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 4,835 - -
Change - 41.55% 64.23% 78.24% 15.84% 8.31% - -
Enterprise Value (EV) 1 3,491 4,199 5,368 7,321 8,234 8,475 8,372 8,208
Change - 20.27% 27.84% 36.38% 12.47% 2.92% -1.21% -1.96%
P/E 15.7x 14.9x 15.2x 14.9x 12.1x 14.3x 12.8x 12.5x
PBR 34.3x 29.3x 21x 15.2x 12.6x 15.5x 15.7x 15.1x
PEG - 1x 4.36x 0.8x 0.8x -1.83x 1.1x 4.28x
Capitalization / Revenue 0.77x 1.03x 1.6x 2.58x 2.75x 2.99x 2.87x 2.76x
EV / Revenue 2.9x 3.29x 3.98x 4.9x 5.08x 5.25x 4.96x 4.68x
EV / EBITDA 3.84x 4.27x 5.25x 6.44x 6.65x 6.84x 6.49x 6.17x
EV / EBIT 4.8x 5.31x 6.57x 7.97x 8.17x 8.52x 7.95x 7.46x
EV / FCF 5.98x 6.74x 8.65x 11.2x 10.6x 9.63x 8.94x 8.43x
FCF Yield 16.7% 14.8% 11.6% 8.95% 9.46% 10.4% 11.2% 11.9%
Dividend per Share 2 1.984 2.237 2.438 2.705 2.966 3.185 3.364 3.533
Rate of return 7.18% 7.48% 7.71% 7.31% 8.6% 8.46% 8.93% 9.38%
EPS 2 1.76 2.01 2.08 2.49 2.86 2.636 2.934 3.019
Distribution rate 113% 111% 117% 109% 104% 121% 115% 117%
Net sales 1 1,204 1,275 1,349 1,496 1,621 1,615 1,686 1,752
EBITDA 1 908.5 982.9 1,022 1,136 1,238 1,239 1,289 1,331
EBIT 1 727.2 791.2 816.9 919 1,008 994.9 1,053 1,100
Net income 1 46.4 83.9 118.6 223.1 352.9 357.9 482.7 507.2
Net Debt 1 2,561 2,882 3,206 3,468 3,770 3,640 3,538 3,373
Reference price 2 27.63 29.92 31.63 37.03 34.50 37.67 37.67 37.67
Nbr of stocks (in thousands) 33,663 44,003 68,358 104,071 129,392 128,351 - -
Announcement Date 26/01/22 25/01/23 31/01/24 29/01/25 02/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.29x5.25x6.84x8.46% 4.83B
26.91x4.21x14.03x4.87% 123B
33.21x10.61x15.41x2.71% 95.3B
12.54x2.04x10.41x6.18% 79.12B
22.53x5.9x11.9x3.58% 73.84B
26.17x10.34x14.01x3.55% 72.58B
25.49x3.91x13.44x1.81% 58.51B
13.1x6.34x11.26x8.08% 57.35B
15.61x2.31x10.7x4.83% 56.22B
15.97x3.66x11.09x5.27% 29.3B
Average 20.58x 5.46x 11.91x 4.93% 64.99B
Weighted average by Cap. 22.59x 5.74x 12.77x 4.47%

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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