5.49 x	5.18 x	6.03 x	5.9 x	5.66 x	4.76 x
EV / EBITDA	9.76 x	6.48 x	8.12 x	7.91 x	9.06 x	8.86 x	8.48 x	7.94 x
EV / FCF	-	10.7 x	10.6 x	14.8 x	14.8 x	17.2 x	13.9 x	12.8 x
FCF Yield	-	9.32%	9.43%	6.77%	6.77%	5.82%	7.21%	7.81%
Price to Book	2.55 x	2.06 x	3.02 x	3.47 x	3.84 x	4.59 x	4.52 x	4.29 x
Nbr of stocks (in thousands)	4,53,032	4,16,196	4,08,390	3,85,070	3,79,516	3,80,484	-	-
Reference price ²	19.69	13.82	22.27	26.85	29.26	35.53	35.53	35.53
Announcement Date	27/02/20	23/02/21	23/02/22	22/02/23	21/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,746	2,773	2,877	3,252	3,106	3,471	3,612	4,156
EBITDA ¹	1,719	2,030	1,947	2,128	2,069	2,311	2,408	2,493
EBIT ¹	1,231	870.3	1,336	1,484	1,390	1,671	1,777	1,892
Operating Margin	44.84%	31.39%	46.44%	45.64%	44.73%	48.15%	49.19%	45.52%
Earnings before Tax (EBT) ¹	821.2	522.8	934.2	1,256	1,052	1,341	1,374	1,556
Net income ¹	662.3	515.9	896.5	1,190	998.5	1,264	1,321	1,476
Net margin	24.12%	18.61%	31.16%	36.58%	32.14%	36.41%	36.58%	35.52%
EPS ²	1.590	1.180	2.180	3.000	2.600	3.277	3.471	3.754
Free Cash Flow ¹	-	1,227	1,490	1,141	1,268	1,192	1,473	1,546
FCF margin	-	44.26%	51.79%	35.08%	40.83%	34.34%	40.78%	37.2%
FCF Conversion (EBITDA)	-	60.44%	76.55%	53.6%	61.32%	51.58%	61.16%	62.02%
FCF Conversion (Net income)	-	237.85%	166.22%	95.89%	127.03%	94.3%	111.48%	104.73%
Dividend per Share ²	2.470	1.244	1.284	2.000	2.300	3.398	3.434	3.634
Announcement Date	27/02/20	23/02/21	23/02/22	22/02/23	21/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	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
Net sales ¹	763.8	719.2	758.3	876.4	837.6	779.4	734	738.3	776	858.2	881.2	880.1	877.7	890.3	914.6
EBITDA ¹	531.6	480.9	539	548.3	524.8	515.8	498.7	488.3	510.9	570.7	572.4	572.5	576.8	596.2	594
EBIT ¹	383.6	326	404.5	398.5	357.1	324.1	290.2	336.7	362.2	398.4	413.3	415.3	412.2	421.8	424.6
Operating Margin	50.22%	45.32%	53.34%	45.47%	42.64%	41.58%	39.54%	45.6%	46.68%	46.42%	46.9%	47.18%	46.96%	47.38%	46.42%
Earnings before Tax (EBT) ¹	265.5	236.6	319.5	316.7	274	345.5	209.8	260.2	285.3	297.2	342.4	356.1	312.6	333.3	338.4
Net income ¹	255.7	238.2	301.9	299.6	259.5	328.6	199	247.1	270.8	281.6	311.9	331.7	310.3	323.3	331.1
Net margin	33.48%	33.12%	39.82%	34.18%	30.98%	42.16%	27.11%	33.47%	34.9%	32.82%	35.4%	37.69%	35.35%	36.31%	36.2%
EPS ²	0.6100	0.5800	0.7500	0.7400	0.6600	0.8500	0.5200	0.6400	0.7000	0.7400	0.7967	0.8551	0.8080	0.8467	0.8671
Dividend per Share ²	0.3230	0.3270	0.5000	0.5000	0.5000	0.5000	0.8560	0.5625	0.5750	0.5750	0.8300	0.8675	0.8675	0.8675	0.8675
Announcement Date	09/11/21	23/02/22	10/05/22	03/08/22	02/11/22	22/02/23	03/05/23	08/08/23	01/11/23	21/02/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,852	7,410	6,705	6,499	7,629	6,946	6,913	6,279
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.567 x	3.649 x	3.444 x	3.054 x	3.688 x	3.006 x	2.87 x	2.518 x
Free Cash Flow ¹	-	1,227	1,490	1,141	1,268	1,192	1,473	1,546
ROE (net income / shareholders' equity)	23.9%	17.2%	32.1%	36.6%	33.9%	43%	46.3%	49.2%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	7.720	6.710	7.360	7.730	7.630	7.750	7.860	8.280
Cash Flow per Share ²	3.180	3.760	4.290	4.290	4.320	5.070	5.220	-
Capex ¹	1,189	423	314	487	735	802	650	630
Capex / Sales	43.29%	15.26%	10.9%	14.98%	23.66%	23.1%	18%	15.16%
Announcement Date	27/02/20	23/02/21	23/02/22	22/02/23	21/02/24	-	-	-

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 Western Midstream Partners, LP

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

35.53 USD

Average target price

34.42 USD

Spread / Average Target

-3.13%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Refining and Marketing

	1st Jan change	Capi.
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