Financials Targa Resources Corp.

Equities

TRGP

US87612G1013

Oil & Gas Transportation Services

Real-time Estimate Cboe BZX Other stock markets 09:54:52 2024-05-09 am EDT			5-day change	1st Jan Change
113 ^USD	+0.52%		-0.22%	+29.78%

May. 06	JPMorgan Raises Price Target on Targa Resources to $130 From $126	MT
May. 03	Citigroup Adjusts Price Target on Targa Resources to $130 From $112	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,505	6,041	11,961	16,639	19,370	24,932	-	-
Enterprise Value (EV) ¹	16,996	13,554	18,400	27,956	32,182	38,567	38,200	37,981
P/E ratio	-28.4 x	-3.63 x	-746 x	18.9 x	23.7 x	20.5 x	16.2 x	14.5 x
Yield	8.92%	1.52%	1.44%	1.9%	2.3%	2.67%	3.28%	3.89%
Capitalization / Revenue	1.1 x	0.73 x	0.71 x	0.79 x	1.21 x	1.29 x	1.12 x	1.08 x
EV / Revenue	1.96 x	1.64 x	1.09 x	1.34 x	2 x	2 x	1.72 x	1.64 x
EV / EBITDA	11.8 x	8.28 x	8.97 x	9.64 x	9.12 x	10 x	8.97 x	8.33 x
EV / FCF	-11.4 x	17.1 x	10.2 x	26.7 x	82 x	76.4 x	22.5 x	22.3 x
FCF Yield	-8.76%	5.85%	9.77%	3.74%	1.22%	1.31%	4.44%	4.48%
Price to Book	1.93 x	2.2 x	5.72 x	5.9 x	7.06 x	8.31 x	7.13 x	6.21 x
Nbr of stocks (in thousands)	232,786	229,013	228,972	226,375	222,976	221,717	-	-
Reference price ²	40.83	26.38	52.24	73.50	86.87	112.4	112.4	112.4
Announcement Date	2/20/20	2/18/21	2/24/22	2/22/23	2/15/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,671	8,260	16,950	20,930	16,060	19,284	22,197	23,179
EBITDA ¹	1,436	1,637	2,052	2,901	3,530	3,858	4,261	4,558
EBIT ¹	192.9	-1,304	864.8	1,729	2,626	2,588	2,950	3,152
Operating Margin	2.22%	-15.78%	5.1%	8.26%	16.35%	13.42%	13.29%	13.6%
Earnings before Tax (EBT) ¹	-46.7	-1,573	436.9	1,663	1,942	1,878	2,210	2,330
Net income ¹	-334	-1,685	-16.1	896.8	835.8	1,172	1,522	1,720
Net margin	-3.85%	-20.4%	-0.09%	4.28%	5.2%	6.08%	6.86%	7.42%
EPS ²	-1.440	-7.260	-0.0700	3.880	3.660	5.499	6.929	7.756
Free Cash Flow ¹	-1,488	792.9	1,798	1,046	392.7	504.8	1,695	1,700
FCF margin	-17.16%	9.6%	10.61%	5%	2.45%	2.62%	7.63%	7.33%
FCF Conversion (EBITDA)	-	48.45%	87.61%	36.07%	11.12%	13.08%	39.78%	37.29%
FCF Conversion (Net income)	-	-	-	116.69%	46.98%	43.05%	111.34%	98.86%
Dividend per Share ²	3.640	0.4000	0.7500	1.400	2.000	3.002	3.685	4.378
Announcement Date	2/20/20	2/18/21	2/24/22	2/22/23	2/15/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	2025 Q2
Net sales ¹	5,442	4,959	6,056	5,360	4,555	4,520	3,404	3,897	4,240	4,562	4,263	4,513	4,830	5,070	5,429
EBITDA ¹	570.6	625.8	666.4	768.6	840.4	940.6	789.1	840.2	959.9	966.2	917.6	959	1,027	1,037	1,028
EBIT ¹	-91.5	295.8	451.9	430	551.3	836.7	649.1	505.1	635.3	639.4	601.7	642.5	721.6	728.4	661.5
Operating Margin	-1.68%	5.96%	7.46%	8.02%	12.1%	18.51%	19.07%	12.96%	14.99%	14.01%	14.11%	14.24%	14.94%	14.37%	12.18%
Earnings before Tax (EBT) ¹	-257.9	191.5	774.7	291.3	405.7	665.5	483.9	332.9	460.1	415.3	430.2	465.8	544	544	483.9
Net income ¹	-335.4	13.1	372.7	193.1	317.9	6.3	329.3	220	280.2	275.2	269.2	315.2	370.6	399.4	354.8
Net margin	-6.16%	0.26%	6.15%	3.6%	6.98%	0.14%	9.67%	5.65%	6.61%	6.03%	6.32%	6.98%	7.67%	7.88%	6.53%
EPS ²	-1.410	0.0600	1.610	0.8400	1.370	0.0300	1.440	0.9700	1.220	1.220	1.270	1.436	1.649	1.615	1.493
Dividend per Share ²	0.3500	0.3500	0.3500	0.3500	0.3500	0.5000	0.5000	0.5000	0.5000	0.7500	0.7500	0.7500	0.7500	0.9858	0.9580
Announcement Date	2/24/22	5/5/22	8/4/22	11/3/22	2/22/23	5/4/23	8/3/23	11/2/23	2/15/24	5/2/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,491	7,513	6,439	11,317	12,812	13,635	13,268	13,049
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.219 x	4.591 x	3.138 x	3.901 x	3.629 x	3.534 x	3.114 x	2.863 x
Free Cash Flow ¹	-1,488	793	1,798	1,047	393	505	1,695	1,700
ROE (net income / shareholders' equity)	-6.07%	-44.5%	-0.69%	38.3%	30.9%	38%	41.8%	44%
ROA (Net income/ Total Assets)	-1.87%	-9.71%	-0.21%	5.16%	4.15%	4.3%	6.5%	7.6%
Assets ¹	17,876	17,345	7,692	17,384	20,116	27,267	23,416	22,625
Book Value Per Share ²	21.10	12.00	9.130	12.40	12.30	13.50	15.80	18.10
Cash Flow per Share ²	5.980	7.510	10.10	10.30	14.20	14.80	16.70	16.10
Capex ¹	2,878	952	505	1,334	2,385	2,488	1,696	1,785
Capex / Sales	33.19%	11.52%	2.98%	6.38%	14.85%	12.9%	7.64%	7.7%
Announcement Date	2/20/20	2/18/21	2/24/22	2/22/23	2/15/24	-	-	-

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 Targa Resources Corp.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

112.4 USD

Average target price

124.9 USD

Spread / Average Target

+11.04%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Transportation Services

	1st Jan change	Capi.
TARGA RESOURCES CORP.	+29.45%	24.93B
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ENTERPRISE PRODUCTS PARTNERS L.P.	+7.74%	61.65B
WILLIAMS COMPANIES	+12.89%	47.92B
ONEOK, INC..	+12.70%	46.19B
MPLX LP	+13.75%	42.45B
TC ENERGY CORPORATION	+0.46%	39.31B
CHENIERE ENERGY PARTNERS, L.P.	-0.50%	23.98B
PEMBINA PIPELINE CORPORATION	+9.78%	21.15B
PLAINS ALL AMERICAN PIPELINE, L.P.	+16.57%	12.38B

Other Oil & Gas Transportation Services