Financials Energy Transfer LP Nyse

Equities

ET.PRI

US29273V7047

Oil & Gas Transportation Services

Real-time Estimate Cboe BZX Other stock markets 09:33:00 2024-05-23 EDT			5-day change	1st Jan Change
10.98 ^USD	+0.27%		0.00%	+10.61%

05-15	UBS Adjusts Energy Transfer Price Target to $24 From $23, Maintains Buy Rating	MT
05-14	Williams confident rival's latest bid to halt Louisiana natgas pipeline project won't work	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	53,010	-	-
Enterprise Value (EV) ¹	85,206	67,743	74,727	84,665	95,629	104,165	102,179	100,367
P/E ratio	9.43 x	-25.8 x	4.35 x	8.48 x	12.7 x	10.9 x	9.23 x	8.83 x
Yield	9.51%	14.8%	7.69%	8.42%	9.02%	8.2%	8.55%	9.01%
Capitalization / Revenue	0.64 x	0.43 x	0.38 x	0.41 x	0.55 x	0.58 x	0.6 x	0.59 x
EV / Revenue	1.57 x	1.74 x	1.11 x	0.94 x	1.22 x	1.14 x	1.16 x	1.12 x
EV / EBITDA	7.6 x	6.43 x	5.73 x	6.47 x	6.98 x	6.81 x	6.47 x	6.18 x
EV / FCF	41.7 x	30.4 x	8.96 x	14.9 x	14.9 x	17.3 x	15.5 x	13.8 x
FCF Yield	2.4%	3.29%	11.2%	6.7%	6.71%	5.77%	6.46%	7.24%
Price to Book	1.54 x	0.9 x	0.74 x	1.11 x	1.2 x	1.67 x	1.4 x	1.33 x
Nbr of stocks (in thousands)	2,684,596	2,697,716	3,081,577	3,088,475	3,145,066	3,370,023	-	-
Reference price ²	12.83	6.180	8.230	11.87	13.80	15.73	15.73	15.73
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	91,092	88,377	89,252
EBITDA ¹	11,214	10,531	13,046	13,093	13,698	15,306	15,790	16,236
EBIT ¹	7,277	5,860	8,851	7,738	8,295	9,757	10,290	10,716
Operating Margin	13.42%	15.04%	13.13%	8.61%	10.56%	10.71%	11.64%	12.01%
Earnings before Tax (EBT) ¹	5,094	377	6,871	6,072	5,597	7,490	7,966	8,121
Net income ¹	3,588	-647	5,179	4,330	3,469	5,218	6,090	6,453
Net margin	6.62%	-1.66%	7.68%	4.82%	4.41%	5.73%	6.89%	7.23%
EPS ²	1.360	-0.2400	1.890	1.400	1.090	1.449	1.705	1.781
Free Cash Flow ¹	2,043	2,231	8,340	5,670	6,421	6,015	6,600	7,271
FCF margin	3.77%	5.73%	12.37%	6.31%	8.17%	6.6%	7.47%	8.15%
FCF Conversion (EBITDA)	18.22%	21.19%	63.93%	43.31%	46.88%	39.3%	41.8%	44.78%
FCF Conversion (Net income)	56.94%	-	161.03%	130.95%	185.1%	115.27%	108.38%	112.69%
Dividend per Share ²	1.220	0.9150	0.6325	1.000	1.245	1.290	1.344	1.417
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 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	18,657	20,491	25,945	22,939	20,501	18,995	18,320	20,739	20,532	21,629	23,128	23,637	24,011	24,349	25,412
EBITDA ¹	2,811	3,340	3,228	3,088	3,437	3,433	3,122	3,541	3,602	3,880	3,680	3,796	3,912	3,894	3,806
EBIT ¹	1,729	1,846	2,113	1,973	1,806	2,062	1,835	2,233	2,165	2,380	2,363	2,435	2,518	2,573	2,237
Operating Margin	9.27%	9.01%	8.14%	8.6%	8.81%	10.86%	10.02%	10.77%	10.54%	11%	10.22%	10.3%	10.49%	10.57%	8.8%
Earnings before Tax (EBT) ¹	1,181	1,478	1,708	1,404	1,482	1,518	1,341	1,124	1,614	1,781	1,657	1,833	1,940	1,785	1,788
Net income ¹	820	1,162	1,326	899	1,049	1,003	797	466	1,203	1,089	1,323	1,365	1,431	1,427	1,207
Net margin	4.4%	5.67%	5.11%	3.92%	5.12%	5.28%	4.35%	2.25%	5.86%	5.03%	5.72%	5.78%	5.96%	5.86%	4.75%
EPS ²	0.2900	0.3700	0.3900	0.2900	0.3400	0.3200	0.2500	0.1500	0.3700	0.3200	0.3403	0.3509	0.3822	0.3715	0.3326
Dividend per Share ²	0.1750	0.2000	0.2300	0.2650	0.3050	0.3075	0.3100	0.3125	0.3150	-	0.3206	0.3232	0.3268	0.3314	0.3338
Announcement Date	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	51,155	49,168	47,356
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.527 x	4.85 x	3.784 x	3.666 x	3.813 x	3.342 x	3.114 x	2.917 x
Free Cash Flow ¹	2,043	2,231	8,340	5,670	6,421	6,015	6,600	7,271
ROE (net income / shareholders' equity)	16.9%	2.46%	21%	14.6%	9.95%	14.4%	16.1%	16.8%
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	102,320	98,220	94,890
Book Value Per Share ²	8.310	6.860	11.10	10.70	11.50	9.430	11.20	11.80
Cash Flow per Share ²	3.030	2.730	4.070	2.920	3.010	4.130	4.100	-
Capex ¹	5,960	5,130	2,822	3,381	3,134	3,344	3,106	2,945
Capex / Sales	10.99%	13.17%	4.19%	3.76%	3.99%	3.67%	3.51%	3.3%
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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

15.73 USD

Average target price

18.78 USD

Spread / Average Target

+19.39%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Natural Gas Pipeline

	1st Jan change	Capi.
SNAM S.P.A.	-7.50%	15.96B
DT MIDSTREAM, INC.	+20.18%	6.4B
EQUITRANS MIDSTREAM CORPORATION	+35.95%	6B
NEXTDECADE CORPORATION	+61.84%	1.99B
OQ GAS NETWORKS SAOC	-7.19%	1.6B
SHAANXI PROVINCIAL NATURAL GAS CO.,LTD	+6.96%	1.2B
JINHONG HOLDING GROUP CO., LTD.	-33.91%	145M
PETROVIETNAM LOW PRESSURE GAS DISTRIBUTION	-4.47%	141M
NATURELGAZ SANAYI VE TICARET	-28.05%	119M

Natural Gas Pipeline