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 5,214 - -
Change - 41.55% 64.23% 78.24% 15.84% 16.79% - -
Enterprise Value (EV) 1 3,491 4,199 5,368 7,321 8,234 8,859 8,670 8,565
Change - 20.27% 27.84% 36.38% 12.47% 7.59% -2.14% -1.21%
P/E 15.7x 14.9x 15.2x 14.9x 12.1x 14.7x 13.9x 13.5x
PBR 34.3x 29.3x 21x 15.2x 12.6x 16.7x 17.5x 17.9x
PEG - 1x 4.36x 0.8x 0.8x -4.72x 2.42x 4.95x
Capitalization / Revenue 0.77x 1.03x 1.6x 2.58x 2.75x 3.24x 3.12x 3.02x
EV / Revenue 2.9x 3.29x 3.98x 4.9x 5.08x 5.5x 5.19x 4.95x
EV / EBITDA 3.84x 4.27x 5.25x 6.44x 6.65x 7.13x 6.75x 6.51x
EV / EBIT 4.8x 5.31x 6.57x 7.97x 8.17x 8.82x 8.24x 7.85x
EV / FCF 5.98x 6.74x 8.65x 11.2x 10.6x 9.84x 9.27x 9.05x
FCF Yield 16.7% 14.8% 11.6% 8.95% 9.46% 10.2% 10.8% 11.1%
Dividend per Share 2 1.984 2.237 2.438 2.705 2.966 2.977 3.199 3.376
Rate of return 7.18% 7.48% 7.71% 7.31% 8.6% 7.33% 7.88% 8.31%
EPS 2 1.76 2.01 2.08 2.49 2.86 2.771 2.93 3.01
Distribution rate 113% 111% 117% 109% 104% 107% 109% 112%
Net sales 1 1,204 1,275 1,349 1,496 1,621 1,609 1,670 1,729
EBITDA 1 908.5 982.9 1,022 1,136 1,238 1,243 1,284 1,315
EBIT 1 727.2 791.2 816.9 919 1,008 1,004 1,052 1,091
Net income 1 46.4 83.9 118.6 223.1 352.9 380 397.2 417.4
Net Debt 1 2,561 2,882 3,206 3,468 3,770 3,645 3,456 3,351
Reference price 2 27.63 29.92 31.63 37.03 34.50 40.62 40.62 40.62
Nbr of stocks (in thousands) 33,663 44,003 68,358 104,071 129,392 128,351 - -
Announcement Date 26/1/22 25/1/23 31/1/24 29/1/25 2/2/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.66x5.5x7.13x7.83% 5.21B
25.08x3.28x13.23x5.42% 112B
29.52x10.02x14.31x2.93% 87.88B
12.79x1.85x10.6x5.91% 82.04B
20.54x5.56x11.33x3.8% 69.9B
22.03x9.51x12.83x3.97% 66.05B
13.7x6.38x11.62x7.78% 59.51B
24.02x3.98x13.05x1.87% 57.08B
15.62x2.17x10.74x4.76% 56.95B
16.39x4.12x11.61x4.74% 32.56B
Average 19.43x 5.24x 11.64x 4.9% 62.96B
Weighted average by Cap. 20.71x 5.26x 12.26x 4.63%

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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