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 5,144 - -
Change - 41.55% 64.23% 78.24% 15.84% 15.24% - -
Enterprise Value (EV) 1 3,491 4,199 5,368 7,321 8,234 8,790 8,601 8,495
Change - 20.27% 27.84% 36.38% 12.47% 6.75% -2.15% -1.22%
P/E 15.7x 14.9x 15.2x 14.9x 12.1x 14.5x 13.7x 13.3x
PBR 34.3x 29.3x 21x 15.2x 12.6x 16.5x 17.3x 17.7x
PEG - 1x 4.36x 0.8x 0.8x -4.66x 2.38x 4.88x
Capitalization / Revenue 0.77x 1.03x 1.6x 2.58x 2.75x 3.2x 3.08x 2.98x
EV / Revenue 2.9x 3.29x 3.98x 4.9x 5.08x 5.46x 5.15x 4.91x
EV / EBITDA 3.84x 4.27x 5.25x 6.44x 6.65x 7.07x 6.7x 6.46x
EV / EBIT 4.8x 5.31x 6.57x 7.97x 8.17x 8.75x 8.17x 7.79x
EV / FCF 5.98x 6.74x 8.65x 11.2x 10.6x 9.76x 9.19x 8.97x
FCF Yield 16.7% 14.8% 11.6% 8.95% 9.46% 10.2% 10.9% 11.1%
Dividend per Share 2 1.984 2.237 2.438 2.705 2.966 3.179 3.372 3.543
Rate of return 7.18% 7.48% 7.71% 7.31% 8.6% 7.93% 8.41% 8.84%
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% 115% 115% 118%
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 40.08 40.08 40.08
Nbr of stocks (in thousands) 33,663 44,003 68,358 104,071 129,392 128,351 - -
Announcement Date 1/26/22 A 1/25/23 A 1/31/24 A 1/29/25 A 2/2/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
25.09x3.29x13.26x5.42% 113B
29.7x9.83x14.41x2.86% 90.15B
12.72x1.85x10.57x5.92% 81.89B
20.76x5.66x11.4x3.76% 70.66B
22.12x9.55x12.88x3.95% 66.41B
14.02x6.55x11.83x7.59% 60.77B
15.95x2.17x10.89x4.66% 58.29B
24.15x4.16x13.15x1.86% 57.61B
15.94x4.21x11.81x4.64% 33.34B
Average 20.05x 5.25x 12.24x 4.52% 70.19B
Weighted average by Cap. 20.87x 5.30x 12.38x 4.55%

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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