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Multiples Valuation: NGL Energy Partners LP

NGL Energy Partners LP (NGL)

Industry: Oil & Gas Midstream Model: Peers Multiples Valuation

Valuation Snapshot

Winsorized Fair Value
Range (Low - High) $10.07 — $51.80
Selected (Average) $31.36
Upside to Live 221.36%
Full Range Fair Value
Range (Low - High) $13.90 — $51.80
Selected (Average) $33.59
Upside to Live 244.18%
Live Price $9.76

Industry Peers Data

TickerRankNameRev TTM (M) Trailing P/EForward P/ETrailing EV/EBITDAForward EV/EBITDATrailing EV/EBITForward EV/EBIT
CEQP 24 Crestwood Equity P 4,827 16.96 16.96 14.13 11.60 23.51 35.12
WES 25 Western Midstream 3,740 11.38 9.56 6.13 5.50 8.39 7.46
601872.SS 26 China Merchants En 3,664 14.23 14.13 12.64 12.64 18.54 15.89
ENBL 27 Enable Midstream P 3,417 7.68 7.08 7.17 6.69 12.38 10.90
VPK.AS 28 Koninklijke Vopak 3,137 5.32 4.78 5.65 5.65 4.38 6.67
605090.SS 29 Jiangxi Jovo Energ 2,925 16.36 14.43 12.53 12.53 14.17 13.73
600617.SS 30 Shanxi Guoxin Ener 2,227 - - 18.08 16.58 - -
NGL 31 NGL Energy Partner 2,026 6.09 6.09 1.37 1.19 2.33 2.38
GEL 32 Genesis Energy, L. 1,915 - - 10.83 10.87 16.16 25.35
FRO 33 Frontline Ltd. 1,766 16.77 20.04 8.37 8.17 17.62 16.08
TRMD 34 TORM plc 1,729 7.30 7.29 4.75 4.53 6.92 7.76
KNTK 35 Kinetik Holdings I 1,720 21.67 21.67 9.44 9.44 86.57 41.17
NS 36 NuStar Energy L.P. 1,631 14.11 14.11 8.77 9.12 15.18 8.17
NS-PC 37 NuStar Energy L.P. 1,631 14.11 14.11 8.77 9.12 15.18 8.17
HESM 38 Hess Midstream LP 1,610 14.21 9.00 6.85 6.08 8.11 7.35
ETRN 39 Equitrans Midstrea 1,425 12.23 10.22 9.65 9.35 18.92 18.32

Implied Valuation Analysis

Line Item Trailing P/EForward P/ETrailing EV/EBITDAForward EV/EBITDATrailing EV/EBITForward EV/EBIT
Winsorized Median Multiple14.1110.228.779.1214.689.53
Full Range Median Multiple14.1114.118.779.1215.1812.31
Industry Multiple13.2612.579.589.1919.0015.87
Market Implied Multiple9.919.912.121.843.603.68
Company (NGL) Multiple6.096.091.371.192.332.38
(*) Net Income / EBITDA / Revenue125125640736377368
Winsorized Enterprise ValueN/AN/A5,6106,7095,5333,512
Full Range Median Enterprise ValueN/AN/A5,6106,7095,7234,535
(-) Net Debt114114114114114114
Winsorized Equity Value1,7701,2825,4956,5955,4193,397
Full Range Median Equity Value1,7701,7705,4956,5955,6094,421
(/) Shares Outstanding127127127127127127
Winsorized Fair Value$13.90$10.07$43.17$51.80$42.57$26.68
Full Range Median Fair Value$13.90$13.90$43.17$51.80$44.05$34.72
Current Price$9.76$9.76$9.76$9.76$9.76$9.76
Upside / Downside42.45%3.15%342.28%430.73%336.13%173.40%
Safety Margin30.0%30.0%30.0%30.0%30.0%30.0%
Buy Price$9.73$7.05$30.22$36.26$29.80$18.68
Buy / Don't BuyDon’t BuyDon’t BuyBUYBUYBUYBUY