Company Valuation: Calumet Specialty Products Partners, L.P.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,039 1,337 1,429 1,892 1,724 4,993 - -
Change - 28.71% 6.9% 32.37% -8.87% 189.63% - -
Enterprise Value (EV) 1 2,427 2,861 3,307 3,954 3,832 6,798 6,426 5,933
Change - 17.91% 15.56% 19.57% -3.07% 77.39% -5.47% -7.68%
P/E -4.09x -8.27x 30.3x -8.25x -50.9x -24x 26x 23.1x
PBR -2.7x -2.43x -2.91x -2.66x -2.35x -6.35x -8.37x -25x
PEG - 0.2x -0x 0x 0.6x -0x -0x 1.9x
Capitalization / Revenue 0.33x 0.29x 0.34x 0.45x 0.42x 1.01x 1.06x 1x
EV / Revenue 0.77x 0.61x 0.79x 0.94x 0.93x 1.38x 1.37x 1.18x
EV / EBITDA 22x 7.34x 12.7x 20.3x 13.1x 10x 9.47x 8.74x
EV / EBIT -28.3x 21.4x 12.4x 488x 35.3x 21.8x 17.7x 14.1x
EV / FCF -19.1x -6.57x -11.5x -32.1x - 20.8x 26.2x -
FCF Yield -5.23% -15.2% -8.71% -3.11% - 4.81% 3.81% -
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -3.23 -2.04 0.59 -2.67 -0.39 -2.369 2.189 2.461
Distribution rate - - - - - - - -
Net sales 1 3,148 4,687 4,181 4,189 4,137 4,932 4,690 5,013
EBITDA 1 110.3 389.6 260.5 194.8 293.3 678.9 678.5 678.6
EBIT 1 -85.6 133.4 267.2 8.1 108.7 311.8 362.6 420.4
Net income 1 -254.9 -161.8 47.1 -222 -33.8 -203.9 201.5 277.8
Net Debt 1 1,388 1,524 1,878 2,062 2,108 1,805 1,434 940.1
Reference price 2 13.20 16.88 17.87 22.02 19.87 56.80 56.80 56.80
Nbr of stocks (in thousands) 78,676 79,190 79,967 85,904 86,754 87,898 - -
Announcement Date 2/25/22 3/15/23 2/23/24 2/28/25 2/27/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
6.56x0.67x3.72x5.07% 50.2B
6.22x0.57x4.35x1.9% 19.17B
11.05x0.52x5.34x12.84% 16.39B
14.57x0.35x8.58x2.43% 12.86B
4.6x0.53x3.24x6.29% 8.41B
4.32x0.49x3.93x3.92% 6.33B
-23.05x1.39x10.21x-.--% 4.99B
-81.41x0.66x7.83x0.81% 4.99B
Average -7.14x 0.65x 5.90x 4.16% 15.42B
Weighted average by Cap. 2.93x 0.61x 4.95x 4.98%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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