Company Valuation: Targa Resources Corp.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 11,961 16,639 19,370 38,924 39,605 55,081 - -
Change - 39.1% 16.42% 100.95% 1.75% 39.08% - -
Enterprise Value (EV) 1 18,400 27,956 32,182 52,942 56,871 75,427 75,837 75,253
Change - 51.93% 15.12% 64.51% 7.42% 32.63% 0.54% -0.77%
P/E -746x 18.9x 23.7x 31.1x 21.7x 23.2x 20.6x 17.5x
PBR 5.72x 5.9x 7.06x 15x 12.9x 14x 10.8x 8.44x
PEG - -0x -4.18x 0.5x 0.5x 0.8x 1.7x 1x
Capitalization / Revenue 0.71x 0.79x 1.21x 2.38x 2.33x 2.83x 2.37x 2.19x
EV / Revenue 1.09x 1.34x 2x 3.23x 3.34x 3.87x 3.26x 2.99x
EV / EBITDA 8.97x 9.64x 9.12x 12.8x 11.5x 12.7x 11.8x 10.6x
EV / EBIT 21.3x 16.2x 12.3x 19.6x 17.1x 18.2x 17.2x 14.9x
EV / FCF 10.2x 26.7x 82x 378x 106x 399x 47.1x 24.8x
FCF Yield 9.77% 3.74% 1.22% 0.26% 0.95% 0.25% 2.12% 4.03%
Dividend per Share 2 0.75 1.4 2 3 4 4.986 5.916 6.918
Rate of return 1.44% 1.9% 2.3% 1.68% 2.17% 1.94% 2.3% 2.69%
EPS 2 -0.07 3.88 3.66 5.74 8.49 11.08 12.46 14.67
Distribution rate -1,071% 36.1% 54.6% 52.3% 47.1% 45% 47.5% 47.2%
Net sales 1 16,950 20,930 16,060 16,382 17,028 19,482 23,283 25,204
EBITDA 1 2,052 2,901 3,530 4,142 4,957 5,935 6,426 7,116
EBIT 1 864.8 1,729 2,626 2,695 3,331 4,144 4,415 5,046
Net income 1 -16.1 896.8 835.8 1,279 1,852 2,387 2,605 3,116
Net Debt 1 6,439 11,317 12,812 14,017 17,266 20,346 20,757 20,172
Reference price 2 52.24 73.50 86.87 178.50 184.50 256.87 256.87 256.87
Nbr of stocks (in thousands) 228,972 226,375 222,976 218,063 214,659 214,431 - -
Announcement Date 2/24/22 2/22/23 2/15/24 2/20/25 2/19/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.18x3.87x12.71x1.94% 55.08B
25.02x3.28x13.21x5.43% 112B
28.65x9.69x14.01x3% 86.11B
12.71x1.84x10.56x5.95% 81.67B
20.19x5.49x11.19x3.86% 68.7B
21.99x9.5x12.82x3.98% 65.93B
13.74x6.39x11.65x7.76% 59.72B
14.94x2.11x10.44x4.98% 54.48B
15.76x4.02x11.34x4.92% 31.32B
21.47x6.83x12.32x4.41% 27.65B
Average 19.77x 5.30x 12.03x 4.62% 64.28B
Weighted average by Cap. 20.45x 5.26x 12.17x 4.66%

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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