Financials Energy Transfer LP

Equities

ET

US29273V1008

Oil & Gas Transportation Services

Market Closed - Nyse Other stock markets 04:00:02 2024-05-10 pm EDT			5-day change	1st Jan Change
15.94 ^USD	+0.17%		+0.31%	+15.51%

May. 09	Stifel Adjusts Price Target on Energy Transfer to $19 From $18, Maintains Buy Rating	MT
May. 09	Energy Transfer eyes draft environmental statement for Blue Marlin project this quarter	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	34,443	16,672	25,361	36,660	43,402	53,682	-	-
Enterprise Value (EV) ¹	85,206	67,743	74,727	84,665	95,629	105,593	103,483	102,277
P/E ratio	9.43 x	-25.8 x	4.35 x	8.48 x	12.7 x	10.2 x	9.24 x	8.56 x
Yield	9.51%	14.8%	7.69%	8.42%	9.02%	8.08%	8.43%	8.85%
Capitalization / Revenue	0.64 x	0.43 x	0.38 x	0.41 x	0.55 x	0.59 x	0.62 x	0.62 x
EV / Revenue	1.57 x	1.74 x	1.11 x	0.94 x	1.22 x	1.15 x	1.19 x	1.19 x
EV / EBITDA	7.6 x	6.43 x	5.73 x	6.47 x	6.98 x	6.9 x	6.59 x	6.32 x
EV / FCF	41.7 x	30.4 x	8.96 x	14.9 x	14.9 x	17.4 x	15.8 x	14.1 x
FCF Yield	2.4%	3.29%	11.2%	6.7%	6.71%	5.74%	6.34%	7.11%
Price to Book	1.54 x	0.9 x	0.74 x	1.11 x	1.2 x	1.51 x	1.44 x	1.19 x
Nbr of stocks (in thousands)	2,684,596	2,697,716	3,081,577	3,088,475	3,145,066	3,367,758	-	-
Reference price ²	12.83	6.180	8.230	11.87	13.80	15.94	15.94	15.94
Announcement Date	2/19/20	2/17/21	2/16/22	2/15/23	2/14/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	54,213	38,954	67,417	89,876	78,586	91,470	87,024	85,894
EBITDA ¹	11,214	10,531	13,046	13,093	13,698	15,307	15,713	16,183
EBIT ¹	7,277	5,860	8,851	7,738	8,295	9,356	10,205	10,680
Operating Margin	13.42%	15.04%	13.13%	8.61%	10.56%	10.23%	11.73%	12.43%
Earnings before Tax (EBT) ¹	5,094	377	6,871	6,072	5,597	7,169	7,605	8,043
Net income ¹	3,588	-647	5,179	4,330	3,469	5,294	6,117	6,568
Net margin	6.62%	-1.66%	7.68%	4.82%	4.41%	5.79%	7.03%	7.65%
EPS ²	1.360	-0.2400	1.890	1.400	1.090	1.556	1.726	1.862
Free Cash Flow ¹	2,043	2,231	8,340	5,670	6,421	6,058	6,564	7,272
FCF margin	3.77%	5.73%	12.37%	6.31%	8.17%	6.62%	7.54%	8.47%
FCF Conversion (EBITDA)	18.22%	21.19%	63.93%	43.31%	46.88%	39.58%	41.77%	44.94%
FCF Conversion (Net income)	56.94%	-	161.03%	130.95%	185.1%	114.42%	107.31%	110.72%
Dividend per Share ²	1.220	0.9150	0.6325	1.000	1.245	1.288	1.344	1.411
Announcement Date	2/19/20	2/17/21	2/16/22	2/15/23	2/14/24	-	-	-

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	16,664	18,657	20,491	25,945	22,939	20,501	18,995	18,320	20,739	20,532	21,629	25,052	25,581	26,324	24,367
EBITDA ¹	2,579	2,811	3,340	3,228	3,088	3,437	3,433	3,122	3,541	3,602	3,880	3,724	3,828	3,952	3,911
EBIT ¹	1,437	1,729	1,846	2,113	1,973	1,806	2,062	1,835	2,233	2,165	2,380	2,270	2,245	2,461	2,556
Operating Margin	8.62%	9.27%	9.01%	8.14%	8.6%	8.81%	10.86%	10.02%	10.77%	10.54%	11%	9.06%	8.78%	9.35%	10.49%
Earnings before Tax (EBT) ¹	984	1,181	1,478	1,708	1,404	1,482	1,518	1,341	1,124	1,614	1,781	1,733	1,826	1,910	1,682
Net income ¹	535	820	1,162	1,326	899	1,049	1,003	797	466	1,203	1,089	1,223	1,204	1,354	1,427
Net margin	3.21%	4.4%	5.67%	5.11%	3.92%	5.12%	5.28%	4.35%	2.25%	5.86%	5.03%	4.88%	4.71%	5.14%	5.86%
EPS ²	0.2000	0.2900	0.3700	0.3900	0.2900	0.3400	0.3200	0.2500	0.1500	0.3700	0.3200	0.3736	0.3943	0.4237	0.3795
Dividend per Share ²	0.1525	0.1750	0.2000	0.2300	0.2650	0.3050	0.3075	0.3100	0.3125	0.3150	0.3175	0.3201	0.3218	0.3271	0.3320
Announcement Date	11/3/21	2/16/22	5/4/22	8/3/22	11/1/22	2/15/23	5/2/23	8/2/23	11/1/23	2/14/24	5/8/24	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	50,763	51,071	49,366	48,005	52,227	51,911	49,801	48,595
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.527 x	4.85 x	3.784 x	3.666 x	3.813 x	3.391 x	3.169 x	3.003 x
Free Cash Flow ¹	2,043	2,231	8,340	5,670	6,421	6,058	6,564	7,272
ROE (net income / shareholders' equity)	16.9%	2.46%	21%	14.6%	9.95%	12.9%	16.4%	16.4%
ROA (Net income/ Total Assets)	3.83%	0.51%	5.21%	4.45%	3.16%	5.1%	6.2%	6.8%
Assets ¹	93,564	-126,121	99,451	97,411	109,671	103,811	98,656	96,595
Book Value Per Share ²	8.310	6.860	11.10	10.70	11.50	10.60	11.10	13.40
Cash Flow per Share ²	3.030	2.730	4.070	2.920	3.010	3.950	-	-
Capex ¹	5,960	5,130	2,822	3,381	3,134	3,272	2,947	2,625
Capex / Sales	10.99%	13.17%	4.19%	3.76%	3.99%	3.58%	3.39%	3.06%
Announcement Date	2/19/20	2/17/21	2/16/22	2/15/23	2/14/24	-	-	-

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 Energy Transfer LP

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

15.94 USD

Average target price

18.66 USD

Spread / Average Target

+17.08%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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