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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 9,6x - 10,6x | 10,1x |
Selected Fwd EBITDA Multiple | 8,0x - 8,8x | 8,4x |
Fair Value | $41,08 - $47,04 | $44,06 |
Upside | -19,4% - -7,7% | -13,6% |
Benchmarks | Ticker | Full Ticker |
PBF Energy Inc. | PBF | NYSE:PBF |
ConocoPhillips | COP | NYSE:COP |
Targa Resources Corp. | TRGP | NYSE:TRGP |
Kinetik Holdings Inc. | KNTK | NYSE:KNTK |
Delek Logistics Partners, LP | DKL | NYSE:DKL |
MPLX LP | MPLX | NYSE:MPLX |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
PBF | COP | TRGP | KNTK | DKL | MPLX | ||
NYSE:PBF | NYSE:COP | NYSE:TRGP | NYSE:KNTK | NYSE:DKL | NYSE:MPLX | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | 12.1% | 22.7% | 21.8% | 13.2% | 4.9% | |
3Y CAGR | NM- | 6.2% | 23.5% | 19.3% | 7.3% | 4.9% | |
Latest Twelve Months | -144.0% | 5.4% | 7.5% | 11.7% | -23.1% | 5.4% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 1.9% | 39.8% | 19.9% | 38.8% | 33.4% | 52.2% | |
Prior Fiscal Year | 6.0% | 42.8% | 24.7% | 36.7% | 34.5% | 51.6% | |
Latest Fiscal Year | -0.7% | 43.1% | 25.2% | 34.7% | 31.6% | 51.8% | |
Latest Twelve Months | -2.7% | 43.3% | 24.8% | 33.0% | 29.3% | 51.5% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.15x | 2.18x | 3.20x | 6.09x | 4.48x | 5.97x | |
EV / LTM EBITDA | -5.6x | 5.0x | 12.9x | 18.4x | 15.3x | 11.6x | |
EV / LTM EBIT | -4.1x | 8.4x | 20.2x | 53.6x | 24.0x | 14.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -5.6x | 12.9x | 18.4x | ||||
Historical EV / LTM EBITDA | 8.8x | 9.4x | 11.2x | ||||
Selected EV / LTM EBITDA | 9.6x | 10.1x | 10.6x | ||||
(x) LTM EBITDA | 5,864 | 5,864 | 5,864 | ||||
(=) Implied Enterprise Value | 56,350 | 59,315 | 62,281 | ||||
(-) Non-shareholder Claims * | (15,860) | (15,860) | (15,860) | ||||
(=) Equity Value | 40,490 | 43,455 | 46,421 | ||||
(/) Shares Outstanding | 1,020.8 | 1,020.8 | 1,020.8 | ||||
Implied Value Range | 39.66 | 42.57 | 45.48 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 39.66 | 42.57 | 45.48 | 50.99 | |||
Upside / (Downside) | -22.2% | -16.5% | -10.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | PBF | COP | TRGP | KNTK | DKL | MPLX | |
Enterprise Value | 4,817 | 129,020 | 52,258 | 9,652 | 4,201 | 67,911 | |
(+) Cash & Short Term Investments | 469 | 7,235 | 151 | 9 | 2 | 2,534 | |
(+) Investments & Other | 849 | 10,008 | 218 | 2,112 | 317 | 4,751 | |
(-) Debt | (3,102) | (23,784) | (16,209) | (3,754) | (2,157) | (22,915) | |
(-) Other Liabilities | (130) | 0 | (121) | (5,451) | 0 | (230) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 2,903 | 122,479 | 36,297 | 2,570 | 2,363 | 52,051 | |
(/) Shares Outstanding | 115.6 | 1,262.4 | 216.9 | 60.9 | 53.4 | 1,020.8 | |
Implied Stock Price | 25.10 | 97.02 | 167.32 | 42.18 | 44.22 | 50.99 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 25.10 | 97.02 | 167.32 | 42.18 | 44.22 | 50.99 | |
Trading Currency | USD | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |