WESTLAKE CHEMICAL PARTNERS LP |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 23.37 USD | +4.80% |
|
+3.68% | +7.94% |
| May. 01 | Transcript : Westlake Chemical Partners LP, Q1 2024 Earnings Call, May 01, 2024 | |
| May. 01 | Westlake Chemical Partners LP Reports Earnings Results for the First Quarter Ended March 31, 2024 | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 929.7 | 839 | 945.9 | 827.7 | 762.7 | 823.3 | - | - |
| Enterprise Value (EV) 1 | 1,309 | 1,222 | 1,328 | 1,163 | 762.7 | 823.3 | 823.3 | 823.3 |
| P/E ratio | 14.9 x | 12.7 x | 11.5 x | 12.9 x | 14.1 x | 1.07 x | 1.06 x | 0.96 x |
| Yield | 6.96% | 7.91% | 7.02% | 8.02% | 8.71% | 8.09% | 8.26% | 8.52% |
| Capitalization / Revenue | 0.85 x | 0.87 x | 0.78 x | 0.52 x | 0.64 x | 0.73 x | 0.67 x | 0.61 x |
| EV / Revenue | 0.85 x | 0.87 x | 0.78 x | 0.52 x | 0.64 x | 0.73 x | 0.67 x | 0.61 x |
| EV / EBITDA | 2.02 x | 1.84 x | 1.82 x | 1.76 x | 1.62 x | 1.86 x | 1.81 x | 1.77 x |
| EV / FCF | 2.28 x | 2.49 x | - | 2.02 x | - | 10.4 x | 7.84 x | 6.24 x |
| FCF Yield | 43.8% | 40.1% | - | 49.5% | - | 9.6% | 12.8% | 16% |
| Price to Book | 3.35 x | 3.03 x | 0.58 x | 0.55 x | - | - | - | - |
| Nbr of stocks (in thousands) | 35,188 | 35,195 | 35,214 | 35,222 | 35,228 | 35,228 | - | - |
| Reference price 2 | 26.42 | 23.84 | 26.86 | 23.50 | 21.65 | 23.37 | 23.37 | 23.37 |
| Announcement Date | 2/18/20 | 2/23/21 | 2/22/22 | 2/21/23 | 2/20/24 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,092 | 966.7 | 1,215 | 1,593 | 1,191 | 1,134 | 1,228 | 1,357 |
| EBITDA 1 | 460.6 | 456.9 | 519.6 | 470.3 | 472.1 | 443 | 454.9 | 465.4 |
| EBIT 1 | 350.2 | 353 | 410.7 | 347.7 | 357.7 | 337.1 | 338 | 359 |
| Operating Margin | 32.07% | 36.52% | 33.81% | 21.82% | 30.04% | 29.73% | 27.53% | 26.45% |
| Earnings before Tax (EBT) 1 | 333.6 | 341.7 | 401.9 | 335.8 | 335.4 | 309.6 | 310.5 | 345.2 |
| Net income | 60.98 | 66.17 | - | 64.17 | - | - | - | - |
| Net margin | 5.59% | 6.84% | - | 4.03% | - | - | - | - |
| EPS 2 | 1.770 | 1.880 | 2.340 | 1.820 | 1.540 | 21.91 | 21.98 | 24.45 |
| Free Cash Flow 1 | 407.1 | 336.4 | - | 409.6 | - | 79 | 105 | 132 |
| FCF margin | 37.28% | 34.8% | - | 25.71% | - | 6.97% | 8.55% | 9.72% |
| FCF Conversion (EBITDA) | 88.39% | 73.64% | - | 87.09% | - | 17.83% | 23.08% | 28.36% |
| FCF Conversion (Net income) | 667.58% | 508.45% | - | 638.3% | - | - | - | - |
| Dividend per Share 2 | 1.839 | 1.886 | 1.886 | 1.886 | 1.886 | 1.890 | 1.930 | 1.990 |
| Announcement Date | 2/18/20 | 2/23/21 | 2/22/22 | 2/21/23 | 2/20/24 | - | - | - |
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 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 330.5 | 362.4 | 448.8 | 415.1 | 366.8 | 307.7 | 264.2 | 321.7 | - | - | - | - | - | - |
| EBITDA 1 | 166.8 | 114.5 | 118.5 | 111.8 | 125.6 | 125.6 | 108.6 | 115.7 | 115.7 | 114 | 112 | 89 | 117 | 117 |
| EBIT | 140.8 | 83.21 | 87.38 | 111.8 | 95.28 | - | 80.49 | 86.24 | - | - | - | - | - | - |
| Operating Margin | 42.6% | 22.96% | 19.47% | 26.94% | 25.97% | - | 30.47% | 26.81% | - | - | - | - | - | - |
| Earnings before Tax (EBT) | - | 80.99 | 84.61 | 78.79 | 91.46 | - | 75.44 | - | - | - | - | - | - | - |
| Net income | - | 16.19 | 16.44 | 14.76 | 16.78 | 14.89 | 11.89 | - | - | - | - | - | - | - |
| Net margin | - | 4.47% | 3.66% | 3.55% | 4.58% | 4.84% | 4.5% | - | - | - | - | - | - | - |
| EPS | 0.8400 | 0.4600 | 0.4700 | 0.4200 | 0.4800 | 0.4200 | 0.3400 | 0.3700 | 0.4100 | - | - | - | - | - |
| Dividend per Share 2 | 0.4714 | 0.4714 | 0.4714 | 0.4714 | 0.4714 | 0.4714 | 0.4714 | 0.4714 | 0.4714 | 0.4700 | 0.4700 | 0.4700 | 0.4800 | 0.4800 |
| Announcement Date | 2/22/22 | 5/3/22 | 8/2/22 | 11/3/22 | 2/21/23 | 5/4/23 | 8/3/23 | 11/2/23 | 2/20/24 | - | - | - | - | - |
1USD in Million2USD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt | 380 | 383 | 383 | 335 | - | - | - | - |
| Net Cash position | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.8245 x | 0.8373 x | 0.7364 x | 0.712 x | - | - | - | - |
| Free Cash Flow 1 | 407 | 336 | - | 410 | - | 79 | 105 | 132 |
| ROE (net income / shareholders' equity) | 24.7% | 23.8% | 28.9% | 21.9% | 19% | - | - | - |
| ROA (Net income/ Total Assets) | 23.3% | 4.81% | 5.82% | 4.5% | 4.04% | - | - | - |
| Assets | 261.6 | 1,375 | - | 1,426 | - | - | - | - |
| Book Value Per Share | 7.890 | 7.880 | 46.10 | 42.80 | - | - | - | - |
| Cash Flow per Share 2 | 13.10 | 10.60 | 11.60 | 13.20 | 12.80 | 15.60 | 15.10 | 15.30 |
| Capex 1 | 43.7 | 37 | 81.2 | 54.1 | 46.8 | 81.2 | 81.2 | 52.8 |
| Capex / Sales | 4% | 3.82% | 6.68% | 3.4% | 3.93% | 7.16% | 6.61% | 3.89% |
| Announcement Date | 2/18/20 | 2/23/21 | 2/22/22 | 2/21/23 | 2/20/24 | - | - | - |
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
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
3
Last Close Price
23.37
USD
Average target price
25.33
USD
Spread / Average Target
+8.40%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +7.94% | 823M | |
| +2.46% | 102B | |
| -8.98% | 60.79B | |
| +74.76% | 48.86B | |
| +13.97% | 37.96B | |
| +4.56% | 32.37B | |
| +14.72% | 20.64B | |
| +11.17% | 16.58B | |
| +8.81% | 13.93B | |
| -3.19% | 13.25B |
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