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 59,578 - -
Change - 39.1% 16.42% 100.95% 1.75% 50.43% - -
Enterprise Value (EV) 1 18,400 27,956 32,182 52,942 56,871 79,813 81,076 80,516
Change - 51.93% 15.12% 64.51% 7.42% 40.34% 1.58% -0.69%
P/E -746x 18.9x 23.7x 31.1x 21.7x 24.7x 22.5x 18.7x
PBR 5.72x 5.9x 7.06x 15x 12.9x 14.7x 11.4x 8.92x
PEG - -0x -4.18x 0.5x 0.5x 0.8x 2.31x 0.9x
Capitalization / Revenue 0.71x 0.79x 1.21x 2.38x 2.33x 3.14x 2.5x 2.23x
EV / Revenue 1.09x 1.34x 2x 3.23x 3.34x 4.21x 3.4x 3.02x
EV / EBITDA 8.97x 9.64x 9.12x 12.8x 11.5x 13.4x 12.4x 10.9x
EV / EBIT 21.3x 16.2x 12.3x 19.6x 17.1x 19.6x 18.4x 15.6x
EV / FCF 10.2x 26.7x 82x 378x 106x -320x 85.1x 33.2x
FCF Yield 9.77% 3.74% 1.22% 0.26% 0.95% -0.31% 1.18% 3.01%
Dividend per Share 2 0.75 1.4 2 3 4 4.987 5.91 6.917
Rate of return 1.44% 1.9% 2.3% 1.68% 2.17% 1.79% 2.13% 2.49%
EPS 2 -0.07 3.88 3.66 5.74 8.49 11.26 12.36 14.86
Distribution rate -1,071% 36.1% 54.6% 52.3% 47.1% 44.3% 47.8% 46.6%
Net sales 1 16,950 20,930 16,060 16,382 17,028 18,956 23,812 26,687
EBITDA 1 2,052 2,901 3,530 4,142 4,957 5,968 6,514 7,368
EBIT 1 864.8 1,729 2,626 2,695 3,331 4,069 4,406 5,152
Net income 1 -16.1 896.8 835.8 1,279 1,852 2,416 2,621 3,209
Net Debt 1 6,439 11,317 12,812 14,017 17,266 20,236 21,498 20,938
Reference price 2 52.24 73.50 86.87 178.50 184.50 277.84 277.84 277.84
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.($)
24.67x4.21x13.37x1.79% 59.58B
23.1x3.19x12.85x5.88% 104B
27.97x9.59x13.85x3.04% 84.72B
12.21x1.77x10.26x6.1% 79.36B
11.78x1.12x7.2x6.78% 69.52B
19.78x5.51x11.11x3.88% 68.47B
22.48x9.2x12.38x4.22% 61.3B
13.14x6.31x11.38x8.01% 57.59B
15.37x2.05x10.12x4.86% 55.87B
13.53x3.94x11.09x5.13% 30.7B
Average 18.40x 4.69x 11.36x 4.97% 67.14B
Weighted average by Cap. 19.07x 4.70x 11.48x 4.99%

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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