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 5,112 - -
Change - 41.55% 64.23% 78.24% 15.84% 14.52% - -
Enterprise Value (EV) 1 3,491 4,199 5,368 7,321 8,234 8,700 8,544 8,433
Change - 20.27% 27.84% 36.38% 12.47% 5.66% -1.79% -1.3%
P/E 15.7x 14.9x 15.2x 14.9x 12.1x 14.1x 13.6x 13x
PBR 34.3x 29.3x 21x 15.2x 12.6x 16.4x 17.2x 17.5x
PEG - 1x 4.36x 0.8x 0.8x -9.43x 3.16x 3.15x
Capitalization / Revenue 0.77x 1.03x 1.6x 2.58x 2.75x 3.17x 3.06x 2.96x
EV / Revenue 2.9x 3.29x 3.98x 4.9x 5.08x 5.4x 5.12x 4.88x
EV / EBITDA 3.84x 4.27x 5.25x 6.44x 6.65x 6.98x 6.62x 6.38x
EV / EBIT 4.8x 5.31x 6.57x 7.97x 8.17x 8.66x 8.11x 7.72x
EV / FCF 5.98x 6.74x 8.65x 11.2x 10.6x 9.66x 9.13x 8.91x
FCF Yield 16.7% 14.8% 11.6% 8.95% 9.46% 10.4% 11% 11.2%
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% 7.98% 8.47% 8.9%
EPS 2 1.76 2.01 2.08 2.49 2.86 2.817 2.938 3.06
Distribution rate 113% 111% 117% 109% 104% 113% 115% 116%
Net sales 1 1,204 1,275 1,349 1,496 1,621 1,611 1,670 1,729
EBITDA 1 908.5 982.9 1,022 1,136 1,238 1,246 1,290 1,321
EBIT 1 727.2 791.2 816.9 919 1,008 1,005 1,053 1,092
Net income 1 46.4 83.9 118.6 223.1 352.9 379.9 398.7 427.3
Net Debt 1 2,561 2,882 3,206 3,468 3,770 3,588 3,432 3,321
Reference price 2 27.63 29.92 31.63 37.03 34.50 39.83 39.83 39.83
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
14.14x5.4x6.98x7.98% 5.11B
24x3.22x12.97x5.62% 109B
29.89x10.12x14.46x2.84% 90.75B
13.02x1.88x10.74x5.74% 84.33B
20.64x5.62x11.34x3.78% 70.23B
21.42x9.38x12.62x4.08% 64.57B
25.73x4.33x13.74x1.73% 61.96B
13.91x6.51x11.77x7.64% 60.33B
16.27x2.18x11x4.55% 59.71B
14.58x4.16x11.69x4.69% 33.09B
Average 19.36x 5.28x 11.73x 4.87% 63.92B
Weighted average by Cap. 20.68x 5.30x 12.34x 4.57%

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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