Company Valuation: Hess Midstream LP

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 930.1 1,317 2,162 3,854 4,464 5,216 - -
Change - 41.55% 64.23% 78.24% 15.84% 16.85% - -
Enterprise Value (EV) 1 3,491 4,199 5,368 7,321 8,234 8,842 8,690 8,586
Change - 20.27% 27.84% 36.38% 12.47% 7.38% -1.71% -1.2%
P/E 15.7x 14.9x 15.2x 14.9x 12.1x 14.9x 14x 13.4x
PBR 34.3x 29.3x 21x 15.2x 12.6x 17.4x 18.5x 19.1x
PEG - 1x 4.36x 0.8x 0.8x -3.39x 2.18x 3.39x
Capitalization / Revenue 0.77x 1.03x 1.6x 2.58x 2.75x 3.24x 3.1x 3x
EV / Revenue 2.9x 3.29x 3.98x 4.9x 5.08x 5.49x 5.16x 4.94x
EV / EBITDA 3.84x 4.27x 5.25x 6.44x 6.65x 7.16x 6.76x 6.48x
EV / EBIT 4.8x 5.31x 6.57x 7.97x 8.17x 8.92x 8.27x 7.85x
EV / FCF 5.98x 6.74x 8.65x 11.2x 10.6x 10.1x 9.28x 8.81x
FCF Yield 16.7% 14.8% 11.6% 8.95% 9.46% 9.95% 10.8% 11.3%
Dividend per Share 2 1.984 2.237 2.438 2.705 2.966 3.188 3.38 3.549
Rate of return 7.18% 7.48% 7.71% 7.31% 8.6% 7.84% 8.32% 8.73%
EPS 2 1.76 2.01 2.08 2.49 2.86 2.734 2.91 3.025
Distribution rate 113% 111% 117% 109% 104% 117% 116% 117%
Net sales 1 1,204 1,275 1,349 1,496 1,621 1,611 1,683 1,738
EBITDA 1 908.5 982.9 1,022 1,136 1,238 1,235 1,286 1,324
EBIT 1 727.2 791.2 816.9 919 1,008 991.5 1,051 1,094
Net income 1 46.4 83.9 118.6 223.1 352.9 368.2 396.9 419.7
Net Debt 1 2,561 2,882 3,206 3,468 3,770 3,626 3,474 3,370
Reference price 2 27.63 29.92 31.63 37.03 34.50 40.64 40.64 40.64
Nbr of stocks (in thousands) 33,663 44,003 68,358 104,071 129,392 128,351 - -
Announcement Date 1/26/22 1/25/23 1/31/24 1/29/25 2/2/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.8x5.48x7.14x7.88% 5.2B
27.4x4.29x13.99x4.89% 123B
31.93x10.19x14.94x2.8% 92.03B
13.52x2.13x10.93x5.81% 83.94B
24.51x10.29x13.94x3.56% 72.8B
21.92x5.73x11.79x3.64% 72.91B
26.48x4.03x13.87x1.75% 61.3B
16.38x2.4x10.99x4.62% 58.75B
13.35x6.46x11.45x7.87% 58.36B
18.38x3.93x11.74x4.83% 31.91B
Average 20.87x 5.49x 12.08x 4.76% 66.03B
Weighted average by Cap. 22.50x 5.65x 12.82x 4.4%

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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