Kinder Morgan, Inc. (KMI)

Industry: Oil & Gas Midstream Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
ENB	6	Enbridge Inc.	46,586	18.25	15.10	9.84	8.62	20.19	15.99
OKE	7	ONEOK, Inc.	31,564	13.71	9.80	10.02	7.58	12.56	10.65
TRNFP.ME	8	PJSC Transneft	20,990	0.04	0.03	0.84	0.82	1.56	1.10
LNG	9	Cheniere Energy, I	18,836	12.87	9.84	8.54	7.30	10.54	11.54
GLP-PA	10	Global Partners LP	18,100	20.47	20.90	9.96	9.39	15.38	15.35
TRGP	11	Targa Resources Co	17,486	22.85	22.85	11.74	11.74	15.38	13.00
EP-PC	12	El Paso Energy Cap	16,416	140.91	139.90	29.53	15.77	33.68	23.49
KMI	13	Kinder Morgan, Inc	16,409	23.09	12.40	12.23	11.13	22.47	19.52
MPLX	14	MPLX Lp	12,134	10.56	10.56	10.53	5.20	10.44	12.96
DCP	15	DCP Midstream, LP	11,916	9.73	6.92	10.14	9.18	155.64	13.31
WMB	16	The Williams Compa	11,484	32.66	20.29	15.12	12.80	23.74	23.56
VG	17	Venture Global, In	10,848	14.80	14.80	13.06	13.06	12.49	16.36
CQP	18	Cheniere Energy Pa	10,308	11.21	9.86	7.02	6.57	11.21	8.47
TRP	19	TC Energy Corporat	9,016	22.48	23.75	13.50	13.27	21.85	25.26
GEI.TO	20	Gibson Energy Inc.	7,791	28.10	27.85	13.73	13.25	18.92	19.53
TCPA	21	TransCanada PipeLi	7,468	19.44	19.44	15.24	15.24	16.07	15.14

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	14.80	14.80	10.14	9.18	15.38	13.31
Full Range Median Multiple	18.25	15.10	10.53	9.39	15.38	15.14
Industry Multiple	25.21	23.46	11.92	9.99	25.31	15.05
Market Implied Multiple	22.80	12.25	12.13	11.04	22.29	19.36
Company (KMI) Multiple	23.09	12.40	12.23	11.13	22.47	19.52
(*) Net Income / EBITDA / Revenue	2,727	5,076	7,809	8,576	4,248	4,890
Winsorized Enterprise Value	N/A	N/A	79,168	78,736	65,339	65,081
Full Range Median Enterprise Value	N/A	N/A	82,202	80,523	65,354	74,024
(-) Net Debt	32,509	32,509	32,509	32,509	32,509	32,509
Winsorized Equity Value	40,355	75,121	46,659	46,227	32,830	32,572
Full Range Median Equity Value	49,781	76,655	49,693	48,014	32,845	41,515
(/) Shares Outstanding	2,224	2,224	2,224	2,224	2,224	2,224
Winsorized Fair Value	$18.15	$33.78	$20.98	$20.79	$14.76	$14.65
Full Range Median Fair Value	$22.38	$34.47	$22.34	$21.59	$14.77	$18.67
Current Price	$27.96	$27.96	$27.96	$27.96	$27.96	$27.96
Upside / Downside	-35.10%	20.81%	-24.96%	-25.66%	-47.20%	-47.62%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$12.70	$23.64	$14.69	$14.55	$10.33	$10.25
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy